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FINRA Series63 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Regulations of Securities and Issuers | 9% | - Issuer regulation principles - Securities registration and exemptions |
| Topic 2: Regulation of Investment Adviser Representatives | 5% | - Recordkeeping and contract standards - IAR registration and obligations |
| Topic 3: Communication with Customers and Prospects | 20% | - Advertising and correspondence rules - Disclosure requirements |
| Topic 4: Ethical Practices and Obligations | 25% | - Fraudulent and unethical conduct - Conflicts of interest and fiduciary duties |
| Topic 5: Remedies and Administrative Provisions | 9% | - State Administrator authority - Enforcement and penalties |
| Topic 6: Regulation of Investment Advisers | 5% | - Investment adviser registration rules - Federal vs state adviser regulation |
| Topic 7: Regulation of Broker-Dealers | 12% | - Broker-dealer regulatory requirements - Federal and state registration standards |
| Topic 8: Regulation of Broker-Dealer Agents | 13% | - Associated person regulations - Agent registration requirements |
FINRA Uniform Securities Agent State Law Examination Sample Questions:
Question 1
For how long after the effective date is a security's registration valid?
A. three months
B. six months
C. one year
D. two years
Question 2
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, and IV only
C. I, II, III, and IV
D. I, II, and III only
Question 3
Cal Turner calls his client and recommends that the client sell his shares in the Alpha High Quality Bond Fund and use the proceeds to buy shares in the Omega High Quality Bond Fund. Cal has done nothing unethical if his recommendation is based on the fact that
A. the Alpha Fund has been performing poorly relative to other funds in the same category.
B. It would always be unethical for Cal to recommend that a client sell shares in one fund in order to buy shares of another fund that has the same investment objective.
C. the Alpha Fund has a back-end load.
D. the Omega Fund has a front-end load.
Question 4
Rich Quick is a broker-dealer registered in the state of Massachusetts. He occasionally trades on abnormalities he observes in bond yield spreads for his own account, short selling a bond that appears to be overpriced based on its yield and buying a bond that is identical in almost every respect except for the price, which is less than that of the other bond. He has been able to earn arbitrage profits 95% of the time when he does this. Rich Quick
A. is in violation of securities laws. Arbitrage is a prohibited activity.
B. engaged in a fraudulent activity.
C. is skilled if he is able to earn profits 95% of the time using this strategy.
D. is trading on insider information, which is a violation of securities laws.
Question 5
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. 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.
B. Both A and B are true.
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. 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.
Solutions:
| Question 1 Answer: C | Question 2 Answer: B | Question 3 Answer: A | Question 4 Answer: C | Question 5 Answer: C |
