ガイド（2023年最新）実際のFINRA Series63試験問題
Series63試験問題集合格させるのは更新されたのは2023年年最新の認証済み試験問題
質問 # 81
Investment Adviser Foo Lish, LLC has begun serving as a custodian of its clients' assets. Foo Lish, LLC must now
I. file a new U-5 form with the Administrator.
II. meet higher net capital requirements than before.
III. file an updated Form ADV with the Administrator.
IV. pay a CPA to do an annual unannounced audit of the firm.
- A. II, III, and IV only
- B. I, II, III, and IV
- C. II and III only
- D. I and II only
正解：A
解説：
Explanation
Selections II, III, and IV are correct. When Foo Lish begins serving as a custodian of its clients' assets, it must file an updated Form ADV with the Administrator, meet higher net capital requirements than before, and pay a CPA to do an annual unannounced audit of the firm. The U-5 form is filed when a representative leaves the firm.
質問 # 82
Constance is an investment adviser representative. She told one of her clients that he should put at least 15% of his investment monies in a U.S. government bond mutual fund.
She explained that she believed that he required this percentage to meet his liquidity needs, and U.S.
government bond funds are risk-free. A few months later, the client needed to sell some of his fund shares in order to pay some medical bills and was surprised to discover that he lost money on the sale because the net asset value of the fund had dropped.
Was Constance guilty of any securities violations?
- A. No. U.S. government bonds are often referred to as risk-free investments, so Constance made no misstatement of fact in telling her client this.
- B. Yes. Constance should never recommend that a client invest such a high percentage of his investment monies in a U.S. government bond mutual fund.
- C. It depends. If Constance realized that the client could lose money in a U.S. government bond fund, then she is guilty of fraud, but if she did not herself realize that, then she is merely misinformed.
- D. Yes. Constance is guilty of fraud. She misled the client into thinking he couldn't lose any money if he invested the money in a U.S. government bond mutual fund.
正解：D
解説：
Explanation
Yes. Constance is guilty of fraud. She misled her client into thinking he couldn't lose money if he invested the money in a U.S. government bond fund. Although U.S. government bonds are referred to as risk-free, this just means they are considered free from default risk. The value of the bonds-and, therefore, the U.S. government bond funds-will change with changes in interest rates. As an investment adviser representative, Constance should know this. Regardless of whether or not she does, she is guilty of fraud simply by providing the misleading information. If she knew it and deliberately misled the client, she is guilty of criminal fraud.
質問 # 83
Carrie is a registered agent employed by CanDo Broker-Dealers. Her uncle is a minister who regularly
refers his parishioners to Carrie, in return for which Carrie has agreed to donate a quarter of her
commissions from these transactions to the parish. Is Carrie doing anything illegal?
- A. It depends. If the church itself is a client of CanDo's, then it is considered to be affiliated with
- B. No. Carrie is just donating some of her commissions back to the church, and transactions with
- C. Yes. Carrie is splitting her commissions with an entity that is not affiliated with her broker-dealer
- D. It depends. As long as the church parishioners are aware of the arrangement between Carrie and
正解：C
解説：
Yes. Carrie is violating NASAA's Model Rules in splitting her commissions with an entity that
is not a registered agent affiliated with her firm. It doesn't matter that the entity is a church, even if that
church is itself a client of the broker-dealer.
質問 # 84
Under the NASAA Model Rules, the statute of limitations for civil liabilities is
- A. three years after the discovery of the facts and four years after the violation, whichever is greater.
- B. the earlier of two years after the discovery of the facts and four years after the violation.
- C. the earlier of two years after the discovery of facts and three years after the sale.
- D. the earlier of three years after the discovery of facts and five years after the violation.
正解：C
解説：
Under the NASAA Model Rules, the statue of limitations for civil liabilities is the earlier of two
years after the discovery of facts and three years after the sale. This follows the recommendations
provided by the Uniform Securities Act of 1956.
