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質問 # 72
Under the Uniform Securities Act (USA), the term "investment adviser" does not apply to
I. an investment advisory firm owned and operated by a sole proprietor.
II. a bank or savings institution.
III. an investment adviser representative.
IV. a broker-dealer or its agents if the advice is incidental to the business although there is a nominal charge for any specific investment advice given.
- A. I, II, and III only.
- B. II and III only.
- C. II, III and IV only.
- D. I, II, III, or IV.
正解：B
解説：
Explanation
The term "investment adviser" does not apply to Selections II or III. The term "investment adviser" does not apply to a bank or savings institution or to an investment adviser representative. Those persons are specifically excluded from the definition provided by the USA. Any investment advisory firm, regardless of whether it is owned and operated by a sole proprietor, is considered to be an investment adviser. A broker-dealer that charges for its investment advice, even if it claims that the advice is incidental to its business, would be considered an investment adviser due to the special remuneration the firm receives for its advisory services.
質問 # 73
It has come to the attention of the Administrator of the state that Samuel Shyster provided false information on his application to become a registered investment adviser with the state. Prior to revoking Samuel's license, the Administrator will provide Samuel with which of the following?
I. prior notice
II. an opportunity to fill out a new registration statement
III. an opportunity for a hearing
IV. a written statement regarding the facts and the legal consequences
- A. I, II, III, and IV
- B. I, II, and III
- C. I, III, and IV
- D. I, II, and IV
正解：C
解説：
Explanation
Prior to revoking Samuel's license, the Administrator will provide Samuel with prior notice (I), an opportunity for a hearing (III), and a written statement regarding the facts and the legal consequences (IV).
質問 # 74
Which of the following scenarios does not meet the definition of "custody" under NASAA Model Rules?
- A. An investment adviser receives a check from a client that is written to a mutual fund and forwards the
check to the mutual fund within three business days of receipt. - B. An investment adviser is mistakenly sent a client's securities, but returns them to the sender within
three business days of receipt. - C. An investment adviser has general power of attorney for a client and is authorized to withdraw client
funds or securities that are on deposit with a registered broker-dealer upon the investment adviser's
request. - D. An investment adviser keeps a client's securities in its safety deposit box.
正解：B
解説：
If an investment adviser is mistakenly sent a client's securities, but returns them to the
sender within three business days of receipt, he is not deemed to have taken custody of the securities
under NASAA Model Rules. Custody is defined by the NASAA as "holding directly or indirectly, client
funds or securities, or having any authority to obtain possession of them." Therefore, an investment
adviser who has general power of attorney to withdraw a client's funds or securities from a broker-dealer
is acting as a custodian, as is an investment adviser who keeps a client's securities in its safety deposit
box. If an investment adviser receives a check from a client that is written to a third party, such as a
mutual, that check must be forwarded within 24 hours of receipt, or the investment adviser is deemed to
be a custodian.
質問 # 75
Cassie Clueless has recommended that a client purchase shares of a mutual fund prior to its ex-dividend
date, so that the client will receive the dividends when they are distributed. In which of the following
situations might this recommendation be justifiable and not in violation of NASAA rules?
I. The investor has refused to provide Cassie any information regarding his investment goals.
II. The investor is a young professional with an investment goal of long-term capital appreciation.
III. The investor is a retiree in a low tax bracket and needs current income to augment her social security
check.
- A. I and II only
- B. I only
- C. It is always in violation of NASAA rules to recommend that a client purchase shares of a mutual fund
prior to its ex-dividend date. - D. III only
正解：D
解説：
If Cassie makes her recommendation based on the scenario described in Selection III, she is
not violating any NASAA rules. It is advantageous for an investor who is a retiree in a low tax bracket and
needs current income to augment her social security check to buy shares of a mutual fund before its
ex-dividend date in order to receive the dividend income. The NASAA rule states only that an agent
cannot indicate that the purchase of shares of a mutual fund prior to the ex-dividend date would be
advantageous to the client "unless there are specific, clearly described tax or other advantages to the
customer." It would be unethical for Cassie to recommend this strategy to an investor whose investment
goals were unknown to her, as in Selection I, or to an investor who is looking for long-term capital
appreciation and has no need for the dividend income--which will be taxable--as in Selection II.
質問 # 76
Which of the following would not be a prohibited activity for a broker-dealer?
I. A broker-dealer tells a client that a municipal revenue bond offered by the city of Boston, Massachusetts
is almost risk-free because it is backed by the taxes paid to the city, and the city generates a lot of tax
dollars.
II. A broker-dealer sells a client some bonds that the broker-dealer has in its portfolio, after informing the
client that it is acting as a seller in the transaction.
III. A broker-dealer purchases some stock that a client is selling for its own portfolio, after informing the
client that it is acting as a buyer in the transaction.
IV. A broker-dealer purchases 1,000 shares of Southwest Airlines for a client who calls and asks the
broker-dealer to buy some shares of a domestic airline stock at a good price for him and receives written
discretionary authority from the client two days later, prior to the settlement date.
- A. I and IV only
- B. I only
- C. II and III only
- D. II, III and IV only
正解：C
解説：
Only Selections II and III describe activities that are not prohibited for a broker-dealer. A
broker-dealer can act as a dealer and either sell securities that it owns to a client, as described in
Selection II, or buy securities from a client, as described in Selection III, to hold in its own portfolio as long
as it discloses to the client that it is doing so. A broker-dealer cannot tell a client that a revenue bond
issued by the city of Boston, Massachusetts is almost risk-free since there is a risk of default, especially in
the case of a revenue bond, which is not backed by the full taxing power of the city, but only by the
revenues generated by a specific project. Moreover, there are other risks involved in bond investments,
such as interest rate risk, so Selection I is a prohibited activity. A broker-dealer cannot make a
discretionary trade for a client that involves more than just price and time within receiving written
authorization prior to executing the trade, so Selection IV also describes a prohibited activity.
質問 # 77
Maddie, a registered agent affiliated with broker-dealer QuikDeals, quit her job on the spur of the moment.
Under the guidelines of the Uniform Securities Act (USA), who is responsible for notifying the
Administrator?
- A. QuikDeals has the sole responsibility for notifying the Administrator. Maddie is no longer deemed to be
an agent after she terminated her relationship with QuikDeals, so she need do nothing. - B. It depends. If Maddie becomes affiliated with another broker-dealer within thirty days, then she must
notify the Administrator of her termination with QuikDeals and her current affiliation with the new firm.
Otherwise, only QuikDeals must notify the Administrator. - C. Both QuikDeals and Maddie are responsible for notifying the Administrator.
- D. Maddie has the sole responsibility for notifying the Administrator.
正解：C
解説：
Under the guidelines of the USA, when Maddie quits her job as a registered agent with
QuikDeals, both QuikDeals and Maddie are responsible for notifying the Administrator. Both the
broker-dealer and the agent involved are required to notify the Administrator whenever an agent begins or
ends her association with the broker-dealer.
質問 # 78
n No: 85
Which of the following is not in itself a reason for the Administrator to deny, suspend, or revoke the license of a person?
- A. The person has been convicted of check kiting within the past ten years.
- B. The person is a broker-dealer whose agents have repeatedly been accused of churning and burning, according to written client complaints.
- C. The applicant has never before worked in the securities industry although he has received the requisite training.
- D. Some of the information supplied on the registration application was found to be false.
正解：C
解説：
Explanation
An Administrator may not deny, suspend, or revoke the license of a person simply because the applicant has never before worked in the securities industry if that person has received the training necessary. The Uniform Securities Act specifically states that the order cannot be entered ". . .solely on the basis of lack of experience if the applicant or registrant is qualified by training, knowledge, or both."
質問 # 79
According to the NASAA Model Rules, a broker-dealer is not permitted to allow a customer to engage in
margin transactions unless
- A. the broker-dealer receives a margin agreement signed by the client promptly after the client's first
margin transaction. - B. the client has been a customer of the firm for at least 6 months.
- C. the broker-dealer already has a margin agreement signed by the client in hand.
- D. the client has a net worth of at least $500,000.
正解：A
解説：
A broker-dealer is not permitted to allow a customer to engage in margin transactions unless
the broker-dealer receives a margin agreement signed by the client promptly after the client's first margin
transaction.
質問 # 80
As an agent, which of the following statements about the Securities Investor Protection Corporation (SIPC)
can you legitimately make to your client?
- A. "The SIPC is a government agency created by an Act of Congress to combat fraud."
- B. The SIPC is the FDIC of the stock and bond markets."
- C. "The SIPC was established to restore funds to investors when the brokerage firm they have been using
is bankrupt or in financial distress." - D. "The SIPC is a government agency that was created by an Act of Congress to protect investors against
losses in the stock and bond market."
正解：C
解説：
The statement that you can legitimately make about the SIPC to your client is that it was
established to restore funds to investors when the brokerage firm they have been using is bankrupt or in
financial distress. The SIPC does not insure investors against losses in the stock and bond markets like
the FDIC does bank deposits, and it does not combat fraud.
