State Registration of Securities
A security's registration expires at this time.
What is one year from the effective date?
This is paid at initial registration, as well as at annual renewal.
What is a filing fee?
Advisers to registered investment companies are considered this.
What are federal covered advisers?
Omission of these with willful intent is considered fraudulent.
What are material facts?
The Series 63 exam consists of this many questions over this amount of time.
What is 65 questions over 75 minutes?
Registration method for intrastate offerings.
What is Registration by Qualification?
This term is not defined under the Uniform Securities Act. Instead, we say "agents".
What is a Broker-Dealer representative, or a registered representative?
IA firms may either give clients this form or a brochure to fulfill disclosure requirements.
What is Form ADV Part 2A? (Part 2B is for the supplemental brochure)
Sharing in the profits or losses of a client's account is allowable as long as the sharing is this.
What is proportionate to the investment of each party?
This is defined as the territorial range of authority or control.
What is jurisdiction?
These are usually exempt from state registration since they represent secondary market transactions that are regulated at the federal level.
What are non-issuer transactions?
This is generally when a person's registration becomes effective.
What is at noon on the 30th day after filing the application?
The minimum financial requirement according to NASAA's Model Rule is this amount.
What is $35,000?
When you can place an order for an unregistered, nonexempt security.
What is when the order is unsolicited?
IAs and IARs are considered this when advising their clients.
What are fiduciaries?
While Regulation A new offerings are exempt from state registration, they still must file this with the SEC.
What is an offering statement?
With this type of account provision, an account passes to a beneficiary after a copy of the death certificate is provided.
What is a Transfer-on-Death or a Pay-On-Death account provision?
An Investment Adviser must deliver to all existing clients an updated brochure within this many days of the IA's fiscal year end.
What is 120 days?
The general rule ensuring client awareness of a conflict of interest can be referred to as this.
What is the Disclose or Abstain Principle?
No person is excused from responding to this, and if ignored you may be found in contempt of court.
What is a subpoena?
The supreme court decision that gave us the four part test to define a security.
What is SEC vs. W.J. Howey Co.?
When a seller in one state fraudulently directs an offer into a second state, the purchaser may sue the seller in their state. The purchaser may then bring action on the judgement in the seller's state with this document.
What is a Substituted Consent to Service of Process?
A base fee plus a performance fee that increases or decreases as compared to a benchmark is called this.
What is a fulcrum fee?
This is a form of market manipulation in which an investor simultaneously sells and buys a security to give the appearance of activity.
What is a wash trade?
An administrator can do this without a hearing.
What is cancel a registration or issue a cease and desist?