質問 # 85
You are an investment adviser representative. Your client, Mr. I. M. Pulse, calls you with what he thinks is exciting news. He just passed a restaurant and saw Microsoft's Bill Gates having lunch with a local entrepreneur who owns a small firm in the computer software industry that trades on the OTC pink sheets. He is sure that this means Microsoft is negotiating a purchase of the smaller company and instructs you to take the cash balance in his account and buy shares of the local company. You should
- A. call your supervisor and alert him immediately of Mr. Pulse's attempt to have you place an illegal order on his behalf in case Mr. Pulse decides to place the order elsewhere.
- B. do both A and B.
- C. advise Mr. Pulse that he may be jumping the gun, but place the order if he insists.
- D. tell Mr. I.M. Pulse that this would be an illegal insider trade and that you are unable to fulfill his request.
正解：C
解説：
Explanation
If Mr. Pulse wants you to place an order to buy a firm that he thinks will become a target of Microsoft based on seeing Bill Gates and the owner of the firm dining together, you should, as his adviser, inform him that he may be jumping the gun and drawing a false conclusion, but you should place the order if he continues to insist. It is a legitimate order, and you are obligated to follow his instructions. It does not constitute illegal insider trading because Mr. Pulse has no way of knowing what the two men were talking about. They may just be old high school buddies catching up on the news.
質問 # 86
Which of the following scenarios does not meet the definition of "custody" under NASAA Model Rules?
- A. An investment adviser keeps a client's securities in its safety deposit box.
- B. An investment adviser is mistakenly sent a client's securities, but returns them to the sender within
three business days of receipt. - C. An investment adviser receives a check from a client that is written to a mutual fund and forwards the
check to the mutual fund within three business days of receipt. - D. An investment adviser has general power of attorney for a client and is authorized to withdraw client
funds or securities that are on deposit with a registered broker-dealer upon the investment adviser's
request.
正解：B
解説：
If an investment adviser is mistakenly sent a client's securities, but returns them to the
sender within three business days of receipt, he is not deemed to have taken custody of the securities
under NASAA Model Rules. Custody is defined by the NASAA as "holding directly or indirectly, client
funds or securities, or having any authority to obtain possession of them." Therefore, an investment
adviser who has general power of attorney to withdraw a client's funds or securities from a broker-dealer
is acting as a custodian, as is an investment adviser who keeps a client's securities in its safety deposit
box. If an investment adviser receives a check from a client that is written to a third party, such as a
mutual, that check must be forwarded within 24 hours of receipt, or the investment adviser is deemed to
be a custodian.
質問 # 87
Noah Aull is an investment adviser representative with Canto Investment Advisers. A client has called and
told Noah that he heard about a firm that had recently completed an IPO at a party he had attended that
weekend and instructed Noah to purchase shares of the company, which was now trading on the OTC
Bulletin Board. Noah did some research and felt the company was far too risky an investment for this
client, so he did not execute the trade. This turned out to be fortunate for his client since the firm became
insolvent within six months of its IPO. Has Noah done anything wrong?
- A. Yes. Noah is guilty of making an unauthorized transaction and could have his license revoked.
- B. No. Noah did what he is hired to do-manage his clients' accounts to the best of his ability.
- C. Yes. Noah is guilty of not following a client's instructions and could have his license revoked.
- D. Yes. Noah is guilty of misappropriation and could have his license revoked.
正解：C
解説：
Yes. Noah is guilty of not following a client's instructions and could have his license revoked.
A refusal to act on a client's legitimate order is a prohibited practice, even if the client would have lost
money after-the-fact.
質問 # 88
Which of the following is an example of commingling?
- A. All of the above are examples of commingling.
- B. In order to generate more commissions for herself Ms. Fox makes trades on some of her client's
accounts and has the trade confirmations sent to a P.O box she owns. - C. Mr. Hawk encourages his clients to leave their securities in "street name" with the broker-dealer for
which Mr. Hawk works. - D. Sly is an agent with a broker-dealer who recently executed a stock purchase for his client and had the
client make the check for the purchase out to Sly for deposit in Sly's broker-dealer account.
