[2023年10月] 合格させるSeries63試験一発合格、最新のSeries63 PassTestの提供する試験問題
Uniform Securities State Law問題集でSeries63試験の完全版解答試験学習ガイド
質問 # 116
John Ketchum is an investment adviser representative with Load Investment Advisers, which has a family
of load funds that it encourages its representatives to promote. Representatives of the firm that sell
shares in these funds to their clients receive a greater share of the load than they do if they sell load funds
offered by other firms. Based on these facts, which of the following statements is true?
- A. If, after reviewing the information form a client has filled out, John believes that one of Load's funds is
an appropriate investment, John can recommend that the client invest in that fund. There is no disclosure
requirement necessary if the recommendation is a sound one that can be proved to be based on the
client's specific situation. - B. Both A and B are true.
- C. John is obligated to try to sell his clients the funds offered by Load first since he is affiliated with them
and has a fiduciary responsibility to them. - D. John must provide his clients with a written disclosure that he will receive a greater remuneration for
selling shares in the Load family of funds than if he sells them shares in other funds before he provides his
clients with any investment advice.
正解：D
解説：
As a representative for a family of load funds who receives greater remuneration for selling
those funds, John must provide his clients with a written disclosure of this fact before providing any advice,
according to NASAA Model Rules. This constitutes a material conflict of interest that must be disclosed "to
clients in writing before any advice is rendered." John is not obligated to try to sell his clients the funds
offered by Load first. His fiduciary responsibility is to his clients, not his employer.
質問 # 117
Needy Investment Advisers, LLC needs a loan. One of its wealthier clients has offered to lend the firm the
money at the prime rate of interest. A promissory note is drawn up stipulating the terms of the loan. Based
on these facts,
- A. Needy will be in violation of securities laws unless a waiver of compliance form is signed by the client
and submitted to the administrator. - B. Needy is not in danger of violating any securities laws since the loan was unsolicited and has been
properly executed via a promissory note. - C. Needy is in violation of securities laws by acting as an issuer of securities.
- D. Needy is in violation of securities laws only if the face value of the note is for $50,000 or more.
正解：C
解説：
In accepting a loan from a wealthy client, Needy is in violation of securities laws by acting as
an issuer of securities. Under NASAA Model Rules, investment advisers may not borrow money from
clients unless the client is in the business of lending money, as would be the case if the client were a
financial institution. It doesn't matter if the client is in agreement with the loan; waiver of compliance
agreements are prohibited by both the NASAA Model Rules and the Investment Advisers Act of 1940. Nor
does it matter that the loan was unsolicited and formalized with a promissory note.
質問 # 118
Under the guidelines of the Bank Secrecy Act (BSA), the Treasury Department now requires broker-dealers to obtain and keep certain information relating to clients that make or receive funds transfers that involve
- A. $10,000 or more.
- B. $3,000 or more.
- C. $5,000 or more.
- D. $100,000 or more.
正解：B
解説：
Explanation
Under the guidelines of the BSA, the Treasury Department now requires broker-dealers to obtain and keep information relating to clients that make or receive funds transfers that involve $3,000 or more. If the transaction is a cash transaction over $10,000, the same rules apply, and a Currency Transaction Report must be filed with FinCEN. Under the USA Patriot Act, if the broker-dealer thinks that a transaction of $5,000 or more is suspect, the broker-dealer must file a suspicious activity report (SAR.)
質問 # 119
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 will not have to register as an investment adviser since he is publishing a legitimate financial
newsletter for distribution to the general public. - C. Rich will have to register as an investment adviser since his publication will include investment
recommendations - D. 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.
正解：B
解説：
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 # 120
In its prospectus, the YourMoney Mutual Fund provides charts and tables of its average annual return over the past year, three years, five years, and ten years. The fund's return has indeed been phenomenal over this time period, beating the S&P 500 Index by at least 15%. The prospectus states that this is because the fund invests in securities that are riskier and that, therefore, an investor can expect the fund to continue earning a return higher than the S&P 500 Index.
Is YourMoney guilty of any security violations?
- A. Yes. YourMoney is guilty of fraud in claiming that "an investor can expect the fund to continue earning a return higher than the S&P 500 Index." Past performance is no indication of future performance.
- B. No. Regulations require only that the mutual fund provide charts and tables of its average annual returns, with a statement comparing the fund performance with a relevant market index. YourMoney has done this and more.
