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Wiley FINRA Series 63 Exam Review 2017: The Uniform Securities Sate Law Examination

ISBN: 978-1-119-37984-3
216 pages
March 2017
Wiley FINRA Series 63 Exam Review 2017: The Uniform Securities Sate Law Examination (1119379849) cover image

Description

The go-to guide to acing the Series 63 Exam!

Passing the Uniform Securities Agent State Law Examination (Series 63) qualifies an individual to act as a securities agent. The exam covers the principles of state securities regulation as reflected in the Uniform Securities Act and its amendments and related rules, as well as ethical practices and fiduciary obligations. Many states require an agent to pass the Series 63 exam in addition to the Series 6, 7 or 62 exams to conduct securities business within the state.

Created by the experts at The Securities Institute of America, Inc., Wiley Series 63 Exam Review 2017 arms you with everything you need to pass this challenging 60-question test. Designed to help you build and fine-tune your knowledge of all areas covered in the exam and to guarantee that you're prepared mentally and strategically to take the test, it provides:

  • Dozens of examples
  • Assorted practice questions for each subject area covered in the exam
  • Priceless test-taking tips and strategies
  • Helpful hints on how to study for the test, manage stress, and stay focused

Wiley Series 63 Exam Review 2017 is your ticket to passing the Series 63 test on the first try—with flying colors!

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Table of Contents

About the Series 63 Exam xi

About This Book xv

About the Test Bank xvii

About the Securities Institute of America xix

Chapter 1 Federal Law Review 1

The Securities Act of 1933 1

The Prospectus 2

The Final Prospectus 2

Misrepresentations 3

The Securities Exchange Act of 1934 3

Net Capital Requirement 7

Customer Coverage 7

Fidelity Bond 8

The Insider Trading and Securities Fraud Enforcement Act of 1988 8

Firewall 9

The Telephone Consumer Protection Act of 1991 9

National Securities Market Improvement Act of 1996 10

The Uniform Securities Act 11

The Uniform Prudent Investors Act of 1994 12

The Department of Labor Fiduciary Standard 13

The Patriot Act 13

Regulation S-P 14

Identity Theft 15

Chapter 2 Definitions of Terms 17

Security 17

Person 19

Broker Dealer 20

Pension Consultants 22

Investment Counsel 22

Form ADV 23

Investment Adviser Registration Database (IARD) 24

Investment Adviser Representative 25

Offer/Offer to Sell/Offer to Buy 27

Sale/Sell 28

Guarantee/Guaranteed 28

12B-1 Fees 28

Contumacy 29

Federally Covered Exemption 29

Power of Attorney 30

Escheatment 30

Pretest 31

Chapter 3 Registration of Broker Dealers, Investment Advisers, and Agents 37

Registration of Broker Dealers and Agents 37

Agent Registration 38

Registering Broker Dealers 39

Financial Requirements 40

Broker Dealers on the Premises of Other Financial Institutions 40

Hiring New Employees 41

Resignation of a Registered Representative 42

Registering Agents 43

Canadian Firms and Agents 45

Investment Adviser Registration 45

The National Securities Market Improvement Act of 1996/The Coordination Act 46

Investment Adviser Representative 47

Investment Adviser Registration 48

Capital Requirements 48

Exams 49

Advertising and Sales Literature 50

Brochure Delivery 51

Wrap Accounts 51

Pretest 53

Chapter 4 Securities Registration, Exempt Securities, and Exempt Transactions 57

Exempt Securities 57

Securities Registration 58

Registration of IPOs Through Coordination 58

Registration Through Notice Filing 59

Registration of Non-Established Issuers/Registration Through Qualification 59

Exempt Securities/Federally Covered Exemption 61

Exempt Transactions 62

Pretest 67

Chapter 5 Professional Conduct and Prohibited and Fraudulent Actions 73

Fraud 73

Professional Conduct 74

Suitability 74

Market Manipulation 76

Customer Complaints 77

The Role of the Investment Adviser 77

Additional Compensation for an Investment Adviser 78

Agency Cross Transactions 78

Disclosures by an Investment Adviser 78

Investment Adviser Contracts 80

Private Investment Companies/Hedge Funds 80

Fulcrum Fees 80

Soft Dollars 81

Borrowing and Lending Money 82

Free Services 83

Pretest 85

Chapter 6 The State Securities Administrator and the Uniform Securities Act 93

Actions by the State Securities Administrator 93

Cancellation of a Registration 94

Withdrawal of a Registration 95

Actions Against an Issuer of Securities 95

Rule Changes 95

Administrative Orders 95

Interpretive Opinions 97

Administrative Records 97

Investigations 98

Civil and Criminal Penalties 98

Jurisdiction of the State Securities Administrator 99

Administrator’s Jurisdiction over Securities Transactions 100

Radio Television and Newspaper Distribution 102

Right of Rescission 103

Statute of Limitations 103

Pretest 105

Answer Keys 111

Glossary of Exam Terms 119

Index 185

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