質問 # 81
When selling shares of an investment company to a client, an agent must provide the client with
I. the fund's prospectus, which provides information on any loads or other fees as well as historical return information.
II. information about any breakpoints if it is a load fund along with an explanation of a letter of intent III. information regarding the investment adviser used by the fund IV. an explanation of the various loads and fees outlined in the fund's prospectus
- A. I and II only
- B. I, II, III, and IV
- C. I, II, and III only
- D. I, II, and IV only
正解：D
解説：
Explanation
When selling shares of an investment company to a client, the agent must provide the client with the fund's prospectus and provide the client with an explanation of the various loads and fees and any breakpoints that, if reached, will result in a lower load charge for the client, along with information on a letter of intent, which the client can execute. The agent need not provide any information regarding the investment adviser used by the fund although that information is contained in the prospectus as well.
質問 # 82
What criminal penalties are specified for "willful violations" of the Uniform Securities Act?
- A. license suspension.
- B. up to 5 years in prison or a $10,000 fine, or both.
- C. up to 3 years in prison or a $5,000 fine, or both.
正解：B
解説：
Explanation
The criminal penalties specified by the Uniform Securities Act for "willful violations" of the act are up to 3 years in prison or a $5,000 fine, or both, for each violation.
質問 # 83
The Turnover Corporation, a firm with 25,000 employees, has recently hired 50 new employees, many of
whom have been hired to replace middle-level managers who have retired. Turnover has omitted this fact
from its prospectus. Turnover is guilty of
- A. nothing. The hiring of 50 new employees by a firm with 25,000 employees is not a material fact.
- B. misrepresentation.
- C. fraud.
- D. misusing insider information.
正解：A
解説：
Turnover is guilty of nothing when it hires 50 new employees, but doesn't include this
information in its prospectus because this is not a material fact. Most of the employees have been hired to
replace middle-level managers who have retired, and these employees wouldn't be considered significant
enough to affect the price of the stock in any way. If Turnover had hired a new CEO, that would be a
material fact that must be disclosed.
質問 # 84
Rich Quick is a broker-dealer licensed in the state of Massachusetts and has offices only within the state.
Two of Rich Quick's clients regularly vacation in Florida during the winter months, and Rich Quick
executes trades for them when they call him from out-of-state. Based on these facts,
I. Rich Quick needs to register as a broker-dealer in the state of Florida as well.
II. Rich Quick needs to register only as an agent in the state of Florida.
III. Rich Quick needs to establish an office in the state of Florida in order to transact business.
IV. Rich Quick need not register in Florida.
- A. Only Statement IV is true.
- B. Statements I and III are true.
- C. Statements II and III are true.
- D. Only Statement I is true.
正解：A
解説：
Based on the facts provided, Rich Quick need not register in Florida since he has no offices
in the state of Florida, and he is conducting business for existing clients who are merely vacationing in
Florida and are not residents of the state.
質問 # 85
Which of the following does not describe a prohibited activity by investment advisers and their representatives, according to NASAA Model Rules?
- A. A new client comes to Simon LaGree for investment advice. The client has $25,000 to invest. Simon tells the client that it will cost the client $5,000 to have a customized financial plan developed for him, but after that the client needs to pay only 5% of the total value of the assets under management each quarter.
- B. A 72-year-old retired social worker comes to Simon LaGree for investment advice. She has $50,000 to invest. Simon recommends she invest half of it in an international growth mutual fund and half in a variable annuity.
- C. The agreement that Simon LaGree has his clients sign indicates that LaGree uses SecureMoney Broker-Dealers in executing trades for his clients and that, in return, LaGree receives software from the broker-dealer that allows LaGree to perform some fundamental and technical analysis.
- D. All of the above describe prohibited practices.
正解：C
解説：
Explanation
It is not prohibited for LaGree to receive the software from SecureMoney in return for executing trades through that broker-dealer since LaGree has disclosed this to his clients. An investment adviser is permitted to receive soft dollars from broker-dealers in return for executing trades through them, as long as the client is informed of the arrangement and the soft dollars will benefit both the client and the adviser, which is the case in this instance since the software gives LaGree the ability to do research in order to better advise his client.
