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Terms in this set (94)
IARs are excluded from posting surety bonds because they do not have custody or discretion as an _______________.
Stock issued by an IA firm organized as a ________ and registered in the state are not exempt.
Suspension by another exchange is sufficient grounds for an Admin to _______ registration.
A ______ includes a security listed on a national stock exchange or on NASDAQ Global market.
IA must file a ____________ sheet with Admin. within 90 days after the end of the IA's fiscal year to maintain custody of funds.
General partnership interests and ______________ are not considered "securities".
Using securities as _____________ for a loan does not constitute a sale.
A __________ of a B-D who purchases and sells the B-D's securities to employees (ESPPs) where no commission is paid, is not an agent.
Investment advisory ___________ would not include registration information.
Prior notice is required for _______________ proceedings.
Insurance securities/federal savings and loan associations don't allow the individual to qualify for the ____________ from the definition of agent.
The IA must notify the Administrator promptly in writing when it takes _________ of client funds.
A _____ planner who is involved in soliciting, offering, or negotiating sales of IA services, would not register as an IAR.
A person who receives compensation to give advice relating only to securities issued by a _______ would be an IA.
An ____________ security is NOT included on the Exempt list, it would be required to register.
Existing or occurring within the boundaries of a state.
A person representing an issuer in effecting transactions that are exempt or exempt transactions, is not considered an _________.
Conditions for Surety Bonds are determined by the Admin and are subject to Sec Act of _______.
An issuer's ____________ offered by a firm is considered a retail communication.
A SAR must be filed within _____ days if the firm becomes aware of any suspicious transactions.
A person selling bonds for a State Chartered Bank qualifies for an ________ exemption.
________________ arrangements could include research reports, software applications, and real time quotes.
Unsolicited or underwriter sales are exempt _______________.
Securities by common carriers, banks, and fed credit unions qualify for exemptions from registration and filing ___________.
Limited Partnerships may have to register at the _______ level since they are not exempted.
An _________ ticket would contain, terms, agent on the account, and the time received.
Another item that would appear on the ticket is the account ____________.
The name of the ______________ would not be on the order ticket.
A non-issuer transaction issued by a blank check or blind pool offering is not an exempt _________________.
A ______________ transaction is exempt under USA.
Under the definition of federal covered security muni bonds offered ____________ the state of issue are included.
All cash deposits of more than $10k per day must be reported via a ______.
The USA definition of guarantee is covered as to payment of principal, interest, ____ dividends.
The USA does NOT require the Admin to provide appropriate prior ___________ to Federal Regulators and SROs.
Interests in limited partnerships are defined as securities and are not listed under the _______________ for registration and ad filing requirements.
A primary factor in determining churning is the cost to _________ ratio, which is the total cost of sales / by the ave. account balance.
An offering circular and prospectus are not considered to be advertising because they are _______________ documents.
Records are to be made & kept as set by the ___________ where the IA's principal place of business is.
Oil/gas/mining lmtd partner interests are NOT exempt from ________________ filing requirements.
An offering circular is a retail ________________.
Advertising the offering of a pre-org subscription transaction is _____________.
A bank which, for compensation, advises others as to the value of securities is not an _____.
A person who, for compensation, and as part of regular business issues a report on securities to each client is an ____.
IAs that manage portfolios with assets of at least $_____ million MUST register with the SEC.
A federal covered security is a security that is covered by the federal Securities Act of _______.
Excluded from being _________ covered securities are those issued by non-profit organizations and intrastate offerings.
Stock listed on a national stock exchange, mutual funds, and pooled investment fund shares are ___________ covered.
If a B-D operates on the premises of a retail ______ which, they must disclose orally/in writing that the products it sells:
- Are not FDIC insured
- Are not obligations of or guaranteed by the bank
- Are subject to investment risks
Policies/procedures an IA firm ____________:
- The size and number of offices
- Types of services provided
- Must be tailored to business model
An agent who represents an _______ only register if they sell non-exempt securities.
Agents can give the client two non-attached documents at one time, the prospectus and a __________________.
Agents can create a ___________ sheet must present a fair & balanced presentation of all information to make a decision as to purchasing.
