Series_63 무료 덤프문제 온라인 액세스

In an arrangement between MoeMoney Investment Advisers and one of the firm's clients, the YourMoney
mutual fund, part of MoeMoney's compensation is based how the fund performs compared to the S&P
5 00 Index. If the return on the fund exceeds the return on the index, MoeMoney gets a bonus. The S&P
5 00 had a return of negative 8% this year, and the fund returned a negative 2%, so MoeMoney invoiced
the client for the bonus. Has MoeMoney violated any securities laws?

• A.Yes. Under no circumstances can a bonus be part of an investment adviser's compensation package
  according to the Uniform Securities Act.
• B.Yes. It is a violation of the Uniform Securities Act for an investment adviser to earn a bonus if a portfolio
  it manages loses money.
• C.Yes. An investment adviser's compensation cannot be based on the capital appreciation of the
  portfolio.
• D.No. The fund beat the return on the S&P 500 Index, so MoeMoney is entitled to the bonus, based on its
  agreement with YourMoney.

Which of the following scenarios describes activities that are disallowed under the NASAA Model Rules?
I. Broker-dealer Anon observes that a client placed a stop loss order to sell her 1,500 shares of
Amazon.com stock for $131 when the stock was selling for $134. Anon sold the stock for $133 when it
started to fall during the day and credited the client's account with $131 per share when stock dropped
further to $129 a share.
II. Penny is an agent with Broker-dealer Anon. She recently recommended that a client buy a stock that
Penny thought would do well. As it turned out, Penny was wrong, and she offers to refund the commission
that the client paid her.
III. Broker-dealer Anon is part of the selling group of a hot new IPO. As such, the firm purchases 50% of
the shares for its own portfolio and sells the remainder to the public.

• A.I and II only
• B.I only
• C.I and III only
• D.I, II, and III

Under the Uniform Securities Act, which of the following does not need to be included when filing to
register a security issue with the state?

• A.a copy of any indenture applying to the security being registered
• B.copies of the underwriter agreements
• C.All of the above documents must be included when filing to register a security with the state.
• D.a copy of the firm's articles of incorporation and bylaws, or the equivalent

Harry Lange manages the investment portfolio for the Fidelity Magellan Mutual Fund. Mr. Lange is a(n)

• A.broker-dealer.
• B.investment company.
• C.agent.
• D.investment adviser.

Which of the following orders can an Administrator issue without providing prior notice?

• A.license revocation
• B.cease and desist
• C.license denial
• D.license suspension