[2023年12月]に更新されたUniform Securities State Law Series63試験練習問題集お試しセット
2023年最新のSeries63プレミアム資料テストPDF無料問題集お試しセット
質問 # 100
Which of the following orders can an Administrator issue without providing prior notice?
- A. license denial
- B. license revocation
- C. license suspension
- D. cease and desist
正解：D
解説：
Explanation
The Administrator can issue an order to cease and desist without providing the party concerned with prior notice. In the cases involving the denial, suspension, or revocation of a license, the Administrator will provide prior notice, along with the opportunity for a hearing, and a written statement of the facts and the legal consequences involved.
質問 # 101
Cassie Clueless has recommended that a client purchase shares of a mutual fund prior to its ex-dividend date, so that the client will receive the dividends when they are distributed.
In which of the following situations might this recommendation be justifiable and not in violation of NASAA rules?
I. The investor has refused to provide Cassie any information regarding his investment goals.
II. The investor is a young professional with an investment goal of long-term capital appreciation.
III. The investor is a retiree in a low tax bracket and needs current income to augment her social security check.
- A. III only
- B. I only
- C. I and II only
- D. It is always in violation of NASAA rules to recommend that a client purchase shares of a mutual fund prior to its ex-dividend date.
正解：A
解説：
Explanation
If Cassie makes her recommendation based on the scenario described in Selection III, she is not violating any NASAA rules. It is advantageous for an investor who is a retiree in a low tax bracket and needs current income to augment her social security check to buy shares of a mutual fund before its ex-dividend date in order to receive the dividend income. The NASAA rule states only that an agent cannot indicate that the purchase of shares of a mutual fund prior to the ex-dividend date would be advantageous to the client "unless there are specific, clearly described tax or other advantages to the customer." It would be unethical for Cassie to recommend this strategy to an investor whose investment goals were unknown to her, as in Selection I, or to an investor who is looking for long-term capital appreciation and has no need for the dividend income--which will be taxable--as in Selection II.
質問 # 102
A broker-dealer cannot legally be
- A. an individual.
- B. a partnership.
- C. A broker-dealer can be any of the above.
- D. a sole-proprietorship.
正解：C
解説：
A broker-dealer can be a partnership, an individual, or a sole-proprietorship under the
guidelines of the Uniform Security Act.
質問 # 103
While on vacation in Colorado, Massachusetts resident Ms. Jetset meets Mr. Snow, a registered
representative with a Colorado broker-dealer, on a ski lift and accepts a dinner engagement with him later
that evening, during which he obtains her cell phone number. A week later, while she is lounging around
in her Florida beach condo, he calls and interests her in a local software company that is selling its
preferred stock to investors and encourages her to buy it. Ms. Jetset tells Mr. Snow she'll think about it
and calls him after she returns to her home in Massachusetts to tell him to buy the stock for her and sends
him a check via express mail. Later, Ms. Jetset learns that the preferred stock certificate that she received
is-and always was-a worthless piece of paper, and that, in fact, no such company ever existed. Which
state Administrator has jurisdiction in this instance?
I. the Administrator of the state of Colorado
II. the Administrator of the state of Florida
III. the Administrator of the state of Massachusetts
- A. I, II, and III
- B. I and III only
- C. I only
- D. I and II only
正解：A
解説：
All three state administrators have jurisdiction since Mr. Snow made the offer to sell from
Colorado, to a person who was in Florida at the time, and Ms. Snow accepted the offer and received the
certificate in her home state of Massachusetts. According to NASAA, an Administrator has jurisdiction
over all offers and all acceptances of offers to purchase or sell securities if they "originate from, are
directed to, or are accepted in a state.
質問 # 104
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 has thirty days to find a job with another broker-dealer, or she will need to file a new registration
application. - B. Maddie is required to call all of her clients at QuikDeals to inform them she is no longer employed
there. - C. 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. - 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：C
解説：
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 # 105
An agent cannot tell a client that a mutual fund is "no load" if the fund has
I. a front-end load
II. a contingent deferred sales load
III. 12b-1 fees
- A. I or II only
- B. I, II or III
- C. I or III only
- D. I only
正解：A
解説：
Explanation
If a fund has either Selection I or Selection II, an agent cannot tell a client it is "no load." If the fund has either a front-end load, a contingent deferred sales load, or both, the client must be told that the fund has a load. If the 12b-1 fees on a fund are 0.25% or less of the annual average net assets, it is not considered to be a load fund.
質問 # 106
Which of the following scenarios describes activities that are disallowed under the NASAA Model Rules?
I. Broker-dealer Anon observes that a client placed a stop loss order to sell her 1,500 shares of Amazon.com stock for $131 when the stock was selling for $134. Anon sold the stock for $133 when it started to fall during the day and credited the client's account with $131 per share when stock dropped further to $129 a share.
II. Penny is an agent with Broker-dealer Anon. She recently recommended that a client buy a stock that Penny thought would do well. As it turned out, Penny was wrong, and she offers to refund the commission that the client paid her.
III. Broker-dealer Anon is part of the selling group of a hot new IPO. As such, the firm purchases 50% of the shares for its own portfolio and sells the remainder to the public.
- A. I, II, and III
- B. I and III only
- C. I only
- D. I and II only
正解：A
解説：
Explanation
Selections I, II, and III are all disallowed under the NASAA Model Rules. In Selection I, Broker-dealer Anon has made an unauthorized transaction and has also stolen from his client. The stop order indicated that the client's Amazon.com order should be effected only if the stock dropped to $131 a share or less. Anon jumped the gun and sold it for $133, but only gave the client the specified price of $131 a share. In the scenario described in Selection II, Penny's intentions might have been good, but an agent is not allowed to refund commissions. Anon is also in violation in Selection III's scenario. A member of the selling group is expected to make "bona fide" public offerings of the securities allotted him. To purchase some of the securities for itself is prohibited.
質問 # 107
Needy Investment Advisers, LLC needs a loan. One of its wealthier clients has offered to lend the firm the money at the prime rate of interest. A promissory note is drawn up stipulating the terms of the loan. Based on these facts,
- A. Needy is in violation of securities laws by acting as an issuer of securities.
- B. Needy will be in violation of securities laws unless a waiver of compliance form is signed by the client and submitted to the administrator.
- C. Needy is not in danger of violating any securities laws since the loan was unsolicited and has been properly executed via a promissory note.
- D. Needy is in violation of securities laws only if the face value of the note is for $50,000 or more.
正解：A
解説：
Explanation
In accepting a loan from a wealthy client, Needy is in violation of securities laws by acting as an issuer of securities. Under NASAA Model Rules, investment advisers may not borrow money from clients unless the client is in the business of lending money, as would be the case if the client were a financial institution. It doesn't matter if the client is in agreement with the loan; waiver of compliance agreements is prohibited by both the NASAA Model Rules and the Investment Advisers Act of 1940. Nor does it matter that the loan was unsolicited and formalized with a promissory note.
質問 # 108
Which of the following are accurate statements regarding the minimum financial requirements for
investment advisers according to the NASAA Model Rules?
I. Any investment adviser who has discretionary authority over a client's assets, but who does not have
actual custody of client funds or securities, is required to maintain a minimum net worth of $10,000 at all
times.
II. An investment adviser who requires that a fee of more than $500 from his clients be paid six months or
more in advance must maintain a positive net worth at all times.
III. Only an investment adviser who has actual custody of client assets is subject to a minimum net worth
requirement, which the NASAA Model Rules specifies is $10,000.
- A. II and III only
- B. I and II only
- C. I only
- D. III only
正解：B
解説：
Only Selections I and II are accurate statements of the NASAA Model Rules regarding
minimum financial requirements for investment advisers. The NASAA rules stipulate that an adviser who
has only discretionary authority, but does not take custody of a client's assets, must maintain a minimum
net worth of $10,000 at all times. Furthermore, any investment adviser who requires a fee of more than
$ 500 from his clients to be paid six months or more in advance must maintain a positive net worth at all
times.
質問 # 109
John Ketchum is an investment adviser representative with Load Investment Advisers, which has a family
of load funds that it encourages its representatives to promote. Representatives of the firm that sell
shares in these funds to their clients receive a greater share of the load than they do if they sell load funds
offered by other firms. Based on these facts, which of the following statements is true?
- A. Both A and B are true.
- B. John is obligated to try to sell his clients the funds offered by Load first since he is affiliated with them
and has a fiduciary responsibility to them. - C. John must provide his clients with a written disclosure that he will receive a greater remuneration for
selling shares in the Load family of funds than if he sells them shares in other funds before he provides his
clients with any investment advice. - D. If, after reviewing the information form a client has filled out, John believes that one of Load's funds is
an appropriate investment, John can recommend that the client invest in that fund. There is no disclosure
requirement necessary if the recommendation is a sound one that can be proved to be based on the
client's specific situation.
正解：C
解説：
As a representative for a family of load funds who receives greater remuneration for selling
those funds, John must provide his clients with a written disclosure of this fact before providing any advice,
according to NASAA Model Rules. This constitutes a material conflict of interest that must be disclosed "to
clients in writing before any advice is rendered." John is not obligated to try to sell his clients the funds
offered by Load first. His fiduciary responsibility is to his clients, not his employer.
