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質問 1：
Which of the following persons would not be required to register with the state as an agent under the guidelines of the Uniform Securities Act (USA)?
A. Keith is a salaried employee of Middlesex County in Massachusetts who sells revenue bonds issued by the county to the public.
B. John is employed by TrustUs Corporation to sell shares of the firm's stock to the firm's employees and receives a commission on the shares he sells.
C. Stefan is a sales representative for SecureMoney Broker-Dealers and sells only mutual fund shares.
D. Preetham is part-owner of SecureMoney Broker-Dealers and executes the purchase and sale of securities for the firm's customers.
正解：A
解説: (Pass4Test メンバーにのみ表示されます)
質問 2：
An investment adviser suggests that his client, Arnold, a 74-year old gentleman, should consider a reallocation of the assets in his portfolio. The adviser tells Arnold that he has far too much invested in bonds, which don't earn as much as stocks. He advises Arnold to take 80% of the money he has in bonds and invest it in an aggressive growth mutual fund that has provided an average annual return of 40% over the past three years.
Arnold is impressed and follows this advice. Shortly thereafter, there is a steep drop in the market in general, and the net asset value of the aggressive growth mutual fund falls 85%.
Does Arnold have any remedies available to him?
A. Yes. Arnold can sue for the amount of his losses, plus interest, court costs, and attorneys' fees.
B. Yes. Arnold can sue for the amount of his losses, plus interest, as well as an amount assessed by the court for "pain and suffering."
C. No. Arnold had the choice and got greedy. As the old saying goes, "Bulls get rich, and bears get rich, but pigs get led to slaughter."
D. No. The investment adviser had no way of knowing that the market was going to fall when he provided the advice, so the adviser did not fail in his fiduciary responsibility to Arnold.
正解：A
解説: (Pass4Test メンバーにのみ表示されます)
質問 3：
AllTime Investment Advisers advertises that its phones are manned 24/7, so that a client "doesn't have to lie awake all night worrying about a financial problem." In fact, AllTime does have a answering service that answers calls in the evenings and on the weekends when its offices are closed. The service informs the caller of the firm's business hours, which will be the earliest opportunity the caller will have to talk to an investment adviser representative.
Is this a violation of any securities laws?
A. No. The firm's phones are manned 24/7, so it hasn't lied.
B. Yes. The Uniform Securities Act prohibits investment advisers from making deceptive statements in the solicitation of clients as well as in advising clients.
C. No. It's not a violation of any securities laws, but the firm probably won't retain many clients this way.
D. It depends. If, before a client signs a contract with the firm, it is made clear that investment adviser representatives are not, in fact, available to him 24/7, then AllTime is in the clear.
正解：B
解説: (Pass4Test メンバーにのみ表示されます)
質問 4：
Individual states are prohibited from requiring a broker-dealer or investment adviser to file financial reports more frequently than:
A. once a year.
B. twelve times a year.
C. twice a year.
D. four times a year.
正解：D
解説: (Pass4Test メンバーにのみ表示されます)
質問 5：
Under the NASAA Model Rules, which of the following must an investment adviser provide its clients with at least once a year?
A. the total amount of commissions or other compensation that the investment adviser received or expects to receive in connection with agency cross transactions performed for the client during the period
B. both A and B
C. the total number of agency cross transactions completed for the client during the period
D. the number of any complaints that each of its investment adviser representatives has received during the period
正解：B
解説: (Pass4Test メンバーにのみ表示されます)
質問 6：
Which of the following is not a security, as defined by the Uniform Securities Act?
I. an option contract
II. a futures contract on gold
III. a 401K plan
IV. a variable annuity
A. Only Selection III is not a security.
B. None of the selections listed are securities.
C. Only Selections II and III are not securities.
D. Selections II, III and IV are not securities.
正解：C
解説: (Pass4Test メンバーにのみ表示されます)
質問 7：
An individual who represents a broker-dealer in the buying and selling of securities is called a(n):
A. underwriter
B. issuer
C. administrator
D. agent
正解：D
解説: (Pass4Test メンバーにのみ表示されます)
質問 8：
In which of the following scenarios is an investment adviser representative required to disclose the fact that someone other than the representative performed the research on which his advice to the client is based?
I. The investment adviser representative recommends the same asset allocation for his client that a buddy of his did after his buddy had done some research for a client with similar characteristics.
II. The investment adviser representative provides a recommendation for his client based on research provided by a broker-dealer that provides the investment adviser with its analysts' recommendations in return for trades that the investment adviser executes using the services of the broker-dealer, as well as a couple of other research sources he finds on the internet.
III. The investment adviser representative submitted his client's information to a data base that provided a recommendation for the asset allocation of the client's investment monies that the adviser deemed was sound and, therefore, recommended it to his client.
A. I and III only
B. I only
C. III only
D. II only
正解：A
解説: (Pass4Test メンバーにのみ表示されます)
Which of the following persons would not be required to register with the state as an agent under the guidelines of the Uniform Securities Act (USA)?