If the admin prohibits custody of clients' funds by the investment adviser, a client delivering a stock cert. to an adviser is ____________.
A cease and desist order can be issued before or after a __________.
An IA firm can only be forced to abide by min cap requirements with no other info when IA firm has its main ________ in the State.
___________ may use general advertising and still remain exempt transactions.
Designations of CSPG and CPA do NOT give advice on investing in securities that person would not be able to say they have _____________ experience.
Trustees shall invest a managed trust's assets by considering the purposes, terms, distribution requirements, etc in the context of the ________ as a whole and it's overall investment strategy
An IAR wants to work with a bank and an insurance agency, they plan to share a list of their 50 top customers for cross marketing purposes. This arrangement is ________________ because such disclosure is permitted only if required by law or with the consent of the clients
According to NASAA, an IA Contract between the adviser and the _______ must:
- contain the formula for computing the advisory fee
- describe whether there is any grant of discretionary power
Requiring a mandatory, binding mediation clause is _____ allowed because the clause requires clients to waive rights generally available under state/fed law
Bonds issued by the country of Cuba would not qualify for any exemptions for registration and filing of ________________ materials.
Securities issued by a ________, savings and loan, or credit union are exempt from registration.
Securities issued by a corporation which are only offered ____________ are not exempt from regisration.
An IA who wants to maintain __________ of client funds or securities is required to:
- maintain a minimum net worth at all times
- file a balance sheet with the Admin
An IA who is registered and wants to maintain custody of client funds or securities is NOT required to:
- have a _______________ with regard to customer accounts or disciplinary actions
Individuals who are paid ___________ fees related to investment advisory services typically must be registered as IARs.
NASAA rules define custody to include actual possession and authority to __________ possession of client funds in their definition.
If the IA were unable to take possession for some reason then the IA would not be deemed to have custody until _______________.
An admin may NOT deny or revoke the IA's registration if a principal is insolvent and can't meet ___________ debts and liabilities of the principal exceed assets.
Saying "Though not all years have shown profits, this index fund has averaged over 6% growth for the past 30 years." is _______________.
Saying "The upcoming IPO has high investor interest so expect to see a spike in its market price once it begins trading." is a _____________.
A regulator is reviewing activity in a client's account & notices a stock that was bought and sold frequently within a short time. The regulator would most likely accuse the B-D of __________ trading
in & out
An investment company which charges clients a fee for advisory services is ____________ from the definition or an IA
A financial planner who charges an additional fee for giving clients advice about investing in securities is an _____.
The posting of a surety bond would be done at the time of _____________ and does not ensure the adviser will remain in business.
If the firm is acting as a B-D, as a ____________ would be part of the B-D's normal business functions and disclosure would not be required.
IA's must provide ________________ to client's when acting as a principal.
__________________ approval is not needed, need for hearings can be determined by the administrator.
IARs are _____________ from the definition of IA.
A person who publishes/broadcasts answers to specific questions from readers/viewers would be _______________ in the definition of an IA.
If an agent is working for an issuer on an IPO, the agent should register in ______ states where the issuer intends to offer them.
The Admin may, by rule or order, require the filing of communication addressed or intended for distribution to investors, unless the security or transaction is ______________.
A gift through a last will and testament is considered an ________________, not a bona fide gift.
A "gift" of assessable stock is not considered bona fide, because the person giving the stock ____________ the liability of future assessments.
A B-D who for no compensation engages in the business of advising others through ________________ as to the value of securities is not an IA.
Isolated non-issuer transactions are exempt from registration if they are effected by a __________ owning them to an unregistered B-D.
A trustee's investment/management decisions should be made both as part of the _____________ strategy, and as part of the entire portfolio.
An admin may proceed against an IA if fraudulent activity was conducted in the admin's _________.
Market _______________ includes:
- Disseminating false quotations or information
- Creating a misleading appearance of trading in a stock
Buying a security on one exchange and selling it short on another is a __________ transaction called an arbitrage.
Information regarding the amount of time limits only specifies that the term of the contract must be disclosed in writing and is not limited to __________.
___________ means an individual, a corp, partnership, association, joint stock company, trust, unincorporated organization, government, or political sub-division of a government.
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