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FINRA Series_63 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: State Securities Acts and Related Rules | - Exempt securities and exempt transactions - Registration of securities, broker-dealers, agents, and investment advisers - Definitions and terminology under Uniform Securities Act |
| Topic 2: Registration Procedures and Requirements | - Registration process for agents and broker-dealers - State notice filings and renewals |
| Topic 3: Regulatory Provisions and Compliance | - Ethical practices and fiduciary obligations - Recordkeeping and administrative provisions - Enforcement actions and penalties |
FINRA Uniform Securities Agent State Law Examination Sample Questions:
Joe Treader is the owner of a small, state-registered investment advisory firm that is on the verge of
becoming insolvent. One of his clients who has become like a mother to him is aware of his financial
difficulties and has offered to sell off some of the assets that he manages for her and loan him the money
to get him through this period of economic
uncertainty until he is able to get on his feet again. Can Joe take her up on her offer?
- A. Yes. Based on the facts presented, it is an unsolicited offer and, as such, Joe can (and should) accept
it. - B. Yes, but only if Joe draws up a formal loan agreement with a fair interest rate, based on the going
market rates, stated in the agreement as well as a firm date for principal repayment. - C. No. As the client's investment adviser, he has a fiduciary relationship with the client. Entering a loan
agreement with this client could lead to conflicts of interest. - D. Both A and B are true.
Correct Answer: C 🗳️
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"Federal covered securities" were defined and exempted from state registration requirements by the:
- A. Uniform Securities Act (USA.)
- B. National Securities Markets Improvement Act of 1996 (NSMI)
- C. National Conference of Commissioners on Uniform State Laws (NCCUSL.)
- D. Gramm-Leach-Bliley Act of 1999 (GLBA.)
Correct Answer: B 🗳️
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Broker-Dealer Wheeler has no offices in the state. Wheeler does, however, sell corporate bonds from his
portfolio to banks and insurance companies located in the state that purchase the bonds for their
investment portfolios. He executes about twelve of these transactions a year. Wheeler profits from the
price appreciation of the bonds during the time he held them, but receives no other form of compensation.
Based on these facts,
- A. Wheeler must register as a broker-dealer in the state, but the securities do not need to be registered.
- B. Wheeler need not register in the state, and the securities are also exempt from registration.
- C. Wheeler must register as a broker-dealer in the state, and the securities must also be registered before
they can be sold to in-state investors. - D. Wheeler need not register in the state, but the securities must be registered before they can be sold to
in-state investors.
Correct Answer: B 🗳️
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To say a security is "exempt," means that
I. it is exempt from the state's anti-fraud laws.
II. it is exempt from state registration requirements.
III. any transaction involving it is considered to be an exempt transaction.
- A. I and II only
- B. II only
- C. II and III only
- D. I, II, and III
Correct Answer: B 🗳️
Assuming the security is not registered under the Uniform Securities Act, which of the following would not
be exempt from state registration?
- A. a stock that is listed on the American Stock Exchange
- B. a put option on a stock that sells in the over-the-counter market
- C. a variable annuity contract offered by an insurance company with offices in the state
- D. a stock that is listed on the OTC Bulletin Board
Correct Answer: D 🗳️
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