- C. Yes. There is no way the fund could have beaten the S&P 500 Index by at least 15% over the past ten years. The fund is obviously misstating its returns.
- D. No. YourMoney properly revealed to prospective investors the fact that its higher than average returns are the result of its investment in riskier securities.
正解：A
解説：
Explanation
Yes. YourMoney is guilty of fraud in its claim that "an investor can expect the fund to continue earning a return higher than the S&P 500 Index." Past performance is no indication of future performance, and this statement is clearly a misstatement of a material fact. In fact, because the securities the fund invests in are riskier than average, the fund returns can be expected to fall harder than the S&P 500 Index in a market downturn.
質問 # 121
BondsRUs is a broker-dealer that (unsurprisingly) specializes in bonds. The firm has found that it is able to sell Treasury bonds that it buys for $90 per $100 of par value for $99 per $100 of par value to some of its more naive clients, who never pay attention to the confirmation statements BondsRUs sends them. BondsRUs is guilty of
- A. nothing. It is acting as a dealer in bonds and, as such, can charge its clients whatever the clients are willing to pay.
- B. fraud.
- C. overcharging its clients by unreasonable markups. A $9 dealer's spread on Treasury bonds is unwarranted.
- D. both B and C.
正解：C
解説：
Explanation
BondsRUs is guilty of overcharging its clients by unreasonable markups. A $9 dealer's spread on a risk-free investment such as a Treasury bond is unwarranted, and this practice is prohibited.
Based on the information provided, BondsRUs is not guilty of fraud since it appears that the firm is revealing the markup in its confirmation statements. The clients just aren't paying attention.
質問 # 122
The settlement date refers to
- A. the latest date on which broker-dealers can file their quarterly financial statements with the Administrator of the state.
- B. the date the order to purchase or sell the security is sent to the market.
- C. the date the order to purchase or sell a security is actually executed. This may differ from the date that the order is sent to the market in the cases of limit or stop orders.
- D. the date the buyer must pay for the securities purchased.
正解：D
解説：
Explanation
The settlement date is the date that the buyer must pay for the securities purchased. For stocks and bonds other than U.S. Treasury securities, this date is the third business day after the trade. For U.S. Treasuries and options that sell on exchanges, the settlement date is the next business day.
質問 # 123
You are a newly licensed agent and are making cold calls to generate business. According to the
Telephone Consumer Protection Act of 1991 (TCPA), you may only place your calls between the hours of
- A. 8 a.m. and 7 p.m., based on the Pacific Time Zone.
- B. 8 a.m. and 9 p.m., based on your time zone.
- C. 8 a.m. and 7 p.m., based on your prospective customer's time zone.
- D. 8 a.m. and 9 p.m., based on your prospective customer's time zone.
正解：D
解説：
The TCPA mandates that you place your calls only between the hours of 8 a.m. and 9 p.m.,
based on your prospective customer's time zone. This is a rule that applies to all telemarketers.
質問 # 124
It has come to the attention of the Administrator of the state that Samuel Shyster provided false information on his application to become a registered investment adviser with the state. Prior to revoking Samuel's license, the Administrator will provide Samuel with which of the following?
I. prior notice
II. an opportunity to fill out a new registration statement
III. an opportunity for a hearing
IV. a written statement regarding the facts and the legal consequences
- A. I, II, and IV
- B. I, III, and IV
- C. I, II, III, and IV
- D. I, II, and III
正解：B
解説：
Explanation
Prior to revoking Samuel's license, the Administrator will provide Samuel with prior notice (I), an opportunity for a hearing (III), and a written statement regarding the facts and the legal consequences (IV).
質問 # 125
Mr. Bigwig, CEO of HiGrowth Corporation, meets with the president of BigFee Investment Bankers and
arranges for BigFee to underwrite an Initial Public Offering (IPO) for the firm. When the IPO comes to
market, GetErDone Broker-Dealers is part of the selling group, which handles the sale of the stock to the
public. In this scenario, which party is the broker?
- A. HiGrowth Corporation
- B. GetErDone Broker-Dealers
- C. Mr. Bigwig
- D. BigFee Investment Bankers
正解：B
解説：
GetErDone Broker-Dealers is the broker in this scenario. GetErDone is simply finding buyers
for the securities and receives a commission for doing so. GetErDone is not itself purchasing the
securities in the scenario described. It would be considered unethical for the broker-dealer to do so since
they are required to make a bona fide public offering of all of the securities allotted to them for distribution
under NASAA Model Rules.
