FINRA Series_63

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FINRA Series_63 Exam Syllabus Topics:

FINRA Uniform Securities Agent State Law Examination Sample Questions:

Question 1

In which of the following cases is an investment adviser allowed to be compensated with a share of the
capital gains of the client's portfolio?
I. The client is a mutual fund.
II. The client is a credit union.
III. The client is a private client whose minimum net worth is $1 million or more.
IV. The client is a private client who has at least $750,000 invested through the investment adviser.

A. I, II, and III only
B. I, II, and IV only
C. none of the above. An investment adviser is never allowed to share in the capital gains earned on
D. I and II only

Question 2

An investment adviser suggests that his client, Arnold, a 74-year old gentleman, should consider a
reallocation of the assets in his portfolio. The adviser tells Arnold that he has far too much invested in
bonds, which don't earn as much as stocks. He advises Arnold to take 80% of the money he has in bonds
and invest it in an aggressive growth mutual fund that has provided an average annual return of 40% over
the past three years. Arnold is impressed and follows this advice. Shortly thereafter, there is a steep drop
in the market in general, and the net asset value of the aggressive growth mutual fund falls 85%. Does
Arnold have any remedies available to him?

A. No. Arnold had the choice and got greedy. As the old saying goes, "Bulls get rich, and bears get rich,
but pigs get led to slaughter."
B. No. The investment adviser had no way of knowing that the market was going to fall when he provided
the advice, so the adviser did not fail in his fiduciary responsibility to Arnold.
C. Yes. Arnold can sue for the amount of his losses, plus interest, as well as an amount assessed by the
court for "pain and suffering."
D. Yes. Arnold can sue for the amount of his losses, plus interest, court costs, and attorneys' fees.

Question 3

In an arrangement between MoeMoney Investment Advisers and one of the firm's clients, the YourMoney
mutual fund, part of MoeMoney's compensation is based how the fund performs compared to the S&P
5 00 Index. If the return on the fund exceeds the return on the index, MoeMoney gets a bonus. The S&P
5 00 had a return of negative 8% this year, and the fund returned a negative 2%, so MoeMoney invoiced
the client for the bonus. Has MoeMoney violated any securities laws?

A. Yes. It is a violation of the Uniform Securities Act for an investment adviser to earn a bonus if a portfolio
it manages loses money.
B. Yes. An investment adviser's compensation cannot be based on the capital appreciation of the
portfolio.
C. Yes. Under no circumstances can a bonus be part of an investment adviser's compensation package
according to the Uniform Securities Act.
D. No. The fund beat the return on the S&P 500 Index, so MoeMoney is entitled to the bonus, based on its
agreement with YourMoney.

Question 4

Which of the following entities must sign a "consent to service of process," thereby allowing the
Administrator to receive legal documents that are meant to be served to the entity in place of that entity?
I. agents
II. investment advisers
III. investment adviser representatives
IV. broker-dealers

A. I, II, III, and IV
B. II and III only
C. II and IV only
D. I and IV only

Question 5

Which of the following are examples of the prohibited practice of manipulation in the securities markets?
I. Broker-Dealer Joker is unhappy with its investment in the stock of a speculative firm and engages
another broker-dealer to purchase a large number of shares from it, with the unofficial agreement to buy
back those shares, offer more shares which the second broker-dealer will purchase, and so on.
II. Broker-Dealer Joker has a large short position in the stock of a certain corporation. Joker offers a
bonus to its agents who effect sale transactions in the stock.
III. A client calls Broker-Dealer Joker with a request to purchase 20 bonds issued by Massachusetts
Institute of Technology (MIT.) The bonds are currently selling for their par value of $1,000. Knowing this,
Joker offers to sells the client the bonds for $120 per $100 of par, or $1,200 per $1,000 bond.

A. I and III only
B. I only
C. I, II, and III
D. I and II only

Solutions: