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D. Enlist the assistance of the state comptroller
Answer: A
While the administrator may issue a cease and desist order, because the administrator is not
a court officer, he or she can't enforce compliance with that order. The administrator´┐Żs next
step is to bring action in a court that has jurisdiction over Titanic and to request a permanent
or temporary injunction or restraining order.
BigTop Brokerage wants to register in the state of Ohio. Under the Uniform Securities Act,
which of the following requirements must BigTop satisfy?
A. Verify the marital status of all partners in the business
B. Maintain at least a minimum amount of net capital
C. Maintain a minimum liquid net worth of $500,000
D. Assure the administrator that it intends to open a minimum of 40 new accounts in the
state within the first year
Answer: B
A state administrator may require a broker-dealer registrant to maintain a minimum amount
of net capital; the amount will be specified by the administrator
Which of the following securities are considered exempt securities under the Uniform
Securities Act?
I. Microsoft Corporation
II. The Knights of Columbus
III. U.S. Treasuries
IV. Corporate debt securities trading over the counter vs Securities issued by
Spokane, Washington
VI. Securities issued by London, Ontario
VII. Debt securities issued by Northwestern Mutual Insurance
VIII. A bond issued by Illinois Light & Power
A. I, III, V and VIII
C. II, III and IV
D. II only
Answer: B
Microsoft is listed on the NYSE and would receive the blue-chip exemption. The Knights
of Columbus is a non-profit fraternal organization and is also exempt. All securities
guaranteed by the U.S. government are exempt. Securities issued by a U.S. or Canadian
municipality are exempt. Debt securities issued by an insurance company are considered
exempt. A bond issued by a public utility is exempt since it is specifically and otherwise
regulated. Corporate debt securities trading over the counter would NOT qualify for the
blue-chip exemption because they do not trade on a national exchange
Under the Uniform Securities Act, which of the following is NOT considered a security?
A. Treasury stock
B. Stock options
C. Variable annuity
D. Life insurance
Answer: D
Under the Uniform Securities Act, all options define a security, with the exception of life
Under the Uniform Securities Act, a state administrator may allow an investment advisor
the authority to trade in a client account, but the advisor may not be allowed to remove
client funds and securities from the account. This is known as:
A. Absolute option
B. Consent to process
C. Consent to authority
D. Limited discretion
Answer: D
Investment advisors often have their clients open accounts at a broker-dealer so that the
advisor does not have to go through the process of obtaining state approval in order to take
custody of client funds and securities. The advisor will then receive discretionary authority
from the client in order to trade in the account on their behalf. The discretionary authority
received is typically "limited discretion" whereby the advisor may transact in the account
but is not allowed to remove funds or securities from the account
The maximum penalty for the criminal violation of a state securities law is:
A. $10,000 fine, five years in prison, or both
B. $5,000 fine, three years in prison, or both
C. $10,000 fine
D. $5,000 fine
Answer: B
Under the Uniform Securities Act, a criminal violation exists if the person willfully violates
a provision of the Act. The maximum penalty for each violation is a $5,000 fine, three years
in prison, or both. If the person proves that he or she had no prior knowledge of the
provision violated, there will be no prison sentence imposed. The state administrator does
not have the authority to impose criminal penalties - the courts in each state take these
Which of the following is true regarding the Investment Advisor''s Act of 1940 as it pertains
to anti-fraud provisions:
A. A company that meets the definition of an investment advisor but does not have to
register due to an exemption is subject to the anti-fraud provisions of the Act
B. The state Administrator is responsible for registering all fraudulent investment advisors
who fall under the federal definition
C. A company that is accused of committing fraud and is exonerated of all charges is then
required to register with the SEC
D. A company that meets the defintion of an investment advisor and is registered at the
federal level is not subject to the anti-fraud provisions of the Act
Answer: B
If a company is exempt from federal registration, it still is subject to the anti-fraud
provisions - no matter what the exemption - anti-fraud rules apply to all investment advisor
at either the state or federal level
Heatprod Investment Advisors is opening a new account for Mrs Mathers, but the firm does
not want to be responsible for custody of her securities. To keep her as a customer, they try
an alternate solution. Mrs Mathers will open an account at a local broker-dealer and then
give written discretionary authority to Heatprod. This will allow Heatprod to execute
transactions in her broker account. Is this legal?
A. Possibly, unless Mrs Mathers offers the broker reciprocal advantages
B. No, it is strictly prohibited for a broker-dealer and investment advisor to cross transact
C. Mrs Mathers could face charges if caught
D. Yes, investment advisors often do this
Answer: D
This is a perfectly legal and common solution to the challenge. Under the Uniform
Securities Act, investment advisors may keep custody of client funds and securities.
However, in order to do so, the advisory firm must obtain approval from the state
administrator first. In order to avoid going through the administrator, the advisor may
obtain written discretionary authority to trade in the client's account at the broker-dealer.
The client funds or securities are held at the broker-dealer for a fee, and everyone is

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