質問 # 126
Nancy's Aunt Ethel died, making Nancy executrix of her estate. In going through Aunt Ethel's belongings, Nancy discovered some stock certificates that she learned had been issued by a small New Jersey firm that was still in business. The problem lay in the fact that Nancy's Aunt Ethel had moved from New Jersey to Florida years ago, and the stock is registered only in the state of New Jersey. Nancy herself is a resident of Massachusetts.
What does Nancy have to do in order to sell this stock?
- A. Nancy will have to establish a mailing address in New Jersey before she can legally sell this stock.
- B. Nancy can sell the stock without a problem as executrix of her aunt's estate.
- C. Nancy will need to contact a securities law firm in Florida to help her register the stock in the state of Florida.
- D. Nancy will need to contact a broker-dealer licensed in the state of New Jersey to help her with the sale of this stock.
正解：B
解説：
Explanation
Nancy can sell the stock without a problem as executrix of her aunt's estate. This is considered to be a fiduciary transaction and, as such, it is an exempt transaction.
質問 # 127
Noah Scruples, an agent with CanDo Broker-Dealers, just got a copy of the most recent report on a
certain stock. The report was generated by CanDo's analyst department and is hot off the presses. It has
not yet even been put on the firm's website for the firm's clients.
The analyst department has just changed its recommendation on the stock from "Hold" to "Strong Buy"
based on new information that it has obtained on the company. Can Noah
rush to his office to buy shares of the stock before the analysts release their reports to CanDo's clients?
- A. No. It is unethical for him to trade based on this information before the firm's clients have received the
information. - B. Yes. The firm's analysts used publicly available information to assess the stock and make its
recommendation, so Noah can buy the stock now on his own account. - C. Both B and C are true statements.
- D. No. This is a prohibited activity referred to as "painting the tape."
正解：A
解説：
No. It is unethical for him to trade based on the information that just came from the analysts
before the firm's clients have the information. This is a prohibited practice called "front running."
質問 # 128
An investment adviser
I. provides investment advice to clients.
II. sells securities to clients.
III. buys and sells securities in their clients' accounts for the clients.
- A. I and II only.
- B. I and III only.
- C. I, II, and III.
- D. I only.
正解：B
解説：
An investment adviser provides investment advice to clients and may also buy and sell
securities in their clients' accounts for the clients. He does not, however, sell securities to his clients.
質問 # 129
In its prospectus, the YourMoney Mutual Fund provides charts and tables of its average annual return
over the past year, three years, five years, and ten years. The fund's return has indeed been phenomenal
over this time period, beating the S&P 500 Index by at least 15%. The prospectus states that this is
because the fund invests in securities that are riskier and that, therefore, an investor can expect the fund
to continue earning a return higher than the S&P 500 Index. Is YourMoney guilty of any security
violations?
- A. No. Regulations require only that the mutual fund provide charts and tables of its average annual
returns, with a statement comparing the fund performance with a relevant market index.YourMoney has
done this and more. - B. Yes. There is no way the fund could have beaten the S&P 500 Index by at least 15% over the past ten
years. The fund is obviously misstating its returns. - C. No. YourMoney properly revealed to prospective investors the fact that its higher than average returns
are the result of its investment in riskier securities. - D. Yes. YourMoney is guilty of fraud in claiming that "an investor can expect the fund to continue earning
a return higher than the S&P 500 Index." Past performance is no indication of future performance.
正解：D
解説：
Yes. YourMoney is guilty of fraud in its claim that "an investor can expect the fund to
continue earning a return higher than the S&P 500 Index." Past performance is no indication of future
performance, and this statement is clearly a misstatement of a material fact. In fact, because the
securities the fund invests in are riskier than average, the fund returns can be expected to fall harder than
the S&P 500 Index in a market downturn.
質問 # 130
Stu Pede is an agent with broker-dealer Cavalier. A customer calls with a request to establish a classic
IRA and asks for Stu's advice regarding where the money in the IRA should be invested. Stu suggests a
municipal bond fund, explaining to his client that the interest income earned on it will be tax-free at the
federal level, and some of it may even be tax-free at the state and local levels. Has Stu engaged in any
prohibited practices?
- A. Yes. Municipal bonds are not suitable investments for a classic IRA, and Stu can have his license
revoked or suspended. - B. No. Although municipal bonds are not suitable investments for a classic IRA, Stu obviously didn't know
this and is merely guilty of stupidity. - C. No. Although Stu has given investment advice, it was solicited by the client, and Stu received no
additional compensation for the advice. - D. Yes. Stu is an agent with a broker-dealer. He is not an investment adviser representative and is not
allowed to make recommendations regarding investments to the firm's clients.