正解：D
解説：
When Sly has his client pay for a stock purchase by making the check out to Sly himself, he
has engaged in the prohibited practice of commingling. Ms. Fox is also engaged in a prohibited practice,
but she is engaged in making unauthorized transactions. Mr. Hawk is doing nothing wrong. It is typical for
clients to leave securities on deposit with their broker-dealers in what is called "street name." This makes
it easier for the client to sell the securities later on since he physically will not have to deliver the securities
to the broker, for one thing.
質問 # 89
You are employed as an agent with CanDo Broker-Dealers. Your brother is software engineer with VideoMagic. When you were talking to him on the phone the other day, he told you that he overheard a conversation by some of the firm's executives that indicated that VideoMagic was about to take over another software company.
Which of the following would violate insider trading rules?
I. The next day, you get an unsolicited call from a client requesting that you sell his shares in Video Magic, and you execute the trade.
II. You buy stock in Video Magic's target firm in anticipation that its stock price will rise when the information becomes public.
III. You recommend the stock of Video Magic's target firm to investors based on the fact that, on average, the stock price of target firms increases.
- A. I, II and III
- B. II and III only
- C. I and III only
- D. I and II only
正解：B
解説：
Explanation
Only selections II and III are violations of insider trading rules. If you receive an unsolicited call from a client requesting a sale (or purchase) of that firm's stock, it is not considered to be an insider transaction. If you have insider information from you brother about the merger of VideoMagic with another firm, you cannot buy stock yourself in the target firm in anticipation of a rise in price, nor can you recommend the stock to customers based on your expectation of a stock price increase.
質問 # 90
You are an investment adviser to Mr. Crochety, an elderly man who lives solely on his social security
income although he managed to accumulate an investment portfolio worth about $100,000 over the years.
Mr. Crochety recently got his hands on a business publication and read about the tax-free interest paid by
municipal bonds. He calls you and instructs you to sell his other investments and invest all his money in a
municipal bond portfolio, so that "the government doesn't get any more of my hard-earned money." You
tell Mr. Crochety that you don't believe this is a wise move because he's in such a low tax bracket that
municipal bonds are not a good investment for him, but he is insistent. Based on these facts, you should
- A. ignore Mr. Crochety's instruction since it is not in his best interest.
- B. require Mr. Crochety to sign an affidavit of liability waiver, indicating that you will not be held
responsible for any adverse consequences of this decision. - C. have Mr. Crochety sign a statement of investment policy that indicates that this transaction is being
executed on the client's instructions and that you have advised the client against it. - D. call Mr. Crochety's relatives and suggest they have him examined for mental instability.
正解：C
解説：
Given that you have advised Mr. Crochety that this is not a wise move and he still insists on it,
you should protect yourself by getting it in writing. In no case, however, can you require a client to sign an
affidavit of liability waver, nor can you refuse to follow his adamant instructions.
質問 # 91
Which of the following would not be found in a tombstone advertisement?
- A. the price at which the security will be offered
- B. the names of the underwriters
- C. the name of the issuer
- D. the interest rate and time to maturity of a bond issue
正解：A
解説：
The price at which the security will be offered will not be found in a tombstone advertisement.
A tombstone advertisement is not an offer to sell the security and, in any case, it is unlikely that the final
offer price will have even been decided on at this point.
質問 # 92
Stable Corporation registered a bond issue that it plans to offer for sale in the state with the Administrator.
The bond has a par value of $1,000 and will pay interest of 7% a year, with the principal to be repaid in 5 years. The registration became effective on September 8th. The registration is effective
- A. for one full year.
- B. until December 31st of the same year
- C. for two full years.
- D. until the maturity date on the bond.
正解：A
解説：
Explanation
The bond's registration is effective for one full year from the effective date of the registration.
