[2023年10月]更新のSeries63試験問題と有効なSeries63問題集PDF
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質問 # 33
The Turnover Corporation, a firm with 25,000 employees, has recently hired 50 new employees, many of whom have been hired to replace middle-level managers who have retired. Turnover has omitted this fact from its prospectus. Turnover is guilty of
- A. fraud.
- B. nothing. The hiring of 50 new employees by a firm with 25,000 employees is not a material fact.
- C. misrepresentation.
- D. misusing insider information.
正解：B
解説：
Explanation
Turnover is guilty of nothing when it hires 50 new employees, but doesn't include this information in its prospectus because this is not a material fact. Most of the employees have been hired to replace middle-level managers who have retired, and these employees wouldn't be considered significant enough to affect the price of the stock in any way. If Turnover had hired a new CEO, that would be a material fact that must be disclosed.
質問 # 34
Which of the following statements regarding an open-end investment company is not true?
- A. Its shares are bought and sold through the company.
- B. Its shares may sell for either net asset value or greater than net asset value, but not below
- C. Its securities are federal covered.
- D. Its shares are bought and sold on exchange floors.
正解：D
解説：
The shares of an open-end investment company are not bought and sold on exchange floors.
An open-end investment company is a mutual fund, and its shares are bought and sold through the
company. The price per share will be either at net asset value as is the case with a no load fund, or above
net asset value, as is the situation with a load fund, when the price is equal to net asset value + the sales
charge (load.) Open-end investment company shares are federal covered and, as such, do not need to be
registered with the state.
質問 # 35
Bob Gogetter is an agent with CanDo Broker-Dealers. One of Bob's clients is out of the country and cannot be contacted. The client holds some stock in a company that just released some information that should make its stock price soar. Bob knows that this client would probably want to increase his holdings, so Bob opens a margin account for his client and borrows the money to buy shares. As it happened, the stock price did soar, and Bob's client earned a sizeable profit.
Is Bob in violation of any securities acts?
- A. No. Bob has a fiduciary responsibility to his client to act in his best interest, and Bob knew this.
- B. No, but only because Bob's client profited from Bob's intervention. If the stock had declined in.
- C. Yes. Bob is guilty of prohibited practice of churning.
- D. Yes. It is against the law for an agent to open a margin account for a client without the client's.
正解：D
解説：
Explanation
Yes. When he opened a margin account for a client without the client's written authorization, Bob committed a securities violation. This is strictly prohibited regardless of whether the client profited or not.
質問 # 36
n No: 85
Which of the following is not in itself a reason for the Administrator to deny, suspend, or revoke the license of a person?
- A. Some of the information supplied on the registration application was found to be false.
- B. The person has been convicted of check kiting within the past ten years.
- C. The person is a broker-dealer whose agents have repeatedly been accused of churning and burning, according to written client complaints.
- D. The applicant has never before worked in the securities industry although he has received the requisite training.
正解：D
解説：
Explanation
An Administrator may not deny, suspend, or revoke the license of a person simply because the applicant has never before worked in the securities industry if that person has received the training necessary. The Uniform Securities Act specifically states that the order cannot be entered ". . .solely on the basis of lack of experience if the applicant or registrant is qualified by training, knowledge, or both."
質問 # 37
Which of the following are examples of the prohibited practice of manipulation in the securities markets?
I. Broker-Dealer Joker is unhappy with its investment in the stock of a speculative firm and engages
another broker-dealer to purchase a large number of shares from it, with the unofficial agreement to buy
back those shares, offer more shares which the second broker-dealer will purchase, and so on.
II. Broker-Dealer Joker has a large short position in the stock of a certain corporation. Joker offers a
bonus to its agents who effect sale transactions in the stock.
III. A client calls Broker-Dealer Joker with a request to purchase 20 bonds issued by Massachusetts
Institute of Technology (MIT.) The bonds are currently selling for their par value of $1,000. Knowing this,
Joker offers to sells the client the bonds for $120 per $100 of par, or $1,200 per $1,000 bond.
- A. I, II, and III
- B. I and II only
- C. I only
- D. I and III only
正解：B
解説：
Only Selections I and II are examples of manipulation in the securities market. It is
considered to be manipulation if one firm engages another firm to make a series of purchases and sales
that will make it appear that there is very active trading in the security; it is also considered manipulation if
a broker-dealer encourages its agents to solicit sales of a security in which it has a short position since
that broker-dealer is hoping that the sales will drive the price of the security down, thereby making the
firm's position profitable. Although the offer to sell a client bonds at a much higher price than their market
price is illegal, it is not an example of price manipulation.
