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Get 2024 Most Reliable FINRA Series63 Training Materials [Q17-Q31]

Posted on February 6, 2024 By freedumps No Comments on Get 2024 Most Reliable FINRA Series63 Training Materials [Q17-Q31]
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Q17. Which of the following would a firm not be expected to provide to the Administrator when registering an
issue of securities with the state?

 
 
 
 
The firm will be expected to provide all of the above-sales and advertising materials to be
used in the offering, the agreement between the issuing firm and its underwriters, and the agreement
among the underwriters themselves.

Q18. Under the 2002 Uniform Securities Act, registration by coordination allows:

 
 
 
 
Explanation
Under the 2002 Uniform Securities Act, registration by coordination allows securities that are not federal covered securities to be registered simultaneously with the SEC and with the states in which the securities will be offered for sale. Federal covered securities are exempt from state registration and are required to submit only a notice filing with the Administrator of the state. This is not the same as registration by coordination.

Q19. Individual states are prohibited from requiring a broker-dealer or investment adviser to file financial reports more frequently than:

 
 
 
 
Explanation
Individual states are prohibited from requiring a broker-dealer or investment adviser to file financial reports more frequently than four times a year. Under the Securities and Exchange Act of 1934, individual states are prohibited from imposing more stringent requirements than those already required by the SEC, and the SEC requires quarterly reporting. Therefore, a state may not require that a broker-dealer or investment adviser file monthly reports with it.

Q20. A broker-dealer will be found guilty of churning an account if the account has a turnover ratio of

 
 
 
 
Explanation
There is no specified turnover ratio assigned to the prohibited practice of churning since some investors are simply more frequent traders than others.

Q21. George Geek is a computer programmer who tired of working for others and started his own company. He
convinced forty investors that he could design software that would rival Microsoft, and sold them each a
1 0% partnership interest in his firm for $25,000. He designed and printed up the partnership certificates
himself. George told the investors that he had a product that was on the verge of being marketable and
that when it did-within the next two months-revenues would pour into the company, and he would begin
paying dividends. He told them they could expect a 20% return on their money this year, with even higher
returns in the years to come. As it turned out, George wasn’t quite the programmer he thought he was,
and he wasn’t able to get all the bugs out of the program to make it marketable within the promised two
months. Within a year, George had tired of the project and was too busy picking up chicks in his new
Corvette when he wasn’t on the island of St. Bart overseeing the construction of his new beach
mansion-and picking up chicks. His activities, of course, were financed by the extremely generous
“salary” he paid himself from the investors’ monies. Under the Uniform Securities Act, do the investors
have any civil claims against George?

 
 
 
 
Yes. The investors have a civil claim against George under the Uniform Securities Act and
can sue for the return of their original investment, plus interest, reasonable attorneys’ fees, and court
costs. There is no provision for pain and suffering. Partnership interests fall under the definition of
securities, so the Uniform Securities Act does apply, and George sold the interests illegally. As securities,
they were required to be registered with the state before they could be sold.

Q22. Which of the following is not a method that can be used to register securities with the state?

 
 
 
 
Explanation
Registration by exception is not a method that is used to register securities with the state. Registration by notification is a method available for those securities that meet a certain set of criteria and requires the least amount of paperwork. Registration by coordination is the method used for most securities. Registration by qualification is the most burdensome method, requiring a voluminous amount of paperwork.

Q23. Mr. Bigwig, CEO of HiGrowth Corporation, meets with the president of BigFee Investment Bankers and arranges for BigFee to underwrite an Initial Public Offering (IPO) for the firm.
When the IPO comes to market, GetErDone Broker-Dealers is part of the selling group, which handles the sale of the stock to the public. In this scenario, which party is the issuer?

 
 
 
 
Explanation
HiGrowth Corporation is the issuer in this instance. Its stock will be sold, and HiGrowth will receive the proceeds from the sale-less BigFee’s underwriting spread. Mr. Bigwig is merely HiGrowth’s representative in this instance.

Q24. Which of the following is not in itself a reason for the Administrator to deny, suspend, or revoke the license
of a person?

 
 
 
 
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.”

Q25. The Administrator of a state will deny the registration of a security if
I. the mandated filing fee has not been paid.
II. the compensation of the underwriters is excessive.
III. the registration statement is incomplete.
IV. the issuer is registering the security through the registration by coordination process and has not complied with all the stipulated requirements.

 
 
 
 
Explanation
The Administrator of a state will deny the registration of a security under any of the situations described in Selections I, II, III, and IV-if the mandated filing fee has not been paid; if the compensation of the underwriters is excessive; if the registration statement is incomplete; or if the issuer is attempting to use registration by coordination and has not complied with all the stipulated requirements of that process.

Q26. A-2-Z Associates advertises itself as a full service brokerage firm that will buy and sell securities for its
clients, as well as provide investment advice to them. Its brochure provides a variety of plans to which a
client can subscribe. The basic plan is the cheapest and allows the client a maximum number of trades
per month for a specified fee. Another, slightly more expensive, plan provides the client with the same
maximum number of trades per month, but the client also receives a personalized quarterly review of his
portfolio along with advice for restructuring his portfolio based on such factors as current market
conditions and specific industry or company information. The most expensive plan is one in which the
client is assigned to an individual portfolio manager, who will take total responsibility for the asset
allocation of the client’s portfolio and will provide the client with monthly reports. Based on the services
A-2-Z provides, it must register with the state as:

 
 
 
 
Based on the services A-2-Z provides, it must register with the state as both a broker-dealer
and an investment adviser. It is receiving compensation as a broker-dealer for executing purchases and
sales of securities for its clients under its basic plan, but it is receiving additional compensation for acting
as an investment adviser under the two higher level plans.

Q27. For how long after the effective date is a security’s registration valid?

 
 
 
 
Explanation
A security’s registration is valid for one year after the effective date, which is the date the Administrator approves the registration. If the entire issue has not been sold in this time frame, the offering may be renewed.

Q28. The Administrator may require a firm to supply it with any prospectus, pamphlet, advertisement, or other
sales literature intended for prospective investors unless the security
I. will be sold only through an investment advisory firm.
II. is a federal covered security.
III. is issued by a state credit union.

 
 
 
 
Only Selections II and III are correct. The Administrator may require a firm to supply it with
any prospectus, pamphlet, advertisement, or other sales literature intended for prospective investors
unless the security is a federal covered security or is issued by a state credit union, both of which are on a
longer list of exempted securities. It doesn’t matter whether or not the securities will be sold to clients of
an investment advisory firm.

Q29. 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?

 
 
 
 
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.”

Q30. 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

 
 
 
 
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.

Q31. 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?

 
 
 
 
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.

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