FINRA Series_63 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Regulations of Securities and Issuers | 10% | - Definition of securities - Disclosure and anti-fraud requirements - Registration methods: coordination, qualification, filing - Exempt securities and exempt transactions |
| Regulations of Agents of Broker-Dealers | 13% | - Definition and scope of activities - Termination and notice requirements - Registration procedures and Form U4 - Exemptions from registration |
| Regulations of Investment Adviser Representatives | 5% | - Definition and activities requiring registration - Exclusions and exemptions - Registration and post-registration duties |
| Ethical Practices and Fiduciary Obligations | 40% | - Customer suitability and disclosure - Handling of customer funds and securities - Anti-fraud provisions and misrepresentation - Prohibited business practices - Advertising and communication rules - Conflicts of interest and compensation |
| Administrative Provisions and Remedies | 15% | - Civil and criminal liabilities - Judicial review and appeals - Investigations, subpoenas, and orders - Powers of state securities administrators |
| Regulations of Investment Advisers | 5% | - Registration and exemptions - Recordkeeping and reporting rules - Definition under Uniform Securities Act |
| Regulations of Broker-Dealers | 12% | - Definition and legal status - Supervision and compliance obligations - Exclusions and exemptions from registration - Registration and post-registration requirements |
FINRA Uniform Securities Agent State Law Examination Sample Questions:
1. Once a person has filed an application with the Administrator, and in doing so has truthfully disclosed
every material fact, how long does the Administrator have after the effective date of the registration to
commence a proceeding to deny, suspend, or revoke that person's license based on those facts?
A) 60 days.
B) 90 days.
C) 30 days.
D) one year.
2. 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 not have to register as an investment adviser since he is publishing a legitimate financial
newsletter for distribution to the general public.
B) Rich will have to register as an investment adviser since his publication will include investment
recommendations
C) 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.
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.
3. Which of the following would not be found in a tombstone advertisement?
A) the interest rate and time to maturity of a bond issue
B) the names of the underwriters
C) the price at which the security will be offered
D) the name of the issuer
4. You execute a stock transaction for a client on Thursday, September 23rd. The settlement date on the
order ticket will be
A) Thursday, September 23rd.
B) Tuesday, September 28th.
C) Friday, September 24th.
D) Monday, September 27th.
5. Today's edition of the Wall Street Journal carried a front page story regarding a federal lawsuit that has
been filed against a software manufacturer for monopolistic practices. The CFO of the company called his
broker today and sold some of the shares he owns in the company. Which of the following statements are
true?
I. The CFO is guilty of illegal insider trading.
II. If the agent who effected the transaction for the CFO knew he was CFO of the software company, the
agent is guilty of illegal insider trading.
III. The broker-dealer for whom the agent works may have its license suspended or revoked if its agent
has knowingly executed this illegal insider trade for not having supervised the agent properly.
A) I only
B) I, II, and III
C) None of the statements is true.
D) I and II only
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: C |
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