Series63練習試験テスト最新問題2024年03月
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質問 # 150
Which of the following statements regarding an investment adviser representative who has an office in the state is true?
- A. If an investment adviser representative is registered with the SEC, he or she need not obtain state registration, regardless of whether the investment adviser representative has an office in the state.
- B. If the investment adviser is registered with the SEC, then neither the investment adviser nor any of its affiliated investment adviser representative needs to be registered with the state.
- C. If the investment adviser that the investment adviser representative is affiliated with is itself registered with the state, then the investment adviser representative does not need to apply for a separate registration, regardless of whether the investment adviser representative has an office in the state.
- D. Regardless of whether the investment adviser is registered with the SEC or is registered with the state, all investment adviser representatives of the firm must be registered with the state if they have offices in the state.
正解：D
解説：
Explanation
Regardless of whether the investment adviser is register with the SEC or is itself registered with the state, all of its investment adviser representatives (IARs) are required to register with the state if they operate a place of business in the state.
質問 # 151
Penny Swyne, an agent employed by Bear Broker-Dealers, has received a written complaint via e-mail from Mr. Wolf regarding her performance as his agent.
What are Ms. Swyne's legitimate options?
- A. Ms. Swyne can call Mr. Wolf and offer to meet him for a romantic dinner and try to convince him to revoke the complaint.
- B. As illegal as it may sound, since the complaint was via e-mail, Ms. Swyne can hit the delete button and make it all go away.
- C. Ms. Swyne must forward the complaint to the state Administrator.
- D. Ms. Swyne must provide Bear Broker-Dealers with a copy of the complaint.
正解：D
解説：
Explanation
Ms. Swyne must provide Bear Broker-Dealers with a copy of the complaint sent by Mr. Wolf. Bear Broker-Dealers is required to respond to this complaint in writing and keep a record of it. E-mails are treated the same as snail-mails.
質問 # 152
Under the guidelines of the Bank Secrecy Act (BSA), the Treasury Department now requires broker-dealers to obtain and keep certain information relating to clients that make or receive funds transfers that involve
- A. $100,000 or more.
- B. $3,000 or more.
- C. $5,000 or more.
- D. $10,000 or more.
正解：B
解説：
Explanation
Under the guidelines of the BSA, the Treasury Department now requires broker-dealers to obtain and keep information relating to clients that make or receive funds transfers that involve $3,000 or more. If the transaction is a cash transaction over $10,000, the same rules apply, and a Currency Transaction Report must be filed with FinCEN. Under the USA Patriot Act, if the broker-dealer thinks that a transaction of $5,000 or more is suspect, the broker-dealer must file a suspicious activity report (SAR.)
質問 # 153
Ken Con is an agent with Blue Sky Broker-Dealers. He gets up early each morning so that he can study any late-breaking news that may affect the markets and figure out ways to incorporate this news into conversations with select clients in order to pressure them to restructure their portfolios by selling holdings they have in one particular industry to invest the money in another particular industry.
Ken has been very successful with this strategy and executes more trades for his clients than any other agent with the firm, but is he in danger of losing his license?
- A. It depends. If his clients have lost money, Ken may lose his license; but if a review indicates that his clients' accounts earn profits, then his license is safe.
- B. No. Ken is just a successful sales person who is working harder than the other agents in the firm.
- C. Yes. Ken is guilty of the prohibited practice of "tailgating."
- D. Yes. Ken is engaging in churning, a prohibited practice and can have his license revoked or suspended.
正解：D
解説：
Explanation
Yes. If Ken is getting up each morning in order to collect news that he can use to pressure his clients to buy and sell their securities, Ken is engaging in churning and can have his license revoked or suspended for this prohibited practice. A lot of the news might have a short-term effect on a particular industry, but any profits gained by trying to time the market will often not be sufficient to cover the commissions that the investor had to pay on the transactions and the taxes they may have to pay on the short-term capital gains they realized when they sold securities. Regardless, it doesn't matter whether his clients' accounts show a profit or not.
質問 # 154
Which of the following conditions is necessary for an act involving securities fraud to be considered criminal and subject to criminal penalties?
- A. The victim(s) lost a combined total of at least $25,000 because of the act.
- B. The act extended across state lines.
- C. The perpetrator willfully committed the fraudulent act.
- D. The Administrator decides to send the case to criminal court.
正解：C
解説：
Explanation
In order for an act of fraud to be considered criminal, the perpetrator must have willfully committed the fraudulent act. In this case, the Administrator will probably ask the court to impose criminal penalties, but an Administrator can't cause an act of fraud to be criminal by sending it to the criminal court system. If an agent misleads a customer regarding the returns to be expected on an investment but hasn't deliberately done so, it is still fraud, but not criminal fraud, regardless of how much the victims lost.
質問 # 155
Which of the following statements about agents is (are) false?
- A. When an agent has a change of address, both he and his broker-dealer affiliate must inform the Administrator.
- B. If an agent files for bankruptcy, the Administrator may elect to terminate that agent's registration if the Administrator believes it is "in the public interest" to do so.
- C. All of the above are false statements.
- D. An agent must demonstrate a specific minimum level of financial stability for his registration application to be accepted.
正解：D
解説：
Explanation
The statement that an agent must demonstrate a specific minimum level of financial stability for his registration application to be accepted is false. The Administrator may require an agent to post a bond, but there are no specific minimum financial requisites that must be met. The Administrator also has the right to terminate an agent's registration if the agent becomes bankrupt. Both the agent and his broker-dealer affiliate are required to inform the Administrator whenever there is a change in the agent's personal information, such as a name change or a change of address.
質問 # 156
Which of the following would fall under the definition of "agent," as defined by the Uniform Securities Act
(USA)?
- A. None of the above would fall under the definition of "agent," as defined by the Uniform Securities Act
(USA.) - B. Joe works as an administrative assistant for broker-dealer GetErDone, doing data entry, filing client
forms that contain confidential information, and directing calls to registered representatives of the firm. - C. TrustUs Bank has a subsidiary operation that sells mutual funds to the public.
- D. Freedom broker-dealers executes the purchase and sale of securities for its customers.
正解：A
解説：
None of the selections describe an "agent," as defined by the Uniform Securities Act (USA.)
Joe is not executing trades for clients of the broker-dealer, and clerical assistants are not classified as
agents. Agents must be individuals, so a firm like Freedom broker-dealers would not be considered an
agent. A bank is not an individual, and banks are even excluded from the definition of a broker-dealer.
質問 # 157
You are employed as an agent with CanDo Broker-Dealers. Your brother is software engineer with
VideoMagic. When you were talking to him on the phone the other day, he told you that he overheard a
conversation by some of the firm's executives that indicated that VideoMagic was about to take over
another software company. Which of the following would violate insider trading rules?
I. The next day, you get an unsolicited call from a client requesting that you sell his shares in Video Magic,
and you execute the trade.
II. You buy stock in Video Magic's target firm in anticipation that its stock price will rise when the
information becomes public.
III. You recommend the stock of Video Magic's target firm to investors based on the fact that, on average,
the stock price of target firms increases.
- A. I, II and III
- B. I and III only
- C. II and III only
- D. I and II only
正解：C
解説：
Only selections II and III are violations of insider trading rules. If you receive an unsolicited
call from a client requesting a sale (or purchase) of that firm's stock, it is not considered to be an insider
transaction. If you have insider information from you brother about the merger of VideoMagic with another
firm, you cannot buy stock yourself in the target firm in anticipation of a rise in price, nor can you
recommend the stock to customers based on your expectation of a stock price increase.
質問 # 158
Stable Corporation registered a bond issue that it plans to offer for sale in the state with the Administrator.
The bond has a par value of $1,000 and will pay interest of 7% a year, with the principal to be repaid in 5 years. The registration became effective on September 8th. The registration is effective
- A. for two full years.
- B. until December 31st of the same year
- C. until the maturity date on the bond.
- D. for one full year.
正解：D
解説：
Explanation
The bond's registration is effective for one full year from the effective date of the registration.
質問 # 159
You are a registered agent with a large brokerage firm. Your client is a very busy woman. She is
interested in purchasing 500 shares of Google, but she thinks this morning's opening price is too high.