質問 # 110
Which of the following describes an investment adviser that is not required to register with the state
Administrator?
- A. MoeMoney Investment Advisers, LLC has an office in the state with a client base of fifty individuals.
- B. CanDo Broker-Dealers is a state-registered broker-dealer. It has begun to offer asset management
services to a few of its wealthier clients for a small management fee equal to 0.1% of the assets under
management. - C. Financial Freedom Investment Advisers has no offices in the state although it does advise six wealthy
individuals who are residents of the state. - D. Buckeye Investment Advisers has no offices in the state, but it provides portfolio management services
to an insurance company located in the state.
正解：D
解説：
Buckeye Investment Advisers is not required to register with the state Administrator since it
has no offices in the state and provides portfolio management services to an institutional investor within
the state. Both MoeMoney and Financial Freedom must register since they advise more than 5 individual
clients. It doesn't matter in that case whether they have offices within the state or not. CanDo is registered
only as a broker-dealer, but it has begun offering investment advice for a fee, so it must also register with
the state as an investment adviser.
質問 # 111
You execute a stock transaction for a client on Thursday, September 23rd. The settlement date on the order ticket will be
- A. Monday, September 27th.
- B. Thursday, September 23rd.
- C. Tuesday, September 28th.
- D. Friday, September 24th.
正解：C
解説：
Explanation
If you execute a stock transaction for a client on Thursday, September 23rd, the settlement date for that trade will be Tuesday, September 28th, which is T + 3, meaning three business days after the trade date.
質問 # 112
Ms. Muffet is employed by Spyder Broker-Dealers. Her job duties include providing price quotes and executing purchases and sales for the firm's clients. She is paid a salary plus commission. Ms. Muffet is
- A. a broker-dealer.
- B. an agent.
- C. an investment adviser representative.
- D. an investment adviser.
正解：B
解説：
Explanation
As an employee of Spyder Broker-Dealers who executes trades for clients, Ms. Muffet is an agent who works for the broker-dealer Spyder. She does not provide investment advice for a fee, so she is neither an investment adviser nor an investment adviser representative.
質問 # 113
When a customer files a complaint with a broker-dealer,
I. the broker-dealer must submit the complaint to the firm's compliance department.
II. the broker-dealer must provide a prompt written response to the complainant.
III. the broker-dealer must temporarily suspend the activities of any agent named in the complaint.
- A. I and III only
- B. I, II and III
- C. II and III only
- D. I and II only
正解：D
解説：
Only Selections I and II are true. When a customer files a complaint with a broker-dealer, the
broker-dealer is required to submit the complaint to the firm's compliance department, if any, and to
provide the complainant with a prompt written response. It is not necessary to suspend the activities of an
agent named in the complaint.
質問 # 114
Shady Corporation's executives are concerned over the firm's steadily declining stock price and decide to
do something about it. They each decide to make significantly large purchases of their firm's stock in
order to stabilize and hopefully even to drive up its price, reasoning that they can sell the stock for the
higher price down the road and profit from the transaction. You are a broker-dealer for the firm's
executives. Are Shady's executives planning to do anything illegal?
- A. Yes. To purchase shares of their own company is considered to be illegal insider trading.
- B. No. It's a win-win. They are using their own money to buy stock of their firm, and this can help drive the
stock price up and put profits in their pockets. - C. No. As long as they follow the rules and report their purchases to the SEC, it is not illegal for them to
purchase shares of their firm's stock. - D. Yes. Although it is not illegal for them to purchase shares of their firm's stock, they cannot do so in
order to try to manipulate the price of the stock.
正解：D
解説：
Yes. Although it is not illegal for Shady's executives to purchase shares of their firm's stock,
in this case they are planning to do something illegal in deciding to make significantly large purchases of
their firm's stock in order to manipulate the price. This is an example of price pegging.
質問 # 115
Which of the following statements best explains the difference between an agent and a broker-dealer?
- A. A broker-dealer must be licensed in the state in which he conducts business, but there are no separate licensing requirements for agents.
- B. Agents are engaged exclusively in the purchase and sale of stocks whereas broker-dealers also buy and sell bonds and option contracts.
- C. Agents conduct their business exclusively in the secondary market, while broker-dealers also operate in the primary market.
- D. An agent is an individual who represents a broker-dealer or an issuer and buys and sells securities he does not own in return for a commission on the transactions he executes. A broker-dealer may also buy and sell securities for his own portfolio, in which case the broker-dealer enjoys any price appreciation on those securities.