質問 # 93
Which of the following does not describe a prohibited activity by investment advisers and their
representatives, according to NASAA Model Rules?
- A. A new client comes to Simon LaGree for investment advice. The client has $25,000 to invest.Simon
tells the client that it will cost the client $5,000 to have a customized financial plan developed for him, but
after that the client needs to pay only 5% of the total value of the assets under management each quarter. - B. The agreement that Simon LaGree has his clients sign indicates that LaGree uses SecureMoney
Broker-Dealers in executing trades for his clients and that, in return, LaGree receives software from the
broker-dealer that allows LaGree to perform some fundamental and technical analysis. - C. All of the above describe prohibited practices.
- D. A 72-year-old retired social worker comes to Simon LaGree for investment advice. She has $50,000 to
invest. Simon recommends she invest half of it in an international growth mutual fund and half in a
variable annuity.
正解：B
解説：
It is not prohibited for LaGree to receive the software from SecureMoney in return for
executing trades through that broker-dealer since LaGree has disclosed this to his clients. An investment
adviser is permitted to receive soft dollars from broker-dealers in return for executing trades through them,
as long as the client is informed of the arrangement and the soft dollars will benefit both the client and the
adviser, which is the case in this instance since the software gives LaGree the ability to do research in
order to better advise his client. Choice A is clearly prohibited since it constitutes an "unreasonable
advisory fee." In Choice B, LaGree is making unsuitable recommendations to his client. A 72-year-old
retired social worker is likely to have a greater-than-average need for liquidity to pay for unexpected items,
such as medical bills. Variable annuities are designed to be long-term investments, not short-term
investments, so they would not meet this need. They typically have high surrender penalties that the client
would be subject to if she needed to make withdrawals within, say, the next 10 years. Likewise,
international growth funds are not liquid investments. International growth mutual funds are invested in
foreign stocks and are riskier than average, and are, thus, not suitable investment vehicles for the typical
7 2-year-old retired social worker.
質問 # 94
Which of the following actions is the Administrator of a state empowered to take?
- A. impose civil penalties in cases of fraud
- B. require restitution for the victims of a scam
- C. The Administrator of a state has the authority to take all of the above actions.
- D. gather evidence
正解：D
解説：
The Administrator of a state can gather evidence, but it cannot impose any civil penalties,
including the requirement of restitution to victims. These actions can only be performed by a court of law.
質問 # 95
The current yield on a bond fund refers to
- A. the percentage increase in the fund's net asset value.
- B. the return that the fund earned based only on the interest income it received
- C. the total return that the fund has earned over the most recent 12-month period.
- D. the return that the fund earned because of the capital appreciation of the securities in the fund.
正解：B
解説：
Explanation
The current yield on a bond fund is the return that the fund earned from interest income only. The return from interest income plus the return due to the capital appreciation of the securities make up the total return earned by the fund. The investor's total return is equal to the return on the income received from the fund plus any change in the net asset value of the fund.
質問 # 96
Which of the following compensation arrangements between an investment adviser and an individual
client with a net worth of $600,000 would be disallowed?
- A. The investment adviser will receive 0.1% of the gross capital gains earned on the portfolio each
quarter. - B. The investment adviser will receive 0.1% of the total value of the client's assets under management as
of the end of each month. - C. The client agrees to pay the investment adviser an hourly fee of $60.00.
- D. All of the above are legitimate compensation arrangements between and investment adviser and an
individual client with a net worth of $600,000.
正解：A
解説：
A compensation arrangement between an investment adviser and an individual client with a
net worth of $600,000 that stipulates the adviser will receive 0.1% of the gross capital gains earned on the
portfolio would be disallowed. An investment adviser of an individual client cannot be compensated with a
share of the capital gains earned on the portfolio unless that client has a net worth of at least $1.5 million
or has at least $750,000 invested through that investment adviser.