She's going to be in meetings and then on a transatlantic flight. She wants the purchase to take place
today because she believes Google's price is just going to keep rising with only the occasional daily ups
and downs. She wants you to use your discretion and try to get her the best price for the stock in today's
trading session. Which of the following statements are true?
- A. You tell her you can enter it for her as a "market not held" order.
- B. You tell her that you can do this for her, but only if you execute it as a margin transaction.
- C. You have to tell her that you can't do this without a signed discretionary authorization from her, and
there's none on file. - D. You tell her to have her secretary type up a discretionary authorization for her to sign and drop in the
mail before she boards the plane. As long as the written authorization is in the mail, you can place the
order.
正解：A
解説：
You can tell her that you will be able to execute this for her as a "market not held" order that
permits you to use your discretion in timing the purchase in order to try to get a better price than currently
exists. As long as you are only being requested to use your discretion in the timing and price of the
transaction, and not in the actual security being traded or the size of the trade, you do not need written
authorization. However, if written authorization is required, you must have it in your hand before you can
effect a transaction. In other words, it isn't good enough for it to be in the mail.
質問 # 160
You had the misfortune of working as a registered agent for an unscrupulous broker-dealer. You weren't
privy to any of it, but apparently, your broker-dealer was guilty of some fraudulent activities and has had
his license revoked. In this instance,
- A. you must wait until the broker-dealer's day in court before you can work in the securities industry again
because the Administrator will want to be certain that you knew nothing of it. - B. you are no longer a licensed agent with the state and must reapply for a license in order to work for
another broker-dealer. - C. you can simply find another broker-dealer to hire you and have your license transferred to him.
- D. the state Administrator will assign you and any other affected agents to work for other broker-dealers
registered with the state.
正解：B
解説：
If you were employed as an agent for a broker-dealer who has had his license revoked, you
are no longer a licensed agent with the state and you will have to reapply for a license and pay the
requisite filing fees in order to work for another broker-dealer. Your license terminated when your
affiliation with the unscrupulous broker ended, even though it was through no fault of your own. Since you
have done nothing for which to be penalized, however, your registration becomes effective upon your
filing and paying your fees.
質問 # 161
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 client has a net worth of at least $500,000.
- D. the broker-dealer already has a margin agreement signed by the client in hand.
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 # 162
When a customer files a complaint with a broker-dealer,
I. the broker-dealer must submit the complaint to the firm's compliance department.
II. the broker-dealer must provide a prompt written response to the complainant.
III. the broker-dealer must temporarily suspend the activities of any agent named in the complaint.
- A. I, II and III
- B. I and III only
- C. II and III only
- D. I and II only
正解：D
解説：
Explanation
Only Selections I and II are true. When a customer files a complaint with a broker-dealer, the broker-dealer is required to submit the complaint to the firm's compliance department, if any, and to provide the complainant with a prompt written response. It is not necessary to suspend the activities of an agent named in the complaint.
質問 # 163
After passing the necessary exams, you must submit which of the following to the state Administrator
when applying for registration as an agent?
- A. proof that you meet the state's minimum net capital requirement
- B. a recent photograph of yourself
- C. U-4
- D. Form ADV
正解：C
解説：
When applying for registration as an agent, you will need to submit a U-4. No photograph is
necessary. Form ADV is used to register as an investment adviser, and only broker-dealers and
investment advisers must meet the state's minimum net capital requirement.
質問 # 164
Joe Romeo is a broker-dealer registered with the state. He has recently hired Betty Buxom as his
administrative assistant. As part of her duties, he has given her the responsibility for effecting the
purchases and sales of securities for some of his firm's smaller accounts. Ms. Buxom has never applied
for nor been granted registration as a broker-dealer or agent. Based on these facts,
- A. the Administrator is required by the Uniform Securities Act to revoke Joe Romeo's registration and file
criminal and civil charges against him. - B. the Administrator is required to turn the case over to the state's district attorney, who will file criminal
charges against both Joe Romeo and Betty Buxom. - C. the Administrator may elect to revoke or suspend Joe Romeo's registration, and Joe may also face
both civil and criminal penalties. - D. there is no problem as long as Ms. Buxom registers with the state as an agent within thirty days.
