FINRA Series_63 : Uniform Securities Agent State Law Examination

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FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. 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?

A) BigCash need do nothing since Target Investments was already duly registered with the state as a
broker-dealer.
B) 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.
C) 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.
D) BigCash will need to pay the annual filing fees required by the Administrator, but will not need to file a
new registration application.

2. MoeMoney Investment Advisers uses the services of two broker-dealers exclusively when it executes
trades for its clients' accounts. The larger of the two broker-dealers provides MoeMoney with research
from its analyst department in return for the business and also serves as the custodian for some of
MoeMoney's clients' accounts. The smaller of the two broker-dealers picks up the utility bill for MoeMoney.
MoeMoney is careful to disclose this form of "soft dollar" compensation to its clients. Is it in violation of any
securities laws?

A) Yes. Investment advisers are prohibited from receiving any soft dollar compensation whatsoever.
B) No. Investment advisers are entitled to receive soft dollar compensation from broker-dealers with which
it has a relationship as long as they disclose this to their clients.
C) Yes. Although investment advisers are permitted to receive some forms of soft dollar compensation
from broker-dealers with which it has a relationship, such as research or custodial services, other forms of
soft dollar compensation, including the payment of overhead expenses,are prohibited.
D) Yes. Investment advisers are required to use more than two broker-dealers when executing trades on
its clients' accounts.

3. Which of the following is not in itself a reason for the Administrator to deny, suspend, or revoke the license
of a person?

A) The person is a broker-dealer whose agents have repeatedly been accused of churning and burning,
according to written client complaints.
B) The applicant has never before worked in the securities industry although he has received the requisite
training.
C) Some of the information supplied on the registration application was found to be false.
D) The person has been convicted of check kiting within the past ten years.

4. Sam Shade had his agent's license revoked by the state of Washington for repeatedly making misleading
claims about various investment to investors. He had had it with all the rain anyway and decided to move
to the sunshine state of Florida. His brother-in-law was a computer whiz who made money on the side
(more than his day job provided, in fact) by supplying illegal immigrants with official-looking
documentation, including social security numbers. Sam Shade became Ian Creed in a few clicks of the
mouse. As Ian Creed, Sam was hired by Sunny Investment Advisers, an investment adviser firm located
in the Florida Keys, in a clerical role. As such, Sam/Ian had access to the confidential information of the
firm's clients, which he and his brother-in-law utilized for the purpose of identity theft. Under the Uniform
Securities Act guidelines, when Sam and his brother-in-law are caught in their illegal activities,

A) Sunny Investment Advisers will be subject to criminal prosecution for employing an individual whose
license had been revoked by the Administrator of another state since it obviously did not use due
diligence in hiring Ian Creed, aka Sam Shade.
B) Sunny Investment Advisers will be subject to civil penalties for employing an individual whose license
had been revoked by the Administrator of another state.
C) Sunny Investment Advisers will not be held liable if it can prove that there was no way it could have or
should have known of the revocation of Sam Shade's (aka Ian Creed) license.
D) Sunny Investment Advisers will be subject to both criminal prosecution and civil penalties for
employing an individual whose license had been revoked by the Administrator of another state since it
obviously did not use due diligence in hiring Ian Creed, aka Sam Shade.

5. Which of the following entities is subject to be accused of churning?
I. investment advisers
II. investment adviser representatives
III. broker-dealers
IV. agents

A) II and IV only
B) I and III only
C) I, II, III, and IV
D) II, III, and IV only

Solutions: