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23 Cards in this Set

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An individual who represents a broker/dealer or issuer in effecting or attempting to effect purchases or sales of securities.
An Agent
Would an individual, such as a secretary or salesman, who is authorized to accept orders be considered an agent?
Yes
The term agent does not include an individual who represents an issuer in effecting transactions in what exempted securities.
1) issued or guarenteed by the United States or any political subdivision.
2) issued or guarenteed by Canada, Canadian Province, or any Governement maintaining diplomatic relations with the U.S.
3) any secirty ised by a bank
4) commercial paper
5) investment contract in connection with an employee benefit plan
The term "agent" under the uniform securities act would not include:
1) a person representing an issuer in an exempt transaction.
2)a bank,savings institution,or trust company
3)an officer of a broker/dealer who does not effect purchases or sales of securities or supervises those transactions.
4)A clerical person with no authority to accept orders.
5)A person representing an issuer in a transaction where no commission is paid.
6)An officer selling his own company's stock to his employees and no commission is paid to the officer for soliciting purchases.
7) a person who represents an issuer in transactions with an underwriter.
If an agent violates the uniform Securities Act, he could be subject to:
A Criminal Penalty

A Civil Penalty

Suspension or revocation of his license.
Term agent is synonymous with the term ___________.
Salesman
Any person engaging in the business of effecting transactions in securities for the account of others or for his own account is a ________/__________.
Broker/Dealer
The term broker/dealer does not include:
1)an agent
2) issuer
3) bank,savings institution, or trust comany.
4) A person who has no place of business in a perticular state if:
a)he effects transaction in the state exclusively with or through the issuer, another broker/dealer,banks savings institutions, investment companies, etc.
B) The person is licensed properly in the state in which the firm maintains a place of business and the only business the firm does in this state is with an existing customer of the firm who is not a resident in this state.
All investment advisers managing more than 30 million or are under contract to a regiested investment company must register with.
The SEC only
Investment adviser managing less than 25 million register with.
The State
If an investment adviser is Federally Covered this means?
The adviser is registered with the SEC only.
An _______ _______ includes any person who, for compensation advises others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or as part of a regular business, issues, or promulgates analyses or reports concerning securities.
Investment Adviser
The term investment adviser does not include:
1)Banks,savings institutions, or trust company
2)lawyer, accountant, engineer, or teacher whose performance of these services is solely incidental to the practice of his profession.
3)B/D, incidental, no special compensation
4) publishers of any bona fied newspaper, new column
5) Investment adviser representatives.
An investment adviser who has no place of business in this state is exempt if:
1)only clients in the state are other investment advisers, b/d,banks,etc...
2)during any 12 month period he does not direct business communications into this state in any manner to more than five clients other than those specified in #1.
An investment adviser who has no place of business in this state is exempt if:
1)only clients in the state are other investment advisers, b/d,banks,etc...
2)during any 12 month period he does not direct business communications into this state in any manner to more than five clients other than those specified in #1.
An investment adviser cannot take or have custody of any securities or funds of any client if:
1) the administrator, by rule
prohibits custody
2) the investment adviser fails to notify the Administrator that he has custody of the securities or funds.
The Standard registration form ADV is filed by an investment adviser. The SEC has how many days to grant registration or deny?
45 days
Any individual,corporation, partnership, association, joint stock company,trust,government or political subdivision of a government is defined as a _______.
Person
Every registration expires ____ _________ from its effective date unless it is renewed.
one year (December 31 for the exam)
The legal agreement under which the broker/dealer, agent or investment adviser gives the power to the Administrator to accept legal process in place of the registrant.
Consent to Service document
A pension fund manager who manages a 35 million dollar account must register with?
The State
50 million or more must register with the SEC.
A pension fund manager who manages a 35 million dollar account must register with?
The State
50 million or more must register with the SEC.
A pension fund manager who manages a 35 million dollar account must register with?
The State
50 million or more must register with the SEC.