Which of the following must notify the administrator if an agent of a broker-dealer is terminated?
Which of the following MUST notify the Administrator if an agent of a broker-dealer is terminated? C; Under the Uniform Securities Act, when an agent associates with a broker-dealer; or terminates those activities that make him an agent; both the agent and the broker-dealer must notify the State Administrator promptly.
Which of the following information must be included on a customer confirmation?
Finally, the customer name, account number, size of the trade, and price of execution must all be on the CONFIRMATION.
Which of the following information must be recorded on an unexecuted order ticket where the trade has been canceled?
Which of the following information MUST be recorded on an unexecuted order ticket where the trade has been canceled? The account name and/or number must be on the order ticket and it must be recorded whether the trade was solicited or unsolicited.
Which of the following are generally required to be included in the state registration application of a broker-dealer or investment adviser?
State registration applications for a broker-dealer or investment adviser must include: The applicant’s form and place of organization; The applicant’s proposed method of business; The qualifications and business history of the applicant and each of its officers or partners; Any injunction, administrative order or …
Can an issuer be a broker dealer?
Issuers generally are not “brokers” because they sell securities for their own accounts and not for the accounts of others. Moreover, issuers generally are not “dealers” because they do not buy and sell their securities for their own accounts as part of a regular business.
Who must register in a state as an investment adviser?
All states require that investment advisers (IAs) and investment adviser representatives (IARs) conducting business in the state register with the state’s securities regulatory authority (or qualify for an exemption from registration). Approximately 17,500 investment advisers are so registered.
Which transaction is included in the definition of an offer to sell?
An “offer” or “offer to sell” is defined as any attempt to offer to dispose of a security, or a solicitation of an offer to buy a security or an interest in a security, for value. The agent has contacted the officer of the company, to see if she is interested in selling the shares that this customer wishes to buy.
Which of the following constitutes an offer?
Explanation: An offer is an explicit proposal which is offered by one party and when an offer is accepted by another party it becomes a contract. The person who proposes the terms and conditions is known as offeror and the person to whom the offer is made is termed as offeree.
Which of the following constitutes an offer or sale of stock?
Which of the following constitutes an offer or sale of stock? Solicitation of a tender offer by a corporation.
Which of the following would not be considered a sale under the Uniform Securities Act?
The exchange of securities in a merger is not considered a sale under the act. It is a violation of the Uniform Securities Act to file a fraudulent or misleading application for registration as a securities industry professional (agent, broker-dealer, or investment adviser).
Which of the following persons would be included in the definition of an investment adviser under the Uniform Securities Act?
The USA defines a broker/dealer as any person who is in the business of executing transactions in securities for the accounts of others or for its own account. The USA defines an investment adviser as any person who provides advice about securities as a business for compensation.
Which of the following are covered under the Securities Exchange Act of 1934?
The Securities Exchange Act of 1934 does regulate trading of all non-exempt securities, including common stocks, preferred stocks, corporate bonds, options on securities, etc. The general provisions of the Securities Exchange Act of 1934 apply to non-exempt securities only.
Which of the following are included in the definition of an investment adviser under the Uniform Securities Act?
Answer: BThe Uniform Securities Act defines an investment adviser as anyone who provides advice related to any security for compensation. Excluded from the definition are banks, savings institutions, and trust companies (but not insurance companies).
Which of the following are excluded from the definition of a broker-dealer?
Firms that trade exclusively with Professional Investors with No place of business in the state are excluded (from the term broker-dealer) Firms that contact existing customers on vacation in another state are Excluded (from definition of broker-dealer hence EXEMPT from registration)
Can an agent be registered with more than one broker-dealer?
Individuals may be registered with more than one firm if the firms are affiliated with one another.
Which of the following is the most appropriate investment for an estate account?
Which of the following is the MOST appropriate investment for an estate account? The objective of an estate account is to preserve principal and to effect a timely distribution of estate assets. The best investment of the choices offered is Treasury Bills – they are liquid and have little market risk.
What are the benefits of naming a secondary beneficiary in a will check all that apply?
It could prevent a will from going into probate. It avoids confusion if the primary beneficiary dies first. It makes it less likely that there will be claims that the will is invalid. It allows for another option if the primary beneficiary cannot inherit.
Which is better a will or trust?
Deciding between a will or a trust is a personal choice, and some experts recommend having both. A will is typically less expensive and easier to set up than a trust, an expensive and often complex legal document.
Should my bank account be in my trust?
Some of your financial assets need to be owned by your trust and others need to name your trust as the beneficiary. With your day-to-day checking and savings accounts, I always recommend that you own those accounts in the name of your trust.
What happens when a person dies with a living trust?
The successor trustee is charged with settling a trust, which usually means bringing it to termination. Once the trustor dies, the successor trustee takes over, looks at all of the assets in the trust, and begins distributing them in accordance with the trust. No court action is required.
What is the best trust to have?
What Trust is Best for You?
- Revocable Trusts. One of the two main types of trust is a revocable trust.
- Irrevocable Trusts. The other main type of trust is a irrevocable trust.
- Credit Shelter Trusts.
- Irrevocable Life Insurance Trust.