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series 66 c1

State Securities Laws

QuestionAnswer
Any rule that includes a calender year(1933,1934,1940,etc.)is considered what type of law? A Federal Law.
Any rule that does not include a calender year(USA, NASAA, and Blue Sky)is considered what type of law? A State Law.
NSMIA(National Securities Markets Improvement)Act of 1996 states that if federal & state laws are the same; then who has primary jurisdiction? Federal law would have primary jurisdiction.
What does USA stand for? Uniform Securities Act.
What does Person mean? An individual,group,or organization.
What does NASAA stand for? North America Securities Administrator Association.
What is a State Administrator(Commissioner)? An enforcer of rules and regulations of the securities industry within the state.
What is the definition of Security? An investment in an organization managed by a 3rd party(common enterprise)with an expectation of a profit.
Exempt Security means? A security that does not need to be registered on the state level to be issued publicly.
Non-Exempt Security means? A security that needs to be registered on the state level to be traded publicly.
What is an Agent? A salesperson representing a broker-dealer or issuer in selling securities.
A Broker-Dealer is? A person or firm trading for themselves & for the accounts of others.
What does IA stand for? Investment Adviser.
Investment Adviser is? A person who charges fees for offering investment advice about securities.
Investment Adviser Representative is what? Any employee of an investment adviser except for clerical employees.
What is an Issuer? A corporation or government who issues or plans to issue securities.
According to state law, a partnership may not be an issuer. True or false? True.
Issuer Transaction[Primary Market Transaction]is what? A trade where the issuer receives money from the sale of securities{a trade of new securities}.
Non-Issuer Transaction{Secondary Market Transaction}is what? A trade where the proceeds of the sale of the securities are received by an investor instead of an issuer.
Guaranteed Security means? A security where dividends,interest,and/or principal payments are guaranteed by an institution other than the issuer[Insurance company,U.S. government].
Since no one may guarantee that the price of a security will increase;what may not be guaranteed? Capital Gains.
The indication of a dealer,trader,or investor of a willingness to sell a security for value[Recommendation]; is called? what? Offer[Offer to Sell].
Sale means? The actual trade of a security for value[Transferring ownership with one person paying another]
In-the-State means? A person will be considered"In-the-State" if any offer or sale occurs in the state.
Created by: Doylestown
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