A. Keith is a salaried employee of Middlesex County in Massachusetts who sells revenue bonds issued by the county to the public.
B. John is employed by TrustUs Corporation to sell shares of the firm's stock to the firm's employees and receives a commission on the shares he sells.
C. Stefan is a sales representative for SecureMoney Broker-Dealers and sells only mutual fund shares.
D. Preetham is part-owner of SecureMoney Broker-Dealers and executes the purchase and sale of securities for the firm's customers.
正解：A
解説: (Pass4Test メンバーにのみ表示されます)
質問 2：
An investment adviser suggests that his client, Arnold, a 74-year old gentleman, should consider a reallocation of the assets in his portfolio. The adviser tells Arnold that he has far too much invested in bonds, which don't earn as much as stocks. He advises Arnold to take 80% of the money he has in bonds and invest it in an aggressive growth mutual fund that has provided an average annual return of 40% over the past three years.
Arnold is impressed and follows this advice. Shortly thereafter, there is a steep drop in the market in general, and the net asset value of the aggressive growth mutual fund falls 85%.
Does Arnold have any remedies available to him?
A. Yes. Arnold can sue for the amount of his losses, plus interest, court costs, and attorneys' fees.
B. Yes. Arnold can sue for the amount of his losses, plus interest, as well as an amount assessed by the court for "pain and suffering."
C. No. Arnold had the choice and got greedy. As the old saying goes, "Bulls get rich, and bears get rich, but pigs get led to slaughter."
D. No. The investment adviser had no way of knowing that the market was going to fall when he provided the advice, so the adviser did not fail in his fiduciary responsibility to Arnold.
正解：A
解説: (Pass4Test メンバーにのみ表示されます)
質問 3：
AllTime Investment Advisers advertises that its phones are manned 24/7, so that a client "doesn't have to lie awake all night worrying about a financial problem." In fact, AllTime does have a answering service that answers calls in the evenings and on the weekends when its offices are closed. The service informs the caller of the firm's business hours, which will be the earliest opportunity the caller will have to talk to an investment adviser representative.
Is this a violation of any securities laws?
A. No. The firm's phones are manned 24/7, so it hasn't lied.
B. Yes. The Uniform Securities Act prohibits investment advisers from making deceptive statements in the solicitation of clients as well as in advising clients.
C. No. It's not a violation of any securities laws, but the firm probably won't retain many clients this way.
D. It depends. If, before a client signs a contract with the firm, it is made clear that investment adviser representatives are not, in fact, available to him 24/7, then AllTime is in the clear.
正解：B
解説: (Pass4Test メンバーにのみ表示されます)
質問 4：
Individual states are prohibited from requiring a broker-dealer or investment adviser to file financial reports more frequently than:
A. once a year.
B. twelve times a year.
C. twice a year.
D. four times a year.
正解：D
解説: (Pass4Test メンバーにのみ表示されます)
質問 5：
Under the NASAA Model Rules, which of the following must an investment adviser provide its clients with at least once a year?
A. the total amount of commissions or other compensation that the investment adviser received or expects to receive in connection with agency cross transactions performed for the client during the period
B. both A and B
C. the total number of agency cross transactions completed for the client during the period
D. the number of any complaints that each of its investment adviser representatives has received during the period
正解：B
解説: (Pass4Test メンバーにのみ表示されます)
質問 6：
Which of the following is not a security, as defined by the Uniform Securities Act?
I. an option contract
II. a futures contract on gold
III. a 401K plan
IV. a variable annuity
A. Only Selection III is not a security.
B. None of the selections listed are securities.
C. Only Selections II and III are not securities.
D. Selections II, III and IV are not securities.
正解：C
解説: (Pass4Test メンバーにのみ表示されます)
質問 7：
An individual who represents a broker-dealer in the buying and selling of securities is called a(n):
A. underwriter
B. issuer
C. administrator
D. agent
正解：D
解説: (Pass4Test メンバーにのみ表示されます)
質問 8：
In which of the following scenarios is an investment adviser representative required to disclose the fact that someone other than the representative performed the research on which his advice to the client is based?
I. The investment adviser representative recommends the same asset allocation for his client that a buddy of his did after his buddy had done some research for a client with similar characteristics.
II. The investment adviser representative provides a recommendation for his client based on research provided by a broker-dealer that provides the investment adviser with its analysts' recommendations in return for trades that the investment adviser executes using the services of the broker-dealer, as well as a couple of other research sources he finds on the internet.
III. The investment adviser representative submitted his client's information to a data base that provided a recommendation for the asset allocation of the client's investment monies that the adviser deemed was sound and, therefore, recommended it to his client.
A. I and III only
B. I only
C. III only
D. II only
正解：A
解説: (Pass4Test メンバーにのみ表示されます)
Nishio -
ゼロから丁寧に解説されていて解りやすい。この1冊に詰まっています。Series63合格に必要な力を手に入れました。