FINRA Series_63 Exam : Uniform Securities Agent State Law Examination

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FINRA Series_63 Exam Syllabus Topics:

FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. Ari Gaunt is a registered agent employed by Small &Associates Broker-Dealers. He has been notified of a
hearing regarding the revocation of his license for making unauthorized trades on some of his clients'
accounts. Which of the following statements is necessarily true?

A) If Ari is found guilty and has his license revoked, Small & Associates will have its license revoked as
well and must reapply for reinstatement by filling out an application and paying the requisite filing fees.
B) If Ari is found guilty and has his license revoked, Small & Associates will be subject to a fine.
C) The Administrator of the state can assess Ari with both civil and criminal penalties.
D) If Ari is found guilty and has his license revoked, he can appeal the decision in a court of law if he files
the appeal within sixty days.

2. Which of the following statements regarding an investment adviser representative who has an office in the
state is true?

A) 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.
B) 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.
C) 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.
D) 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.

3. You are an investment adviser representative. Your client, Mr. I. M. Pulse, calls you with what he thinks is
exciting news. He just passed a restaurant and saw Microsoft's Bill Gates having lunch with a local
entrepreneur who owns a small firm in the computer software industry that trades on the OTC pink sheets.
He is sure that this means Microsoft is negotiating a purchase of the smaller company and instructs you to
take the cash balance in his account and buy shares of the local company. You should

A) call your supervisor and alert him immediately of Mr. Pulse's attempt to have you place an illegal order
on his behalf in case Mr. Pulse decides to place the order elsewhere.
B) advise Mr. Pulse that he may be jumping the gun, but place the order if he insists.
C) tell Mr. I.M. Pulse that this would be an illegal insider trade and that you are unable to fulfill his request.
D) do both A and B.

4. Shady Corporation's executives are concerned over the firm's steadily declining stock price and decide to
do something about it. They each decide to make significantly large purchases of their firm's stock in
order to stabilize and hopefully even to drive up its price, reasoning that they can sell the stock for the
higher price down the road and profit from the transaction. You are a broker-dealer for the firm's
executives. Are Shady's executives planning to do anything illegal?

A) No. As long as they follow the rules and report their purchases to the SEC, it is not illegal for them to
purchase shares of their firm's stock.
B) Yes. To purchase shares of their own company is considered to be illegal insider trading.
C) Yes. Although it is not illegal for them to purchase shares of their firm's stock, they cannot do so in
order to try to manipulate the price of the stock.
D) No. It's a win-win. They are using their own money to buy stock of their firm, and this can help drive the
stock price up and put profits in their pockets.

5. Joe Treader is the owner of a small, state-registered investment advisory firm that is on the verge of
becoming insolvent. One of his clients who has become like a mother to him is aware of his financial
difficulties and has offered to sell off some of the assets that he manages for her and loan him the money
to get him through this period of economic
uncertainty until he is able to get on his feet again. Can Joe take her up on her offer?

A) No. As the client's investment adviser, he has a fiduciary relationship with the client. Entering a loan
agreement with this client could lead to conflicts of interest.
B) Both A and B are true.
C) Yes, but only if Joe draws up a formal loan agreement with a fair interest rate, based on the going
market rates, stated in the agreement as well as a firm date for principal repayment.
D) Yes. Based on the facts presented, it is an unsolicited offer and, as such, Joe can (and should) accept
it.

Solutions: