To be defined as an “agent” under the Uniform Securities Act,
an individual must take, or solicit, orders from the public
. Individuals who do not solicit the public or who solely perform clerical or managerial duties, do not fall under the definition.
Which of the following persons is required to register as an investment advisor under the Uniform Securities Act?
The best answer is C.
Advisers with $100,000,000 or more of assets under management
must register with the SEC as “Federal Covered Advisers” and cannot be required to be registered in each State (though each State can require a notice filing). The SEC then issued some interpretations regarding this requirement.
Which of the following are defined as persons under the Uniform Securities Act?
Under the Uniform Securities Act, all of the following are defined as “persons” EXCEPT:
General partner in a limited partnership
.
Public utility selling to public investors
.
administrator of the State
.
Municipality selling industrial development bonds
.
Who does the Uniform Securities Act apply to?
The Uniform Securities Act is a model law created as a starting point for state-level securities regulation. The purpose of the Uniform Securities Act is to
deal with securities fraud at the state level
and to assist the Securities and Exchange Commission (SEC) in enforcement and regulation.
Which of the following is not defined as a security under the Uniform Securities Act?
An issuer transaction provides capital to issuers. As defined in the Uniform Securities Act, which of the following is NOT a security? Variable annuities are securities while
fixed annuities are not
. Options contracts, interests in merchandising marketing programs, and common stock are securities under the USA.
Which of the following are not defined as securities?
Which of the following is NOT defined as a security under the Uniform Securities Act? C; Under the
Act, IRAs and Keoghs
are not defined as securities. Variable annuities are securities under the Act (since the purchaser bears the investment risk), as are unit investment trusts and commodity option contracts.
Why are they called Blue Sky laws?
The term “blue sky law” is said to have originated in the early 1900s, gaining widespread
use when a Kansas Supreme Court justice declared his desire to protect investors from speculative ventures that had “no more basis than so many feet of ‘blue sky
. ‘”
What is registration by coordination?
Registration by coordination applies to
larger, national or regional interstate securities offerings
that are required to register at both the federal and state levels.
Which of the following choices is considered an offer or an offer to sell securities under the Uniform Securities Act?
Which of the following choices would be considered an offer or offer to sell under the Uniform Securities Act?
Choice (b) describes an offering of stock rights
, which is defined as an offer or offer to sell under the USA.
Which of the following is are prohibited in a margin account?
Which of the following is (are) prohibited in a margin account? In any account, whether it be a cash or margin account,
a customer cannot buy a security without intending to pay on settlement
, and cannot sell a security without intending to deliver on settlement. Short sales can only be effected in a margin account.
What is the purpose of the Uniform Securities Act?
The Uniform Securities Act (USA) provides
basic investor protection from securities fraud
, complementing the federal Securities and Exchange Act. The act only applies to securities not regulated by the Securities and Exchange Commission.
Who does the Securities Exchange Act of 1934 apply to?
The Securities Exchange Act requires disclosure of important information by
anyone seeking to acquire more than 5 percent of a company's securities by direct purchase or tender offer
. Such an offer often is extended in an effort to gain control of the company. If a party makes a tender offer, the Williams Act governs.
What is the purpose of the Securities Act of 1933?
Often referred to as the “truth in securities” law, the Securities Act of 1933 has two basic objectives:
require that investors receive financial and other significant information concerning securities being offered for public sale
; and. prohibit deceit, misrepresentations, and other fraud in the sale of securities.
Is a certificate of interest a security?
The term “security” means any note, stock, treasury stock, security future, security-based swap, bond, debenture, certificate of interest or participation in any profit-sharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral-trust certificate, preorganization certificate or subscription, …
Which of the following instruments is not considered to be a security?
Under the USA,
commodities futures contracts
are not considered to be securities. The presumption is the instrument that underlies the futures contract is a commodity rather than a security.
Which of the following is are exempt from the registration requirements of the Uniform Securities Act?
An exemption from registration under the USA is available to an
investment advisor who has no place of business in a state and limits its clientele to other investment advisers, broker-dealers
, and financial institutions, such as banks, insurance companies, trust companies, and investment companies or limits the number …