質問 # 38
Which of the following would be considered an "issuer" transaction?
- A. None of the above is an "issuer" transaction.
- B. Maria purchases 500 shares of Dodge and Cox's International Fund, a mutual fund investing in foreign
securities. - C. Kim sells an AT&T bond she holds that still has three years remaining to maturity.
- D. Jacob calls his broker and places an order to purchase 100 shares of Hasbro, Inc. on the open market.
正解：B
解説：
When Maria purchases shares of Dodge and Cox's International Fund, it is an "issuer"
transaction. Shares of mutual funds are bought and sold through the fund itself, so the money she pays
for the shares is received by Dodge and Cox, the issuer of the shares. Jacob's purchase of Hasbro stock
and Kim's sale of her AT&T bond are non-issuer transactions. Neither Hasbro nor AT&T receive the
proceeds from these transactions. In Jacob's case, another investor receives the cash; and in Kim's cash,
she receives the cash.
質問 # 39
Mr. L. Ranger is an agent for a broker-dealer and has overheard "talk" that a merger between two well-known high-tech companies is about to take place. Mr. Ranger knows that, on average, in these instances the target firm's price spikes. He calls his client and good friend, Mr. Tonto, and tells him of the rumor, suggesting that Tonto might want to buy shares in the target firm. He tells Mr. Tonto that if the rumor isn't true, the target firm's price may not spike at all and may, in fact, decline, and suggests that Mr. Tonto not invest any money he isn't willing to lose. Mr. Ranger knows that his friend likes to gamble, and decided he wouldn't be much of a friend if he didn't inform Tonto of this potential opportunity.
Has Mr. L. Ranger violated any laws or engaged in any prohibited practices?
- A. Yes. Mr. Ranger has engaged in fraud in telling Mr. Tonto about the rumor, given that the merger hasn't been officially announced by the two companies.
- B. No. Mr. Ranger has informed Mr. Tonto that the merger is just a rumor and has informed him of the risk involved. Mr. Ranger is knowledgeable about his friend's risk tolerance level as well and recognizes this investment as one his good friend might want to take.
- C. No. Mr. Ranger and Mr. Tonto are friends, so there can be no violations of any laws or practices because of their non-business relationship.
- D. Yes. Mr. Ranger is privy to knowledge that is not available to the general public and both he and Mr.Tonto will be guilty of illegal insider trading if Mr. Tonto trades on Mr. Ranger's information.
正解：B
解説：
Explanation
No, Mr. Ranger has not violated any laws or engaged in any prohibited practices in his recommendation to Mr.
Tonto. He has simply informed Mr. Tonto of the rumor and has told him of the risk involved, and he has not lied or misled Mr. Tonto about the investment. He is also well aware of his friend's risk tolerance level, so he is not making an unsuitable recommendation. This is not considered insider trading since there is no way Mr.
Ranger can know whether or not the rumor is true. Selection A is not true because there can be violations of laws or practices, even if the agent and client are friends.
質問 # 40
Barring no irregularities (such as a license revocation by another state last year), after you have filed for registration as an agent, your license will be granted within
- A. 30 days.
- B. 45 days.
- C. 10 business days.
- D. 14 business days.
正解：A
解説：
Explanation
Barring no irregularities, after you have filed for registration as an agent, you should receive your license within 30 days. More specifically, your license will be approved "no later than noon of the 30th day after filing."
質問 # 41
In which of the following instances is it permissible for an investment adviser to borrow money from a
client?
- A. It is never permissible for an investment adviser to borrow money from a client.
- B. The investment adviser may borrow money from a client if the client is a close friend of the majority
owner of the investment advisory firm. - C. The investment adviser may borrow money from a client if the client is a bank.
- D. The investment adviser may borrow money in either of the scenarios described in B or C.
正解：C
解説：
It is only permissible for an investment adviser to borrow money from a client if that client is
in the business of loaning money, as would be the case if the client is a bank, but not if the client is merely
a close friend of the majority owner of the investment advisory firm.
質問 # 42
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 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. - B. BigCash will need to pay the annual filing fees required by the Administrator, but will not need to file a
new registration application. - C. BigCash need do nothing since Target Investments was already duly registered with the state as a
broker-dealer. - D. 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.
正解：A
解説：
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.
質問 # 43
Rich Quick is a broker-dealer registered in the state of Massachusetts. He occasionally trades on abnormalities he observes in bond yield spreads for his own account, short selling a bond that appears to be overpriced based on its yield and buying a bond that is identical in almost every respect except for the price, which is less than that of the other bond. He has been able to earn arbitrage profits 95% of the time when he does this. Rich Quick
- A. is skilled if he is able to earn profits 95% of the time using this strategy.
- B. engaged in a fraudulent activity.
- C. is in violation of securities laws. Arbitrage is a prohibited activity.
- D. is trading on insider information, which is a violation of securities laws.
正解：A
解説：
Explanation
If Rich Quick is able to earn profits 95% of the time by trading on abnormalities he observes in bond yield spreads, he is skilled. There is nothing illegal in what he is doing. Arbitrageurs attempt to earn profits when they observe what they believe to be mispriced securities, and this is an accepted activity. Rich is not using insider information; bond yields are publicly available information.
質問 # 44
An individual who represents a broker-dealer in the buying and selling of securities is called a(n):
- A. issuer
- B. agent
- C. administrator
- D. underwriter
正解：B
解説：
Explanation
An individual who represents a broker-dealer in buying and selling securities is called an agent or a registered representative. An agent may also work for an issuer, which refers to the entity that is selling securities to raise money for itself. An underwriter is the entity that aids the issuer in bringing the new securities to market.
Administrator is the title many states use to refer to the official in charge of enforcing the state's securities regulations.
質問 # 45
The Administrator may not introduce a stop order to deny, revoke, or suspend the effective registration of
a security based on facts that were disclosed during the registration process unless he does so within
- A. 30 days.
- B. 45 days.
- C. 1 year.
- D. 60 days.
正解：A
解説：
The Administrator may not introduce a stop order against the registration of a security based
on facts that were disclosed during the registration process unless he does so within 30 days.
質問 # 46
Mr. Teche is an agent with broker-dealer CanDo, and his only compensation is the commissions he earns
on trades he executes. He has applied for and been granted an adjunct teaching position with a local
university that will allow him to earn money while he is establishing himself. Which of the following
statements are true?
- A. As an agent with broker-dealer CanDo, Mr. Teche must notify CanDo in writing of this position prior to
accepting it. - B. Mr. Teche is, in essence, an independent contractor with broker-dealer CanDo and can engage in any
other business activity at will. - C. CanDo can deny Mr. Teche permission to accept the adjunct teaching position.
- D. Both A and B are true.
正解：D
解説：
Both statements A and B are true. As an agent for broker-dealer CanDo, Mr. Teche is
required to inform CanDo in writing before accepting any outside position that will provide him with
additional compensation, and CanDo has the right to deny Mr. Teche the permission to accept this
position.
質問 # 47
Rich Writewell wants to begin publishing an independent weekly financial newsletter that will provide
investment recommendations as well as other financial news items to the general public. Rich hopes that
his newsletter will achieve nationwide circulation within a few months. Which of the following statements
is true?
- A. Rich may be exempt from registering as an investment adviser if he is a lawyer,accountant, engineer,
or teacher. Otherwise, he will have to register. - B. Rich will have to register as an investment adviser since his publication will include investment
recommendations - C. Rich will not have to register as an investment adviser since he is publishing a legitimate financial
newsletter for distribution to the general public. - D. Rich will have to register as an investment adviser only if he sells this newsletter to the public.If the
publication is to be distributed free of charge, he will not have to register.
正解：C
解説：
Rich will not have to register as an investment adviser since he is publishing a legitimate
financial newsletter that will be distributed to the general public. The definition of the term "investment
adviser" excludes publishers of bona fide business or financial publications that are published regularly
and have general circulation.
質問 # 48
Until yesterday Maddie was a registered agent employed by the broker-dealer, QuikDeals. Yesterday afternoon, issues that had been brewing between her and another employee of the firm came to a head, and Maddie impulsively quit her job.
At this point,
- A. Maddie is required to call all of her clients at QuikDeals to inform them she is no longer employed there.
- B. Maddie will have to file a new application for registration with the Administrator upon finding employment with another broker-dealer since she is no longer considered to be a registered agent by the state.
- C. Maddie has thirty days to find a job with another broker-dealer, or she will need to file a new registration application.
- D. Maddie has sixty days to find a job with another broker-dealer, or she will need to file a new registration application.
正解：B
解説：
Explanation
When Maddie quit her job, her status as a state-registered securities agent was automatically terminated, and she will need to file a new application for registration with the Administrator upon obtaining a position with another broker-dealer. If she does so within thirty days, her registration will become effective as soon as she has filed her application and paid her application fee. While she is required to notify the Administrator that she has terminated her employment with QuikDeals, there is no requirement that she contact any of her clients at QuikDeals.
