Uniform Securities Act concepts and state securities registration rules tested on the Series 63 exam.
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- What is the Uniform Securities Act (USA)?
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A model law that states use as the basis for their own securities regulations.- Under the Uniform Securities Act, who is the 'Administrator'?
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The state official charged with administering and enforcing the state's securities law.- What are the three methods of state securities registration under the USA?
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Notification (filing), coordination, and qualification.- Which state registration method is used by well-established issuers who already meet the state's track-record requirements?
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Registration by notification (filing).- Which state registration method is used when an issuer is simultaneously registering the same securities with the SEC?
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Registration by coordination.- When does a registration by coordination become effective?
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At the same time the related federal registration becomes effective.- Which state registration method must be used for an offering that will not be registered with the SEC, such as a purely intrastate offering?
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Registration by qualification.- A securities registration under the Uniform Securities Act is effective for ____ from its effective date.
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one year- Under the USA, what is a broker-dealer?
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A person in the business of effecting securities transactions for the accounts of others or for its own account.- Under the USA, what is an 'agent'?
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An individual who represents a broker-dealer or issuer in effecting securities transactions.- Under the USA, what is an 'investment adviser'?
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A person who, for compensation, engages in the business of advising others on the value of or advisability of investing in securities.- What is an investment adviser representative (IAR)?
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An individual who works for an investment adviser and gives investment advice or manages accounts for clients.- What is a 'federal covered security'?
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A security exempt from state registration because it is already regulated at the federal level, such as one listed on a national exchange.- What is a 'federal covered adviser'?
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An investment adviser regulated by the SEC rather than the states, generally based on assets under management.- What is the de minimis exemption for broker-dealers under the USA?
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A broker-dealer with no place of business in a state that deals only with a small number of existing clients there need not register in that state.
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