File Info
| Exam | Uniform Securities State Law Examination |
| Number | Series 63 |
| File Name | FINRA.Series 63.PracticeTest.2018-09-22.137q.tqb |
| Size | 699 KB |
| Posted | Sep 22, 2018 |
| Download | FINRA.Series 63.PracticeTest.2018-09-22.137q.tqb |
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Demo Questions
Question 1
Rich Quick is a broker-dealer licensed in the state of Massachusetts and has offices only within the state. Two of Rich Quickâs clients regularly vacation in Florida during the winter months, and Rich Quick executes trades for them when they call him from out-of-state.
Based on these facts,
I. Rich Quick needs to register as a broker-dealer in the state of Florida as well.
II. Rich Quick needs to register only as an agent in the state of Florida.
III. Rich Quick needs to establish an office in the state of Florida in order to transact business.
IV. Rich Quick need not register in Florida.
- Statements I and III are true.
- Statements II and III are true.
- Only Statement I is true.
- Only Statement IV is true.
Correct answer: D
Explanation:
Based on the facts provided, Rich Quick need not register in Florida since he has no offices in the state of Florida, and he is conducting business for existing clients who are merely vacationing in Florida and are not residents of the state. Based on the facts provided, Rich Quick need not register in Florida since he has no offices in the state of Florida, and he is conducting business for existing clients who are merely vacationing in Florida and are not residents of the state.
Question 2
Most individual state securities laws today are based on:
- the Uniform Securities Act of 1956.
- the Uniform Securities Act of 2002.
- the National Securities Markets Improvement Act of 1996.
- the Gramm-Leach-Bliley Act of 1999.
Correct answer: A
Explanation:
Most individual state securities laws continue to be based on the 1956 Uniform Securities Act. Although the Uniform Securities Act was revised in 1985, 1988, and 2002, none of these revisions have been widely incorporated by the individual states. The National Securities Markets Improvement Act of 1996 dealt mainly with the definition of federal covered securities and more efficient management of mutual funds. The focus of the Gramm-Leach-Bliley Act of 1999 was on financial institutions. Most individual state securities laws continue to be based on the 1956 Uniform Securities Act. Although the Uniform Securities Act was revised in 1985, 1988, and 2002, none of these revisions have been widely incorporated by the individual states. The National Securities Markets Improvement Act of 1996 dealt mainly with the definition of federal covered securities and more efficient management of mutual funds. The focus of the Gramm-Leach-Bliley Act of 1999 was on financial institutions.
Question 3
BigCash Broker-Dealers is registered in the state and is in the process of purchasing a smaller broker-dealer, Target Investments, as a subsidiary. Target Investments is also registered in the state.
After completing the purchase, what actions must BigCash take regarding registration of its new subsidiary?
- BigCash need do nothing since Target Investments was already duly registered with the state as a broker-dealer.
- BigCash must file a new application with the state to register its new subsidiary, but will be able to utilize the remainder of any annual filing fees that Target Investments had paid for the year.
- BigCash must file a new application with the state to register its new subsidiary and must also pay the annual filing fees required by the Administrator.
- BigCash will need to pay the annual filing fees required by the Administrator, but will not need to file a new registration application.
Correct answer: B
Explanation:
After completing the purchase, BigCash will have to file a new registration application for its new subsidiary, but BigCash can utilize the remainder of any annual filing fees that Target Investments had paid for the year. Although registration applications are never transferable, annual filing fees are. After completing the purchase, BigCash will have to file a new registration application for its new subsidiary, but BigCash can utilize the remainder of any annual filing fees that Target Investments had paid for the year. Although registration applications are never transferable, annual filing fees are.