Choice A is clearly prohibited since it constitutes an "unreasonable advisory fee." In Choice B, LaGree is making unsuitable recommendations to his client. A 72-year-old retired social worker is likely to have a greater-than-average need for liquidity to pay for unexpected items, such as medical bills. Variable annuities are designed to be long-term investments, not short-term investments, so they would not meet this need. They typically have high surrender penalties that the client would be subject to if she needed to make withdrawals within, say, the next 10 years. Likewise, international growth funds are not liquid investments. International growth mutual funds are invested in foreign stocks and are riskier than average, and are, thus, not suitable investment vehicles for the typical 72-year-old retired social worker.
質問 # 86
The net worth of a broker-dealer has fallen below the minimum net capital requirement specified by the
state in which the broker-dealer is registered. This broker-dealer must notify the Administrator of this fact
- A. before the beginning of the next quarter.
- B. within a week's time.
- C. by the close of business on the next business day.
- D. before the end of the month.
正解：C
解説：
When the net worth of a broker-dealer falls below the minimum net capital requirement
specified by the state, the broker-dealer must notify the Administrator of this fact by the close of business
on the next business day according to the Uniform Securities Act.
質問 # 87
Alice Wonder called her broker on Tuesday, August 10th, with a market order to buy 10 calls on the stock of Abbott Laboratories. Under normal conditions, Alice will have to pay for the calls on
- A. Tuesday, August 10th.
- B. Friday, August 13th.
- C. Monday, August 16th.
- D. Wednesday, August 11th.
正解：D
解説：
Explanation
If Alice places a market order to buy call options on Tuesday, August 10th, she will have to pay for them on Wednesday, August 11th, the next business day. Options and U.S. government bonds settle on the day after the trade date, or T + 1.
質問 # 88
Trevor is currently a registered agent in the state of Connecticut where he has been employed by Connect
& Company, a broker-dealer that is registered in Connecticut and has subsidiary operations in
Massachusetts, New Jersey, and New York. Trevor has moved to Massachusetts and is now associated
with one of Connect's subsidiaries, a broker-dealer registered in the state. Trevor has applied to the
Administrator of Massachusetts for registration as an agent. Can Trevor execute purchases and sales for
clients while his registration is still pending?
- A. Yes. Trevor can execute trades for new clients he solicits, but only for sixty days while his registration
is pending. - B. No. Until he is informed by the Administrator of Massachusetts that his application has been accepted,
Trevor may not effect any securities transactions in Massachusetts. - C. Yes. Because Trevor is a registered agent in another state and is affiliated with a broker-dealer that is
registered in the state of Massachusetts, he is not restricted from executing trades. - D. It depends. Trevor can execute some purchases and sales, but only for clients that he already had who
may have recently relocated to Massachusetts and only for sixty days while his registration is pending.
正解：D
解説：
It depends. Because he is a registered agent in another state and the broker-dealer he is
now affiliated with is registered in the state of Massachusetts, Trevor can execute purchases and sales,
but only for existing clients while his registration with the Massachusetts Administrator is still pending and
only for sixty days. This assumes, of course, Trevor has no violations that would restrict him from
registering in Massachusetts.
質問 # 89
Constance is an investment adviser representative. She told one of her clients that he should put at least
1 5% of his investment monies in a U.S. government bond mutual fund.
She explained that she believed that he required this percentage to meet his liquidity needs, and U.S.
government bond funds are risk-free. A few months later, the client needed to sell some of his fund shares
in order to pay some medical bills and was surprised to discover that he lost money on the sale because
the net asset value of the fund had dropped. Was Constance guilty of any securities violations?
- A. It depends. If Constance realized that the client could lose money in a U.S. government bond fund,
then she is guilty of fraud, but if she did not herself realize that, then she is merely misinformed. - B. Yes. Constance should never recommend that a client invest such a high percentage of his investment
monies in a U.S. government bond mutual fund. - C. No. U.S. government bonds are often referred to as risk-free investments, so Constance made no
misstatement of fact in telling her client this. - D. Yes. Constance is guilty of fraud. She misled the client into thinking he couldn't lose any money if he
invested the money in a U.S. government bond mutual fund.
正解：D
解説：
Yes. Constance is guilty of fraud. She misled her client into thinking he couldn't lose money if
he invested the money in a U.S. government bond fund. Although U.S. government bonds are referred to
as risk-free, this just means they are considered free from default risk. The value of the bonds-and,
therefore, the U.S. government bond funds-will change with changes in interest rates. As an investment
adviser representative, Constance should know this. Regardless of whether or not she does, she is guilty
of fraud simply by providing the misleading information. If she knew it and deliberately misled the client,
she is guilty of criminal fraud.
質問 # 90
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