究極のガイドはSeries63最新2024年03月19日時間限定！今すぐダウンロード！
2024年最新のな厳密検証された合格させるSeries63試験にはリアル問題と解答
質問 # 139
In which of the following scenarios would the Administrator of a state not have jurisdiction?
I. A monthly newspaper published by a resident of the state who is not a registered investment adviser has a column in which the publisher makes specific investment recommendations for clients who write in for advice.
About 80% of the circulation of the publication is to out-of-state residents.
II. An internet blog posted by an out-of-state resident makes investment recommendations.
III. An out-of-state firm solicits buyers for its promissory notes within the state.
- A. II only
- B. I, II, and III
- C. I only
- D. I and II only
正解：D
解説：
Explanation
The administrator of a state would not have jurisdiction in the scenarios described in Selections I and II. In Selection I, more than 2/3 of the circulation of the newspaper is outside the state, which excludes it from the jurisdiction of the Administrator. Selection II describes an electronic communication that originates from outside the state, which excludes it. Selection III constitutes an offer to sell securities within the state, and this will always fall under the jurisdiction of the Administrator of the state.
質問 # 140
Which of the following would meet the requirements for an "exempt security?"
- A. a $500,000 promissory note that matures in two years
- B. a $25,000 promissory note that matures in three months
- C. commercial paper with a $200,000 face value and a maturity of three months that is rated BB by
Standard and Poors - D. commercial paper with a $100,000 face value and a maturity of five months that is rated AA by
Standard and Poors
正解：D
解説：
An issue of commercial paper with a $100,000 denomination and a maturity of five months
with an AA rating from Standard and Poors meets the requirements for an "exempt security." A short-term
security, with no more than 270 days to maturity, that has a denomination of at least $50,000, and has a
rating of AAA, AA, or A from a recognized rating agency is exempt from registration with the state
Administrator.
質問 # 141
Which of the following scenarios would not be considered a "sale," as defined by the Uniform Securities
Act (USA)?
I. Yoshito owned shares of Minnow Corporation and received shares of Whale Corporation from Whale
when it merged with Minnow.
II. Olivia's uncle, an agent with SecureMoney Brokers, sold Olivia ten call options on the stock of
Microsoft.
III. Hans purchased a bond of Indebted Corporation that had detachable warrants and subsequently sold
the warrants.
IV. Tom pledged some shares of stock he owned personally to secure a business loan for his company.
- A. Neither I nor IV would be considered sales.
- B. Neither II nor III would be considered sales.
- C. Neither III nor IV would be considered sales.
- D. Neither I nor II would be considered sales.
正解：A
解説：
Neither Scenario I nor Scenario IV describes sales as defined by the USA. When an investor
receives securities from Company X when Company X merges with a company in which the investor
owns stock, Company X is not considered to have sold those securities to the investor. Likewise, when a
person uses securities he owns as collateral for a loan, the USA does not consider this to be a sale of the
securities.
質問 # 142
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. No. It is unethical for him to trade based on this information before the firm's clients have received the
information. - B. 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. - C. No. This is a prohibited activity referred to as "painting the tape."
- D. Both B and C are true statements.
正解：A
解説：
No. It is unethical for him to trade based on the information that just came from the analysts
before the firm's clients have the information. This is a prohibited practice called "front running."
質問 # 143
Harry Lange manages the investment portfolio for the Fidelity Magellan Mutual Fund. Mr. Lange is a(n)
- A. broker-dealer.
- B. investment adviser.
- C. agent.
- D. investment company.
正解：B
解説：
Explanation
If Harry Lange is managing the investment portfolio of Fidelity Magellan Mutual Fund, he is an investment adviser. He is making the investment decisions and receives a percentage of the assets under management as his compensation. He is not selling the mutual fund or the fund's investors anything, which is the job of a broker-dealer or an agent. Fidelity Magellan is the investment company.
質問 # 144
Which of the following entities are subject to post-registration provisions?
