FINRA Series_63 : Uniform Securities Agent State Law Examination

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FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. Today's edition of the Wall Street Journal carried a front page story regarding a federal lawsuit that has
been filed against a software manufacturer for monopolistic practices. The CFO of the company called his
broker today and sold some of the shares he owns in the company. Which of the following statements are
true?
I. The CFO is guilty of illegal insider trading.
II. If the agent who effected the transaction for the CFO knew he was CFO of the software company, the
agent is guilty of illegal insider trading.
III. The broker-dealer for whom the agent works may have its license suspended or revoked if its agent
has knowingly executed this illegal insider trade for not having supervised the agent properly.

A) I only
B) I, II, and III
C) None of the statements is true.
D) I and II only

2. Noah Scruples, an agent with CanDo Broker-Dealers, just got a copy of the most recent report on a
certain stock. The report was generated by CanDo's analyst department and is hot off the presses. It has
not yet even been put on the firm's website for the firm's clients.
The analyst department has just changed its recommendation on the stock from "Hold" to "Strong Buy"
based on new information that it has obtained on the company. Can Noah
rush to his office to buy shares of the stock before the analysts release their reports to CanDo's clients?

A) Both B and C are true statements.
B) No. This is a prohibited activity referred to as "painting the tape."
C) No. It is unethical for him to trade based on this information before the firm's clients have received the
information.
D) Yes. The firm's analysts used publicly available information to assess the stock and make its
recommendation, so Noah can buy the stock now on his own account.

3. In accordance with the National Securities Markets Improvement Act of 1996, which of the following is a
federal covered adviser and, therefore, exempt from registering with the state Administrator?
I. An adviser who does business in 26 states.
II. An adviser who manages the portfolio of a mutual fund that is registered with the SEC.
III. An adviser with $35 million in assets under management

A) I and II only
B) II and III only
C) All of the selections meet the qualifications of a federal covered adviser.
D) I and III only

4. 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) I only
B) I and II only
C) III 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.

5. An investment adviser or its representative may

A) only exercise any discretionary power in the purchase or sale of securities for a client's account after
receiving written authority prior to the execution of the transactions.
B) exercise discretionary power in the purchase or sale of securities for a client's account only after
C) exercise discretionary power in the purchase or sale of securities for a client's account as long as
D) exercise discretionary power in the purchase or sale of securities for a client's account as long as it
receives written discretionary authority over the account within 10 business days of the first discretionary
transaction placed, assuming oral authority has already been given.

Solutions: