Series 63 Registration and Licensing || With Latest Solutions
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Course
Series 63
Institution
Series 63
State Blue Sky Laws - Correct Answer protects potential investors from buying risky or fraudulent securities in states
National Securities Market Improvement Act(NSMIA) - Correct Answer Eliminate duplicate regulations between Federal and State level
Federal law supersedes state law regard...
Series 63 Registration and Licensing || With Latest
Solutions
State Blue Sky Laws - Correct Answer protects potential investors from buying risky or fraudulent
securities in states
National Securities Market Improvement Act(NSMIA) - Correct Answer Eliminate duplicate regulations
between Federal and State level
Federal law supersedes state law regarding - Correct Answer Net capital rules
Custody rules
Margin rules
Financial responsibility rules
Record keeping rules
(All set by SEC or FRB)
Person - Correct Answer Legal entities
Can either be human or non-human(ex. Corporation)
Persons are - Correct Answer Individuals(human beings)
Corporation(non-human being persons!)
Partnerships(including general partners who can contractually bind the partnership)
, Business Trusts
Estates
Trusts(where the interests of the beneficiaries of the Trust are evidenced by a security)
Associations
Joint stock companies or Joint Ventures
Government and Political Subdivisions of Governments(for example, a township is a political
subdivisions)
Unincorporated Organizations and any other legal or commercial entity
Issuer - Correct Answer the individual or business organization offering a security for sale to the public
Issuer for Trusts - Correct Answer the person performing the functions of manager or depositor under
the Trust agreement.
Issuer for Equipment Trusts - Correct Answer The issuer is the person to whom the equipment is to be
leased or conditionally sold - which is the corporation. (In an equipment trust, the trustee holds the title
to the equipment until the loan is fully repaid - similar to a bank holding the title when an automobile is
purchased with a car loan. In effect, the trustee "leases" the equipment to the corporation. When the
corporation completes all payments, the title reverts to the issuer).
Fractional Interest In Oil and Gas Programs - Correct Answer No issuer in Oil and Gas programs, or
Mining Titles or Leases.
In the Uniform Securities Act, forces registration by qualification instead
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