I. broker-dealers
II. agents
III. investment advisers
IV. investment adviser representatives
- A. I and II only
- B. I and III only
- C. All of the entities are subject to post-registration provisions.
- D. II and IV only
正解：B
解説：
Only selections I and III are subject to post-registration provisions. Broker-dealers and
investment advisers can be required to file advertising materials and financial reports with the
Administrator, as specified by the Administrator. They are also required to keep records to the
specifications of the Administrator. These records will include items such as client e-mails, client letters of
complaint, and advertising brochures and must be kept for three years.
質問 # 145
You have passed the necessary exams (congratulations!) and are applying for registration as a securities agent.
It is already the end of September. Therefore, you must pay
- A. the full annual fee, and your license will expire on September 30th next year.
- B. the full annual fee, and your license will expire on December 31st next year.
- C. one-fourth of the annual fee required since only one quarter of the year remains.
- D. the full annual fee, and your license will expire on December 31st this year.
正解：D
解説：
Explanation
Once you have passed the necessary exams and are applying for registration as an agent, you must pay the full annual fee and your license will expire on December 31st of the current year, no matter how late in the year it is.
質問 # 146
Kevin has a pair of season tickets to the Boston Red Sox games. He and his wife can't attend all the
games themselves, so Kevin has created "packages" of eight games each that he is listing for sale on
Craig's List. Do these "packages" meet the definition of securities, and, if so, does Kevin need to register
them with the state before offering them for sale?
- A. Statements A and B are both true statements.
- B. Only if Kevin will be selling the packages at or below cost are the packages not considered to be
securities, in which case Kevin will not have to register them with the state. - C. If Kevin will be profiting from the sale of the packages, the packages are defined to be securities, but
since he's selling the packages to only a few people, he will not have to register them with the state.
(Kevin may, however, be guilty of violating ticket scalping laws.) - D. The packages are not considered to be securities since each package is merely a purchase and sale
agreement between Kevin and another person. There is no third party involved. Because they do not
meet the definition of securities, Kevin does not need to register them with the state.
正解：D
解説：
The packages are not considered to be securities since each package is simply a purchase
and sale agreement between Kevin and another person, with no third party involvement; and since they
are not securities, Kevin need not register them with the state. A buyer of one of the packages is not
expecting to earn a profit on this investment "solely through the efforts of others," which is one of the
defining characteristics of a security, as ruled by the U.S. Supreme Court in 1946.
質問 # 147
Which of the following describes a prohibited practice in the sale of shares of investment companies?
I. Sandy Slacker hands her client the fund's prospectus and tells him that the prospectus will provide him all that he needs to know about loads and fees associated with the fund.
II. Elliot Eager tells a client who has an investment objective that includes current income that a certain bond fund has a current yield of 8% and provides the client with a prospectus so that the client can peruse the average annual returns that the fund has generated in past years when the client has the time.
III. After explaining all the fees and loads involved in two different bond funds as well as the difference between current yield and total return, Patty shows the client the data on the average annual returns that the two bond funds provided. She explains to the client that the municipal bond fund has a lower yield than the similar-risk corporate bond fund because the interest income the client will receive from the municipal bond fund will be free from federal taxation, while the interest income on the corporate bond fund is fully taxable.
- A. I and III only
- B. All the choices describe prohibited practices in the sale of shares of investment companies.
- C. I only
- D. I and II only
正解：D
解説：
Explanation
Only the scenarios described in Selections I and II represent prohibited practices. The NASAA rules state that it is not enough to hand a client a prospectus, but that the agent must fully explain all sales charges and also to explain the difference between current yield and total return to the client and present that client with the fund's most recent average annual returns over the past year, 5-year, and 10-year periods. Sandy and Elliot have not done this in the scenarios described. In Selection III, Patty has done so and has also provided the client with accurate and useful information regarding why a municipal bond offers a lower yield than a corporate bond fund.
質問 # 148
Bootstraps, Inc. is a family-owned business that has experienced enormous growth in the last couple of years.