質問 # 49
The 2003 NASAA Model Rule requires that investment advisers that are not federal covered maintain their records for at least
- A. seven years.
- B. five years.
- C. Investment advisers must maintain their records for as long as they remain registered with the state.
- D. three years.
正解：B
解説：
Explanation
Investment advisers are required to maintain their records for at least five years.
質問 # 50
Elizabeth is the owner of Lizbeth Investment Advisers, a small, state-registered investment advisory firm.
She has decided that her firm needs a niche and has learned that a consulting group is coming to the area
and offering a 3-day seminar on asset allocation for senior citizens offered by Advantage for Retirement
Persons (ARP). The seminar will cost $1,000 per individual, but after attending the seminar, each
attendee will receive a certificate verifying their involvement in the program. Elizabeth decides this is the
niche she has been looking for and signs up herself and her three investment adviser representatives for
the program. After attending the seminar and receiving their certificates, Elizabeth and her team can
- A. represent themselves as certified senior citizen investment advisers.
- B. do none of the above.
- C. indicate that they are certified by the ARP program since money was paid for their attendance.
- D. have the words "Senior-Citizen Investment Specialists" printed on their business cards.
正解：B
解説：
After attending the ARP seminars on asset allocation for senior citizens, Elizabeth and her
team cannot represent themselves as certified senior citizen investment advisers, print "Senior-Citizen
Investment Specialists" on their business cards, or indicate that they are certified by the ARP program.
Under the NASAA model rules, their attendance does not entitle them to say they are in any way
especially certified to serve senior citizens. The attendance certification they received does not have any
competency requirements attached.
質問 # 51
Mina is a new agent with SecureMoney Broker-Dealers and is struggling to make ends meet. She gets a
job as a receptionist at a fitness club on the weekends to generate more income. Which of the following is
true?
- A. Mina simply needs to tell her immediate supervisor at SecureMoney about her new job.
- B. Mina should have notified SecureMoney in writing before signing on to work at the fitness club.
- C. Because the job as a receptionist at a fitness club has nothing to do with the world of finance, Mina has
done nothing inappropriate. - D. Mina needs to send notice to the state Administrator informing him of her extracurricular activity.
正解：B
解説：
Mina should have notified SecureMoney in writing before taking on the job at the fitness club.
Regardless of whether the job has anything to do with finance, an agent must notify her broker-dealer in
writing prior to engaging in any extracurricular activity for which she gets paid. She is not required to send
any notice to the Administrator, however.
質問 # 52
Which of the following persons would not be required to register with the state as an agent under the
guidelines of the Uniform Securities Act (USA)?
- A. Preetham is part-owner of SecureMoney Broker-Dealers and executes the purchase and sale of
securities for the firm's customers. - B. Stefan is a sales representative for SecureMoney Broker-Dealers and sells only mutual fund shares.
- C. Keith is a salaried employee of Middlesex County in Massachusetts who sells revenue bonds issued by
the county to the public. - D. John is employed by TrustUs Corporation to sell shares of the firm's stock to the firm's employees and
receives a commission on the shares he sells.
正解：C
解説：
Keith would not have to register as an agent since he is a salaried employee of a county in
Massachusetts selling county-issued bonds to the public. He is not representing a broker-dealer; he is not
receiving a commission on the bonds he sells; and he is selling exempt (government-issued) securities.
John receives a commission on his sales, so he is considered to be an agent. Stefan is a sales
representative employed by a broker-dealer, which makes him an agent under USA guidelines. Even
though Preetham is part-owner of the broker-dealer for which he is effecting transactions, he is acting as
an agent in doing so.
質問 # 53
Which of the following may be given to prospective investors during the "cooling off period?"
- A. all of the above
- B. a copy of the registration statement
- C. a tombstone advertisement
- D. a final prospectus
正解：C
解説：
During the "cooling off period" prospective investors may be given only a tombstone
advertisement for the security.
質問 # 54
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, III, and IV only
- B. II and IV only
- C. I, II, III, and IV
- D. I and III only
正解：C
解説：
Explanation
Selections I, II, III, and IV-investment advisers, their representatives, and broker-dealers and their agents-are subject to accusations of churning. Any activity on the part of any of these parties that suggests that they are engaged in encouraging excessive trading on the accounts of their clients makes them subject to allegations of churning their customers' accounts.
質問 # 55
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