質問 # 97
Under which of the following scenarios can a client legitimately sue a purported professional in the securities industry and expect an award for damages?
I. The securities were sold by an agent whose registration was not yet effective with the state, but who had already applied for registration.
II. The security was a variable annuity, and the sales representative neglected to reveal the details of the surrender clause to the client.
III. The security was the stock of a company, the stock had recently been registered with the state for sale, had been granted registration, and the selling agent had told his client that the security had been state-approved for sale.
- A. I, II, and III
- B. I only
- C. II and III only
- D. I and III only
正解：A
解説：
Explanation
All of the selections are scenarios describing instances in which a client can legitimately sue a purported professional in the securities industry and expect an award for damages. A client can legitimately sue a purported professional in the securities industry and expect an award for damages if the agent is not yet effectively registered to effect securities transactions in the state; if the professional has neglected-intentionally or otherwise-to inform the investor of all the relevant information involving the security, such as any surrender clause involved; or if the agent has indicated that a state-registered security has in any way been approved by the state.
質問 # 98
Broker-dealer Nebulous opted to withdraw its registration with the state. Six months later, the
Administrator finds that Nebulous had been engaged in fraudulent securities transactions. Which of the
following statements is true?
- A. The Administrator has five years from the discovery of the misdeed to take disciplinary action, so
Nebulous will have to be on the lookout for a long time to come. - B. The Administrator is only able to take disciplinary action if the misdeeds are discovered within three
months of the effective date of the withdrawal, so Nebulous slipped by this time. - C. The Administrator is unable to take disciplinary action against Nebulous because the self-initiated
withdrawal became effective 30 days after the application was filed. - D. The Administrator can take disciplinary action against Nebulous for up to one year, so Nebulous is in
trouble.
正解：D
解説：
Even though Nebulous withdrew its registration from the state, the Administrator has up to a
year to take disciplinary action against the broker-dealer if he discovers that Nebulous has been engaged
in fraudulent securities transactions after the fact. The Administrator can retroactively begin a revocation
or suspension proceeding. Criminal courts can initiate proceedings anytime within five years of the
alleged misdeeds.
質問 # 99
on No: 9
Rich Writewell wants to begin publishing an independent weekly financial newsletter that will provide investment recommendations as well as other financial news items to the general public. Rich hopes that his newsletter will achieve nationwide circulation within a few months.
Which of the following statements is true?
- A. Rich will have to register as an investment adviser only if he sells this newsletter to the public. If the publication is to be distributed free of charge, he will not have to register.
- B. Rich may be exempt from registering as an investment adviser if he is a lawyer, accountant, engineer, or teacher. Otherwise, he will have to register.
- C. Rich will not have to register as an investment adviser since he is publishing a legitimate financial newsletter for distribution to the general public.
- D. Rich will have to register as an investment adviser since his publication will include investment recommendations.
正解：C
解説：
Explanation
Rich will not have to register as an investment adviser since he is publishing a legitimate financial newsletter that will be distributed to the general public. The definition of the term "investment adviser" excludes publishers of bona fide business or financial publications that are published regularly and have general circulation.
質問 # 100
Which of the following statements best explains the difference between an agent and a broker-dealer?
- A. An agent is an individual who represents a broker-dealer or an issuer and buys and sells securities he does not own in return for a commission on the transactions he executes. A broker-dealer may also buy and sell securities for his own portfolio, in which case the broker-dealer enjoys any price appreciation on those securities.
- B. Agents are engaged exclusively in the purchase and sale of stocks whereas broker-dealers also buy and sell bonds and option contracts.
- C. Agents conduct their business exclusively in the secondary market, while broker-dealers also operate in the primary market.
- D. A broker-dealer must be licensed in the state in which he conducts business, but there are no separate licensing requirements for agents.
