The Uniform Securities Act (USA) is
A. a body of laws governing the purchase and sale of securities within a single state.
B. a set of guidelines for individual states to follow when formulating their own securities' laws.
C. a group of laws requiring state-issued securities, such as municipal bonds, to be registered with
D. federal legislation that requires all states to adopt the same registration requirements for all
The Uniform Securities Act (USA) provides a model for states to follow when formulating their own
securities laws. It does not, itself, contain any laws.
Once you have passed the Series 63 examination, which entity must then approve your application to sel
D. the state administrator
Once you have passed the Series 63 exam, it is the state administrator who can approve or deny your
registration. NASAA developed the Uniform Securities Agent State Law Examination and FINRA
administers it. The SEC is not a party to the state registration process.
Which of the following securities would not necessarily be exempt from state registration?
A. a stock listed on the Tokyo Stock Exchange
B. a bond guaranteed by the Canadian government
C. a bond issued by another state's employees' credit union
D. a stock listed as a NASDAQ National Market Issue.
Stocks listed on the Tokyo Stock Exchange would not necessarily be exempt from state registration.
Stocks that are registered with the SEC, such as NASDAQ National Market Issue stocks, securities
issued or guaranteed by the Canadian government, and securities issued or guaranteed by banks or
credit unions are all exempt.
Moe is a registered investment adviser doing business under the name of MoeMoney Investment
Advisers, LLC. Larry, Curly, and Mary al hold positions with the firm. Larry is on the board of directors;
Mary is a sales representative for the firm; and Curly is an administrative assistant, who performs clerical
duties. Given that Moe is already a registered investment adviser, which of the other three are
automatically registered as investment adviser representatives?