The business needs more cash to support this growth and has decided to issue some promissory notes, each with a face value of $5,000, for sale to the general public. The firm plans to hire three individuals to help them sell these notes. These individuals will earn a commission based on the notes they sell.
Given these facts, which of the following is true?
- A. The notes must be registered with the state, but the individuals hired to sell them are not required to be registered.
- B. Neither the notes nor the individuals selling the notes need to be registered with the state.
- C. The notes must be registered with the state, and the three individuals hired to sell the notes must be registered as agents with the state.
- D. Either the firm must register the notes with the state, or the individuals that are hired to sell the notes must be registered as agents with the state, but not both.
正解：C
解説：
Explanation
If Bootstraps hires three individuals to sell promissory notes to the public, both the notes and the three individuals hired to sell the notes must be registered with the state. The promissory notes are securities and, therefore, are required to be registered with the state before they can be offered for sale. The three individuals are working for the issuer, Bootstraps, to sell its securities to the public. This makes them agents, according to the Uniform Securities Act, and they must be registered as agents with the state.
質問 # 149
The settlement date refers to
- A. the date the order to purchase or sell a security is actually executed. This may differ from the date that the order is sent to the market in the cases of limit or stop orders.
- B. the latest date on which broker-dealers can file their quarterly financial statements with the Administrator of the state.
- C. the date the order to purchase or sell the security is sent to the market.
- D. the date the buyer must pay for the securities purchased.
正解：D
解説：
Explanation
The settlement date is the date that the buyer must pay for the securities purchased. For stocks and bonds other than U.S. Treasury securities, this date is the third business day after the trade. For U.S. Treasuries and options that sell on exchanges, the settlement date is the next business day.
質問 # 150
Which of the following persons is required to maintain its records in accordance with state dictates and
meet the minimum net capital requirement imposed by the state?
I. federal covered adviser
II. state-registered investment adviser
III. investment adviser representative
- A. I and II only
- B. I, II, and III
- C. II and III only
- D. II only
正解：D
解説：
Only the investment adviser that is required to register with the state must maintain its
records in accordance with state dictates and meet the minimum net capital requirement imposed by the
state. A federal covered adviser is registered with the SEC and need only execute a notice filing with the
state. Its record-keeping rules and net capital requirement are dictated by the SEC. An investment adviser
representative must register with the state, but there are no record-keeping or minimum net capital
requirement dictates for representatives.
質問 # 151
Jack is employed by NewCorp, which is engaging in an initial public offering (IPO). Jack will need to
register as a sales representative if he:
- A. represents NewCorp in any transactions with financial institutions.
- B. participates in the selling of the new stock to individual investors.
- C. Jack will need to register as a sales representative if he performs any one of the above activities.
- D. engages in transactions with the underwriters of the IPO for the purpose of taking the firm public.
正解：B
解説：
Jack will need to register as a sales representative if he participates in the sale of new stock
to individual investors. Those who deal directly with the public need to register as sales representatives
under the Uniform Securities Act. If Jack limits his involvement to transactions with the underwriters or
financial institutions, he need not register.
質問 # 152
Sam Shade had his agent's license revoked by the state of Washington for repeatedly making misleading claims about various investment to investors. He had had it with all the rain anyway and decided to move to the sunshine state of Florida. His brother-in-law was a computer whiz who made money on the side (more than his day job provided, in fact) by supplying illegal immigrants with official-looking documentation, including social security numbers. Sam Shade became Ian Creed in a few clicks of the mouse. As Ian Creed, Sam was hired by Sunny Investment Advisers, an investment adviser firm located in the Florida Keys, in a clerical role. As such, Sam/Ian had access to the confidential information of the firm's clients, which he and his brother-in-law utilized for the purpose of identity theft. Under the Uniform Securities Act guidelines, when Sam and his brother-in-law are caught in their illegal activities,
- A. Sunny Investment Advisers will be subject to criminal prosecution for employing an individual whose license had been revoked by the Administrator of another state since it obviously did not use due diligence in hiring Ian Creed, aka Sam Shade.