正解：C
解説：
Since Joe Romeo has allowed Betty Buxom to execute trades, a duty that can legally be
performed only by a registered broker-dealer or agent, the Administrator may elect to revoke or suspend
Joe Romeo's registration, and Joe may also face civil and criminal penalties. Ms. Buxom needed to be
registered as an agent prior to effecting any transactions in the securities markets; there is no grace
period. The Administrator is not required to take any action, however.
質問 # 165
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. Statements I and III are true.
- B. Only Statement IV is true.
- C. Statements II and III are true.
- D. Only Statement I is true.
正解：B
解説：
Explanation
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 # 166
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. Statements I and III are true.
- B. Only Statement IV is true.
- C. Statements II and III are true.
- D. Only Statement I is true.
正解：B
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 # 167
Mr. Sailor is cruising through the Bahamas when he learns that a healthcare company in which he owns stock is being sued by former patients, doctors, nurses, and even the federal government. He doesn't have his broker's number handy, and he doesn't have internet access, so he calls his son and tells him to call the broker and instruct the broker to sell his shares. As a registered agent for his broker, you take the call.
Should you execute this transaction?
- A. Yes. This is a legitimate request from a client, and you are required to follow the client's instructions.
- B. Yes, as long as the son presents proper identification that proves his relationship to Mr. Sailor, such as a birth certificate.
- C. No, not unless you and your broker-dealer have a written document that gives Mr. Sailor's son the power-of-attorney to trade on his account.
- D. Yes, as long as the son is at least 21 years old and not a minor child.
正解：C
解説：
Explanation
No, you cannot execute this transaction unless you and your broker-dealer have a written document that gives Mr. Sailor's son the power-of-attorney to trade on his account. Otherwise, you will be executing an order from an unauthorized third party, which is a prohibited practice, and you can lose your license for doing so.
質問 # 168
According to the NASAA Model Rules, which of the following institutions would not be considered a
qualified custodian?
- A. a bank that is insured by a private, state-sponsored insurance company
- B. a broker-dealer that is registered with the state
- C. a savings institution that is insured by the FDIC
- D. a foreign financial institution
正解：A
解説：
According to the NASAA Model Rules, a bank that is insured by a private, state-licensed
insurance company would not be considered a qualified custodian. Registered broker-dealers, foreign
financial institutions, and banks and savings institutions that are insured by the FDIC are on the list of
qualified custodians.
質問 # 169
John Ketchum is an investment adviser representative with Load Investment Advisers, which has a family of load funds that it encourages its representatives to promote. Representatives of the firm that sell shares in these funds to their clients receive a greater share of the load than they do if they sell load funds offered by other firms.
Based on these facts, which of the following statements is true?
- A. If, after reviewing the information form a client has filled out, John believes that one of Load's funds is an appropriate investment, John can recommend that the client invest in that fund. There is no disclosure requirement necessary if the recommendation is a sound one that can be proved to be based on the client's specific situation.
- B. John is obligated to try to sell his clients the funds offered by Load first since he is affiliated with them and has a fiduciary responsibility to them.
- C. John must provide his clients with a written disclosure that he will receive a greater remuneration for selling shares in the Load family of funds than if he sells them shares in other funds before he provides his clients with any investment advice.
- D. Both A and B are true.
正解：C
解説：
Explanation
As a representative for a family of load funds who receives greater remuneration for selling those funds, John must provide his clients with a written disclosure of this fact before providing any advice, according to NASAA Model Rules. This constitutes a material conflict of interest that must be disclosed "to clients in writing before any advice is rendered." John is not obligated to try to sell his clients the funds offered by Load first. His fiduciary responsibility is to his clients, not his employer.
質問 # 170
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. 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.
- B. III only
- C. I and II only
- D. I only
正解：B
解説：
Explanation
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 # 171
Which of the following would not be found in a tombstone advertisement?
- A. the interest rate and time to maturity of a bond issue
- B. the names of the underwriters
- C. the name of the issuer
- D. the price at which the security will be offered
正解：D
解説：
Explanation
The price at which the security will be offered will not be found in a tombstone advertisement. A tombstone advertisement is not an offer to sell the security and, in any case, it is unlikely that the final offer price will have even been decided on at this point.
質問 # 172
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