正解：A
解説：
Yes. When Stu recommends an investment in municipal bonds for a classic IRA account, he
has made an unsuitable recommendation, which is a prohibited practice, and he can have his license
revoked or suspended. Municipal bonds are not suitable investments for a classic IRA because municipal
bonds pay interest that is at least free from federal taxation, so they offer a lower yield than fully taxable
bonds of similar risk. The money in a classic IRA grows tax-free anyway, so the client is getting a lower
yield with no benefit.
質問 # 131
While on vacation in Colorado, Massachusetts resident Ms. Jetset meets Mr. Snow, a registered representative with a Colorado broker-dealer, on a ski lift and accepts a dinner engagement with him later that evening, during which he obtains her cell phone number. A week later, while she is lounging around in her Florida beach condo, he calls and interests her in a local software company that is selling its preferred stock to investors and encourages her to buy it. Ms. Jetset tells Mr. Snow she'll think about it and calls him after she returns to her home in Massachusetts to tell him to buy the stock for her and sends him a check via express mail. Later, Ms. Jetset learns that the preferred stock certificate that she received is-and always was-a worthless piece of paper, and that, in fact, no such company ever existed.
Which state Administrator has jurisdiction in this instance?
I. the Administrator of the state of Colorado
II. the Administrator of the state of Florida
III. the Administrator of the state of Massachusetts
- A. I and III only
- B. I and II only
- C. I, II, and III
- D. I only
正解：C
解説：
Explanation
All three state administrators have jurisdiction since Mr. Snow made the offer to sell from Colorado, to a person who was in Florida at the time, and Ms. Snow accepted the offer and received the certificate in her home state of Massachusetts. According to NASAA, an Administrator has jurisdiction over all offers and all acceptances of offers to purchase or sell securities if they "originate from, are directed to, or are accepted in a state.
質問 # 132
Ari Gaunt is a registered agent employed by Small &Associates Broker-Dealers. He has been notified of a hearing regarding the revocation of his license for making unauthorized trades on some of his clients' accounts.
Which of the following statements is necessarily true?
- A. If Ari is found guilty and has his license revoked, he can appeal the decision in a court of law if he files the appeal within sixty days.
- B. If Ari is found guilty and has his license revoked, Small & Associates will be subject to a fine.
- C. The Administrator of the state can assess Ari with both civil and criminal penalties.
- D. If Ari is found guilty and has his license revoked, Small & Associates will have its license revoked as well and must reapply for reinstatement by filling out an application and paying the requisite filing fees.
正解：A
解説：
Explanation
If Ari is found guilty of making unauthorized trades on his clients' accounts and has his license revoked, he can appeal the decision in a court of law if he files the appeal within sixty days. Small & Associates license is not in danger as long as the firm has been providing competent supervision of Ari and its other agents. It will not be required to pay a fine based on Ari's fraudulent activities. Ari may end up with civil and criminal penalties, but the Administrator cannot assess them. Only a court of law can do that.
質問 # 133
Joe Romeo is a broker-dealer registered with the state. He has recently hired Betty Buxom as his administrative assistant. As part of her duties, he has given her the responsibility for effecting the purchases and sales of securities for some of his firm's smaller accounts. Ms. Buxom has never applied for nor been granted registration as a broker-dealer or agent. Based on these facts,
- A. the Administrator is required by the Uniform Securities Act to revoke Joe Romeo's registration and file criminal and civil charges against him.
- B. the Administrator is required to turn the case over to the state's district attorney, who will file criminal charges against both Joe Romeo and Betty Buxom.
- C. the Administrator may elect to revoke or suspend Joe Romeo's registration, and Joe may also face both civil and criminal penalties.
- D. there is no problem as long as Ms. Buxom registers with the state as an agent within thirty days.
正解：C
解説：
Explanation
Since Joe Romeo has allowed Betty Buxom to execute trades, a duty that can legally be performed only by a registered broker-dealer or agent, the Administrator may elect to revoke or suspend Joe Romeo's registration, and Joe may also face civil and criminal penalties. Ms. Buxom needed to be registered as an agent prior to effecting any transactions in the securities markets; there is no grace period. The Administrator is not required to take any action, however.
質問 # 134
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