Series63 試験問題を無料オンラインアクセス

Sam Shyster had his day in court-and lost. His license to do business as an investment adviser in the state has been revoked. What legitimate options does Sam have available to him now?

• A.Sam has 60 days to file an appeal of the decision in a court of law.
• B.Sam has 45 days in which to file an appeal with the attorney general.
• C.Sam can register with the SEC as an investment adviser, which will exempt him from state registration requirements.
• D.Sam can move to another state and apply for registration as an investment adviser there.

A-2-Z Associates advertises itself as a full service brokerage firm that will buy and sell securities for its clients, as well as provide investment advice to them. Its brochure provides a variety of plans to which a client can subscribe. The basic plan is the cheapest and allows the client a maximum number of trades per month for a specified fee. Another, slightly more expensive, plan provides the client with the same maximum number of trades per month, but the client also receives a personalized quarterly review of his portfolio along with advice for restructuring his portfolio based on such factors as current market conditions and specific industry or company information. The most expensive plan is one in which the client is assigned to an individual portfolio manager, who will take total responsibility for the asset allocation of the client's portfolio and will provide the client with monthly reports. Based on the services A-2-Z provides, it must register with the state as:

• A.an investment adviser representative.
• B.both a broker-dealer and an investment adviser.
• C.an investment adviser.
• D.a broker-dealer.

Assuming there is not a stop order or a proceeding pending, under the registration by coordination process a security's registration with the state becomes effective:

• A.immediately subsequent to approval by the SEC, regardless of how long the registration statement has been on file.
• B.only when it is approved by the state Administrator, who will review the registration documentation upon notification that SEC approval has been granted.
• C.immediately after approval by the SEC as long as the registration statement has been on file for at least
  20 days or the Uniform Securities Act has provided an exemption to this waiting period.
• D.only when it is approved by the state Administrator, regardless of whether it has been approved by the SEC.

Iggy recently started his own company. He soon discovered it required more cash to keep it going than he had anticipated. He ran an ad in the local paper for investors and got a response. He found a template for a promissory note on the internet, filled in the requisite information specific to the agreement he and the investor had worked out, and printed it out. On it, he promised to make monthly interest payments of 2% on the loan and to repay the principal amount at the end of 18 months. A few months after the arrangement, Iggy read an article in a small business publication that indicated that promissory notes had to be registered with the state unless they were sold in an exempt transaction, such as one enacted with a financial institution, prior to being offered for sale. The article indicated that a seller who had sold an unregistered note in error could remedy the situation by sending the buyer a formal offer to buy the security back, with interest. Iggy turned to the computer once again, found a form that could be used for a formal offer of rescission, filled it out, and sent it to the investor. Having done this,

• A.Iggy will not be assessed any penalties by the Administrator of the state, but the investor can still sue for damages in civil court.
• B.Iggy must follow up with a second notice sent via registered mail if he has not heard from the investor within 30 days.
• C.Iggy cannot be sued for civil damages if the investor fails to respond to the offer within 30 days.
• D.Iggy must wait 6 months for a response from the investor. If no response is received by the end of 6 months, Iggy is off the hook.

No: 93
The net worth of a broker-dealer has fallen below the minimum net capital requirement specified by the state in which the broker-dealer is registered. This broker-dealer must notify the Administrator of this fact

• A.before the end of the month.
• B.before the beginning of the next quarter.
• C.within a week's time.
• D.by the close of business on the next business day.