正解：A
解説：
Explanation
The main difference between an agent and a broker-dealer is that an agent represents either a broker-dealer or an issuer and buys and sells securities he doesn't own, receiving a commission for the trades he executes. A broker-dealer, when functioning as a dealer, is buying and selling for his own portfolio, thereby profiting from any price appreciation in the assets in his portfolio. Both agents and broker-dealers must meet state licensing requirements; both engage in the purchase and sale of stocks, bonds, and option contracts; and both operate in both the primary and secondary markets.
質問 # 101
Which of the following may an investment adviser not use in an attempt to solicit new clients?
- A. testimonials of satisfied clients
- B. a free initial consultation, with no obligation on the part of the potential client
- C. a free financial planning kit, with no obligation on the part of the potential client
- D. a complete list of the stocks they have recommended in the past year, even if a statement is included
that states that past performance is no guarantee of future performance
正解：A
解説：
Investment advisers may not use testimonials of satisfied clients to solicit new clients. They
may provide past stock picks, as long as they provide a complete list, that compilation period for the list is
at least a year, and as long as they are careful to note that past performance is no guarantee of future
performance. They can also offer freebies, such as a free initial consultation or a free financial planning kit,
as long as these are indeed offered "free," with no obligation on the part of the client.
質問 # 102
Which of the following statements regarding the registration of broker-dealers and investment advisers is true?
- A. Investment advisers are required either to be registered with a state or with the SEC, while broker-dealers must be registered both with the SEC and the state.
- B. Investment advisers are required to register with both the state and the SEC, while broker-dealers may be registered with only one or the other.
- C. Both investment advisers and broker-dealers must be registered with the SEC and with the states in which they have offices.
- D. Investment advisers must always be registered with the SEC to conduct business; broker-dealers may be registered with either an individual state or the SEC or both.
正解：A
解説：
Explanation
The true statement is C: Investment advisers are required either to be registered with a state or with the SEC, but broker-dealers must be registered with both the SEC and the state. Investment advisers who are federal covered do not need to be registered with the state as well, but they do have to execute a notice filing with the Administrator of any state in which they have an office.
質問 # 103
Which of the following would fall under the definition of "agent," as defined by the Uniform Securities Act
(USA)?
- A. Freedom broker-dealers executes the purchase and sale of securities for its customers.
- B. TrustUs Bank has a subsidiary operation that sells mutual funds to the public.
- C. Joe works as an administrative assistant for broker-dealer GetErDone, doing data entry, filing client
forms that contain confidential information, and directing calls to registered representatives of the firm. - D. None of the above would fall under the definition of "agent," as defined by the Uniform Securities Act
(USA.)
正解：D
解説：
None of the selections describe an "agent," as defined by the Uniform Securities Act (USA.)
Joe is not executing trades for clients of the broker-dealer, and clerical assistants are not classified as
agents. Agents must be individuals, so a firm like Freedom broker-dealers would not be considered an
agent. A bank is not an individual, and banks are even excluded from the definition of a broker-dealer.
質問 # 104
Which of the following would meet the requirements for an "exempt security?"
- A. commercial paper with a $200,000 face value and a maturity of three months that is rated BB by
Standard and Poors - B. a $500,000 promissory note that matures in two years
- C. commercial paper with a $100,000 face value and a maturity of five months that is rated AA by
Standard and Poors - D. a $25,000 promissory note that matures in three months
正解：C
解説：
An issue of commercial paper with a $100,000 denomination and a maturity of five months
with an AA rating from Standard and Poors meets the requirements for an "exempt security." A short-term
security, with no more than 270 days to maturity, that has a denomination of at least $50,000, and has a
rating of AAA, AA, or A from a recognized rating agency is exempt from registration with the state
Administrator.
質問 # 105
......
合格させる保証付き無料クイズ2023年最新の実際に出ると確認されたFINRA：https://www.passtest.jp/FINRA/Series63-shiken.html
Series63試験問題でリアルに更新された問題PDF：https://drive.google.com/open?id=1uAmf_93nxp_wSs0OKqZobyLxBCnyLtgs