Wiley Series 63 Securities Licensing Exam Review 2020 + Test Bank The Uniform Securities State Law Examination

The go-to guide to acing the Series 63 Exam!

Passing the Uniform Securities Agent State Law Examination (Series 63) qualifies an individual to act as a securities agent. The exam covers the principles of state securities regulation as reflected in the Uniform Securities Act and its amendments and related rules, as well as ethical practices and fiduciary obligations. Many states require an agent to pass the Series 63 exam in addition to the Series 6, 7 or 62 exams to conduct securities business within the state.

Created by the experts at The Securities Institute of America, Inc., Wiley Series 63 Exam Review 2020 arms you with everything you need to pass this challenging 60-question test. Designed to help you build and fine-tune your knowledge of all areas covered in the exam and to guarantee that you're prepared mentally and strategically to take the test, it provides:

• Dozens of examples
• Assorted practice questions for each subject area covered in the exam
• Priceless test-taking tips and strategies
• Helpful hints on how to study for the test, manage stress, and stay focused

Wiley Series 63 Exam Review 2020 is your ticket to passing the Series 63 test on the first try—with flying colors!

About the Series 63 exam xi

About this Book xv

About the Test Bank xvii

About the Securities Institute of America xix

Chapter 1 Federal Law Review 1

The Securities Act of 1933 1

The Prospectus 2

The Final Prospectus 2

Misrepresentations 3

The Securities Exchange Act of 1934 3

Net Capital Requirement 7

Customer Coverage 7

Fidelity Bond 8

The Insider Trading and Securities Fraud Enforcement Act of 1988 8

Firewall 9

The Telephone Consumer Protection Act of 1991 9

National Securities Market Improvement Act of 1996 10

The Uniform Securities Act 11

The Uniform Prudent Investors Act of 1994 12

The Department of Labor Fiduciary Standard 13

The Patriot Act 13

Regulation S-P 14

Identity Theft 15

FINRA Rules on Financial Exploitation of Seniors 16

Chapter 2 Definition of Terms 21

Security 21

Person 23

Broker Dealer 24

Pension Consultants 26

Investment Counsel 26

Form ADV 27

Investment Adviser Registration Database (IARD) 28

Investment Adviser Representative 29

Offer/Offer to Sell/Offer to Buy 31

Sale/Sell 32

Guarantee/Guaranteed 32

12B-1 Fees 32

Contumacy 33

Federally Covered Exemption 33

Power of Attorney 34

Escheatment 34

Pretest 35

Chapter 3 Registration of Broker Dealers, Investment Advisers, and Agents 41

Registration of Broker Dealers and Agents 41

Agent Registration 42

Registering Broker Dealers 43

Financial Requirements 44

Broker Dealers on the Premises of Other Financial Institutions 44

Hiring New Employees 45

Resignation of a Registered Representative 46

Registering Agents 47

Canadian Firms and Agents 49

Investment Adviser Registration 49

The National Securities Market Improvement Act of 1996/The Coordination Act 50

Investment Adviser Representative 51

Investment Adviser Registration 52

Capital Requirements 52

Exams 53

Advertising and Sales Literature 54

Brochure Delivery 55

Wrap Accounts 55

Pretest 57

Chapter 4 Securities Registration, Exempt Securities, and Exempt Transactions 61

Exempt Securities 61

Securities Registration 62

Registration of IPOs Through Coordination 62

Registration Through Notice Filing 63

Registration of Non-Established Issuers/Registration Through Qualification 63

Exempt Securities/Federally Covered Exemption 65

Exempt Transactions 66

Rule 147 Intrastate Offering 69

Pretest 71

Chapter 5 Professional Conduct and Prohibited and Fraudulent Actions 77

Fraud 77

Professional Conduct 78

Suitability 78

Market Manipulation 80

Customer Complaints 81

The Role of the Investment Adviser 81

Additional Compensation for an Investment Adviser 82

Agency Cross Transactions 82

Disclosures by an Investment Adviser 82

Investment Adviser Contracts 84

Private Investment Companies/Hedge Funds 84

Fulcrum Fees 84

Soft Dollars 85

Borrowing and Lending Money 86

Free Services 87

Pretest 89

Chapter 6 The State Securities Administrator and the Uniform Securities Act 97

Actions by the State Securities Administrator 97

Cancellation of a Registration 98

Withdrawal of a Registration 99

Actions Against an Issuer of Securities 99

Rule Changes 99

Administrative Orders 99

Interpretive Opinions 101

Administrative Records 101

Investigations 102

Civil and Criminal Penalties 102

Jurisdiction of the State Securities Administrator 103

Administrator’s Jurisdiction over Securities Transactions 104

Radio, Television, and Newspaper Distribution 106

Right of Rescission 107

Statute of Limitations 107

Pretest 109

Answer Keys 115

Glossary of Exam Terms 123

Index 189

The Securities Institute of America, Inc. has an 18 year track record for excellence in securities exam training. Jeffrey Van Blarcom author from The Securities Institute of America, Inc. helps thousands of securities and insurance professionals build successful careers in the financial services industry every year Learn more at : https://securitiesce.com

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