正解：D
解説：
Explanation
The main difference between an agent and a broker-dealer is that an agent represents either a broker-dealer or an issuer and buys and sells securities he doesn't own, receiving a commission for the trades he executes. A broker-dealer, when functioning as a dealer, is buying and selling for his own portfolio, thereby profiting from any price appreciation in the assets in his portfolio. Both agents and broker-dealers must meet state licensing requirements; both engage in the purchase and sale of stocks, bonds, and option contracts; and both operate in both the primary and secondary markets.
質問 # 116
S. White and Associates is an investment adviser registered in the state of Kentucky and, as such, is meeting Kentucky's minimum net capital requirement for investment advisers. The firm recently registered with the state of Virginia and has opened an office there. Virginia has a significantly higher net capital requirement for its investment advisers.
Which of the following statements is true?
- A. According to the Investment Advisers Act of 1940, S. White will have to maintain a minimum net capital equal to the average of the net capital requirements of the two states.
- B. According to the Investment Advisers Act of 1940, S. White needs only to meet the net capital requirement of Kentucky.
- C. According to the Uniform Securities Act, S. White will have to meet Virginia's higher requirement.
- D. According to the Securities Exchange Act of 1934, S. White needs to meet at least the minimum net capital requirement specified by that Act since it is now operating in multiple states.
正解：B
解説：
Explanation
Since S. White is already registered in the state of Kentucky and meeting the net capital requirement of that state, the Investment Advisers Act of 1940 stipulates that Virginia cannot require a higher minimum net capital. The Act states that if an investment adviser is registered in one state and is meeting its net capital requirement, a second state cannot impose a higher net capital requirement on the investment adviser.
質問 # 117
Which of the following would a firm not be expected to provide to the Administrator when registering an
issue of securities with the state?
- A. the agreement among the underwriters themselves
- B. all sales and advertising materials that will be used in conjunction with the offering.
- C. the agreement between the issuing firm and the underwriters
- D. The firm will be expected to provide all of the above to the Administrator when registering an issue of
securities with the state.
正解：D
解説：
The firm will be expected to provide all of the above-sales and advertising materials to be
used in the offering, the agreement between the issuing firm and its underwriters, and the agreement
among the underwriters themselves.
質問 # 118
A broker-dealer is required to keep his records for how long?
- A. at least seven years
- B. A broker-dealer is required to keep his records for as long as he is registered in the state.
- C. at least three years
- D. at least five years
正解：C
解説：
A broker dealer is required to keep his records at least three years.
質問 # 119
Which of the following is not a security, as defined by the Uniform Securities Act?
I. an option contract
II. a futures contract on gold
III. a 401K plan
IV. a variable annuity
- A. None of the selections listed are securities.
- B. Only Selection III is not a security.
- C. Only Selections II and III are not securities.
- D. Selections II, III and IV are not securities.
正解：C
解説：
Only Selections II and III are not securities. Neither retirement plans nor commodity futures
contracts are deemed to be securities by the Uniform Securities Act. A 401K plan may be invested in
securities, but it is not a security itself. A gold futures contract is a contract between two parties for the
delivery of the underlying asset, gold. The profits (or losses) are not dependent on the performance of an
outside party, which is a critical element, based on a 1946 U.S. Supreme Court decision, which defines a
security as "an investment of money. . . with profits to come solely from the efforts of others."
質問 # 120
Mr. Noah Scruples is a registered representative with CanDo Broker-Dealers. A client calls and wants
Noah to purchase shares of a mutual fund the client has read about. CanDo is not authorized by this
particular fund to effect purchases or sales of the fund shares. Can Noah execute the order anyway?
- A. No. This would be considered money laundering, which is highly illegal.
- B. No. This is a prohibited practice known as selling away.
- C. No. This is a prohibited practice known as front running.
- D. Yes. Since this is an unsolicited trade, Noah can execute the transaction on behalf of his client.
正解：B
解説：
No. If CanDo is not authorized to effect purchases and sales of the fund, Noah would be
engaged in the prohibited practice known as selling away if he were to execute the order. If his
broker-dealer is not authorized to trade a security, Noah can't either.
質問 # 121
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. have the words "Senior-Citizen Investment Specialists" printed on their business cards.
- D. indicate that they are certified by the ARP program since money was paid for their attendance.
正解：B
解説：
Explanation
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 # 122
If an issuer registers securities with the state, how long can the documentation supplied in the registration
statement for those securities be incorporated by reference only into a registration statement for future
securities the issuer wants to offer for sale?
- A. one year
- B. two years
- C. five years
- D. seven years
正解：C
解説：
Once an issuer has registered securities with the state, the documentation supplied in that
registration statement can be incorporated into the registration statement for future securities the issuer
wants to offer for sale by reference only for a period of five years.
質問 # 123
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