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FINRA Series_63 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Regulations of Investment Advisers | 5% | - Definition under Uniform Securities Act - Registration and exemptions - Recordkeeping and reporting rules |
| Topic 2: Regulations of Investment Adviser Representatives | 5% | - Definition and activities requiring registration - Exclusions and exemptions - Registration and post-registration duties |
| Topic 3: Regulations of Agents of Broker-Dealers | 13% | - Termination and notice requirements - Definition and scope of activities - Registration procedures and Form U4 - Exemptions from registration |
| Topic 4: Regulations of Securities and Issuers | 10% | - Exempt securities and exempt transactions - Registration methods: coordination, qualification, filing - Definition of securities - Disclosure and anti-fraud requirements |
| Topic 5: Regulations of Broker-Dealers | 12% | - Definition and legal status - Supervision and compliance obligations - Registration and post-registration requirements - Exclusions and exemptions from registration |
| Topic 6: Ethical Practices and Fiduciary Obligations | 40% | - Customer suitability and disclosure - Conflicts of interest and compensation - Handling of customer funds and securities - Anti-fraud provisions and misrepresentation - Prohibited business practices - Advertising and communication rules |
| Topic 7: Administrative Provisions and Remedies | 15% | - Judicial review and appeals - Powers of state securities administrators - Investigations, subpoenas, and orders - Civil and criminal liabilities |
FINRA Uniform Securities Agent State Law Examination Sample Questions:
Question #1
Nancy's Aunt Ethel died, making Nancy executrix of her estate. In going through Aunt Ethel's belongings,
Nancy discovered some stock certificates that she learned had been issued by a small New Jersey firm
that was still in business. The problem lay in the fact that Nancy's Aunt Ethel had moved from New Jersey
to Florida years ago, and the stock is registered only in the state of New Jersey. Nancy herself is a
resident of Massachusetts. What does Nancy have to do in order to sell this stock?
A. Nancy can sell the stock without a problem as executrix of her aunt's estate.
B. Nancy will need to contact a broker-dealer licensed in the state of New Jersey to help her with the sale
of this stock.
C. Nancy will need to contact a securities law firm in Florida to help her register the stock in the state of
Florida.
D. Nancy will have to establish a mailing address in New Jersey before she can legally sell this stock.
Question #2
Which of the following would a firm not be expected to provide to the Administrator when registering an
issue of securities with the state?
A. the agreement between the issuing firm and the underwriters
B. The firm will be expected to provide all of the above to the Administrator when registering an issue of
securities with the state.
C. the agreement among the underwriters themselves
D. all sales and advertising materials that will be used in conjunction with the offering.
Question #3
Painting the tape refers to
A. the illegal activity of a group of investors who buy and sell a security among themselves to create an
artificially high volume of trading in hopes of luring investors to buy the security.
B. the practice of buying large amounts of a security to drive its price up artificially.
C. the prohibited practice of excessively trading on a client's account that is used by some broker-dealers
and/or their agents to generate more commissions for themselves.
D. the unethical practice of investment advisers who issue "buy" recommendations for stocks that they
own themselves without disclosing the fact.
Question #4
Needy Investment Advisers, LLC needs a loan. One of its wealthier clients has offered to lend the firm the
money at the prime rate of interest. A promissory note is drawn up stipulating the terms of the loan. Based
on these facts,
A. Needy will be in violation of securities laws unless a waiver of compliance form is signed by the client
and submitted to the administrator.
B. Needy is in violation of securities laws only if the face value of the note is for $50,000 or more.
C. Needy is not in danger of violating any securities laws since the loan was unsolicited and has been
properly executed via a promissory note.
D. Needy is in violation of securities laws by acting as an issuer of securities.
Question #5
A hypothecation agreement refers to
A. a document signed by a client indicating that he or she understands that some of the charts and
examples presented in a broker-dealer's advertising literature are based on hypothetical trades.
B. an agreement signed by a client who is executing a margin transaction that allows the broker to hold
the margined securities in street name as collateral for the loan.
C. an agreement that a client must sign prior to executing any short sales with the broker-dealer.
D. an agreement wherein a client gives his broker-dealer discretion to purchase securities that the
broker-dealer deems appropriate in whatever quantity the broker-dealer feels appropriate and at a time
and price the broker-dealer believes is a good deal.
Solutions:
| Question #1 Correct Answer: A | Question #2 Correct Answer: B | Question #3 Correct Answer: A | Question #4 Correct Answer: D | Question #5 Correct Answer: B |
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