- B. Sunny Investment Advisers will be subject to civil penalties for employing an individual whose license had been revoked by the Administrator of another state.
- C. Sunny Investment Advisers will not be held liable if it can prove that there was no way it could have or should have known of the revocation of Sam Shade's (aka Ian Creed) license.
- D. Sunny Investment Advisers will be subject to both criminal prosecution and civil penalties for employing an individual whose license had been revoked by the Administrator of another state since it obviously did not use due diligence in hiring Ian Creed, aka Sam Shade.
正解：C
解説：
Explanation
When Sam and his brother-in-law are caught, Sunny Investment Advisers will not be held liable if it can prove that there was no way it could have or should have known of Sam Shade/Ian Creed's license revocation. The drafters of the Uniform Securities Act were cognizant of the fact that employees can be remarkably deceptive when applying for a position, and because of this the Act indicates that the investment adviser must either
"have known or should have known" of the Administrator's adverse decision against the employee in order to itself be deemed liable.
質問 # 153
uestion No: 124
Jack and Jill are a newly married couple in their mid-20s. They are determined to retire by the time they are 50 and have arranged a meeting with a representative of Professional Investment Advisers to structure a financial plan that will allow them to achieve this goal.
The representative, Mr. Hill, advises them to invest at least 60% of their money in bond funds to minimize the risk of loss on the way to their goal. Mr. Hill has
- A. made an unsuitable recommendation for these clients and is subject to license suspension or revocation.
- B. committed fraud in indicating that bonds are less risky than stocks.
- C. has committed fraud in promoting their delusion that they can possibly expect to retire by the time they turn 50, regardless of their investment strategy.
- D. advised Jack and Jill well with a conservative allocation of their money to preserve principal.
正解：A
解説：
Explanation
Mr. Hill has made an unsuitable recommendation in recommending a 60% investment in bonds to clients in their mid-20s with an investment goal of early retirement, and his license can be suspended or revoked because of this. Bonds do not generate the returns that stocks do, and Jack and Jill are unlikely to be able to retire by the time they are 50 with such a high percentage invested in bonds. Given their investment time horizon, they can invest in growth and aggressive growth stocks, which offer significantly higher returns and will advance them toward their goal, since they can ride the waves of the up and down markets. This, of course, assumes that they are risk-tolerant enough to do so. There has been no fraud since a couple in their mid-20s can retire by the time they turn 50 if they have reasonably well-paying jobs, are frugal, and invest wisely.
質問 # 154
Which of the following is not one of the criteria for a security to be eligible for registration by notification?
- A. The issuer must never have defaulted on any bond or long-term lease obligation.
- B. The issuer must have preferred stockholders as well as common stockholders.
- C. If the security to be issued is an equity interest in the firm, its offer price has to be at least $5 a
- D. The issuer must have a net worth of $4 million, or its net income before tax for at least two of the
正解：B
解説：
Explanation
The issuer does not have to have both preferred stockholders and common shareholders in order to be eligible for registration by notification. If, however, the issuer does use preferred stock financing, it must not have missed a preferred stock dividend payment.
質問 # 155
Under NASAA Model Rules, it is permissible for the registered representative of a broker-dealer to split his or her commission with
I. a client.
II. the broker-dealer with which the registered representative is affiliated.
III. another registered representative working for the same broker-dealer.
IV. the administrative assistant who directs calls to the registered representative and provides other services for the agent.
- A. I, II, III, and IV
- B. II and III only
- C. I, II, and III only
- D. II, III, and IV only
正解：B
解説：
Explanation
Only Selections II and III are correct. Under NASAA Model Rules, a registered representative of a broker-dealer is entitled to split his or her commission only with his or her broker-dealer or with another registered representative of that broker-dealer. He is not permitted to share commissions with a client or with anyone who works for the broker-dealer, but is not a registered agent.
質問 # 156
......
問題集全額返金保証付き！Series63問題公式問題集：https://www.jpntest.com/shiken/Series63-mondaishu