NSMIA (national securities markets improvement act) of 1996 was created to simplify regulations. How does it achieve this? By mandating that in certain cases if registration is required by federal law then
state laws cannot require registration as well. When a firm acts as the middle party in a transaction effecting trades for others accounts it's acting in what capacity? Agency or broker they are the same
meaning When a firm trades out of it's own account to others it is acting in what capacity? Because they can act in either capacity broker or dealer, agency or principal this is why they are called broker dealers. True or false they need not be registered in that state? "Persons"
as defined under the uniform securities act, include which of the following? The correct answer is all of the above The term "issuer" applies to whom? The term broker dealer includes which of the following Which statement is false under the uniform securities act? which of the following individuals would be defined as an agent under the
uniform securities act? Which of the following are defined as investment advisors under the uniform securities act? The best possible answers are C and D The term investment advisor includes: The correct answer is C Which of the following is a non-issuer or transaction? The best answer is B a quote non-issue or" transaction is a trade where the proceeds do not go to the issuer. The sale of bonds by a corporation benefit the issuer. The sale of mutual fund shares benefits the issuer. The sale of treasury bills by the US government benefits the issuer. A trade in the secondary market or trading market results in the proceeds going to the seller who is not the issuer All of the following individuals are defined as "sales
representatives" under the uniform securities act except an individual employed by a broker dealer who:
The correct answer is C Which of the following are defined
as "persons"under the uniform securities act? The best answer is all of the above Which of the following individuals is defined as an agent under the uniform securities act The correct answer is D Sales of specified exempt securities, exempt transactions not involved in the public, and sales of securities to employees of the issuer if no commissions are paid Which of the following individuals are excluded from the definition of an agent under the uniform securities act? An individual who represents a: The correct answers are B and D Commercial paper is an exam to security only if the maturity does not exceed 270 days therefore commercial paper with a one-year maturity is a non-exempt and the agent must be registered Which of the following persons would be defined as sales representatives? The correct answer is B and D Which of the following are excluded from the definition of an investment advisor under the uniform
securities act? The correct answer is all of the above Federal covered advisors, who are regulated by the S EC or who are excluded from the federal definition of an investment advisor, so that state cannot require their registration as well, professionals who give incidental advice, and publishers of general content investment advice not based upon the specific situation of each client All of the following are excluded from the definition of an agent except an individual who represents the issuer in the: The correct answer is D Which of the following is defined as a federal covered advisor? The correct answer is B Which of the following is not defined as a federal covered advisor The correct answer is a To register an agent in a state, the administrator can require which of the following? The correct answer is all of the above A "consent to service of process" must accompany
which of the following? The correct answers are a and C An agents license remains in effect: If it is in the public interest, the state administrator may deny the registration of a person for all of the following reasons except the applicant: If an agent changes his place of employment from one broker-dealer to another
broker dealer, the state administrator must be notified by the The correct answer is all of the above If an agent changes his place of employment, the registration must be transferred: The correct answer is a Which statements are true about registration as an agent? Registration is: The correct answer is a and C Which statements are true about registration of investment advisors? The correct answer is all of the above If a broker dealer is registered as such with the state, then a second registration is not required for that for him to act in the capacity of an investment advisor. As long as such investment advice is solely incidental to the broker-dealers business. This avoids the dual registration of these firms. Please note that if this firm were to actually sell investment advice, it would be registered in the state as an investment advisor. The state administrator can require all of the following of broker-dealers to maintain registration except which? The best answer is D Permanent records must be kept for how many years and for how long after the firm closes? The correct answer is b. If a customer moves from the state the broker dealer is registered in how long does that broker dealer have to register in that new state if not already done? Which of the following individuals is defined as an agent under the Uniform Securities Act quizlet?An individual who represents an issuer in the sale of that issuer's securities and who earns a commission on each transaction would be defined as an "agent" under the Uniform Securities Act if that individual represents the issuer: A. in sales of specified exempt securities.
Which of the following individuals is excluded from the definition of an agent under the Uniform Securities Act quizlet?An individual who represents a broker/dealer in the sale of U.S. government bonds. II & III only. An individual who represents an issuer in the sale of an exempt security is excluded from the definition of an agent under the Act. Any recognized government security, whether U.S. or foreign, is exempt.
Which of the following are not included in the definition of an agent in the Uniform Securities Act?Under the Uniform Securities Act, he or she is: not defined as an agent under the Uniform Securities Act. Any individual selling securities on behalf of an issuer of an exempt security (bank securities are exempt) is not an agent under the USA.
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