Under the National Securities Markets Improvement Act of 1996, a "Federal Covered Security" is defined as a:
security that is listed on the NYSE
Under the Uniform Securities Act, which of the following are defined as either a "sale" or an "offer to sell" common stock of an issuer?
Any offer to sell the common stock for value, any solicitation of an offer to but the common stock for value and the sale of a bond with detachable warrants to buy the common stock of that issuer.
Under the Uniform Securities Act, an offer or sale does NOT exist if the securities are:
being pledged as collateral for a loan, non-assessable and given as a gift and exchanged for another type of security under a judicially approved reorganization
Registration by qualification becomes effective
on a date set by the Administrator
The Administrator, in regards to the registration may do all of the following EXCEPT
require that they state receive a portion of the offering proceeds as a condition of registration
Under the Uniform Securities Act, a registration statement which has been filed for a security:
is effective for 1 year and remains in effect for as long as the security is actively offered
Which statements regarding registration of a security in a State are FALSE?
Once a registation is declared effective in a State, it is effective in any other state in which a registration statement is filed and to maintain registration in a State quarterly and annual financial statements must be filed with the Administrator
Bonds issued by a church located in Sullivan County, in the State of Indiana, are begin offered to congregants of affiliated churches in the State of Illinois. Which statement is TRUE?
The bonds are only exempt securities in either Indiana or Illinois, as long as notice filing specifying the material terms of the offer is made in the State
Robert is an agent in the State of New York, with most of his clients living i the Buffalo area. He has a client who has inherited stock of a Canadian bank listed on theToronto Stock Exchange and the client wished to sell these securities to his relatives in Toronto. Which statement is TRUE about this transaction under the provisions of the Uniform Securities Act?
There is no requirement for the securities invoked to be registered in the State because the transaction is exempt
Under the Uniform Securities Act, if a broker-dealer receives an unsolicited customer order to buy a security for a customer, this is an:
exempt transaction, whether the security is exempt or non-exempt
Which of the following statement are TRUE about unsolicited customer transactions effected through a broker-dealer?
The administrator may require that the customer acknowledge the transaction with a written statement, the transaction s exempt under State law, the transaction is defined as a "non-isuer" transaction and commissions may be paid to the broker effecting transaction
All of the following statements are true regarding the private placement exemption under Uniform State Law EXCEPT:
All payments made by subscribers must be deposited to an escrow account until the offering is completed
The Administrator can, by order, deny an exemption from registration, to which of the following?
An executor selling stock held by an estate and corporate bonds being sold to a bank trust department
The Administrator may summarily deny or revoke the exemption of which type of security?
Non-profit Charitable Organization Issues
Filing of advertising with the Administrator is NOT required for:
U.S. Government securities, Municipal Securities, Investment Company securities and NYSE Listed securities
Limited partnership shares are sold to a bank. Under the provisions of the Uniform Securities Act of 1956, as amended, this transaction is subject to:
anti-fraud provisions as promulgated in the Act
Securities traded on the Midwest (Chicago) Stock Exchange are NOT exempt from which requirement of the Uniform Securities Act?
Exempt securities are NOT subject to which provisions of the Uniform Securities Act?
Advertising filing requirements and registration requirements
All of the following are exempt securities under the Uniform Securities Act EXCEPT:
Stocks issued by a corporation in an amount not exceeding $1,000,000. (Exempt: stock issued by a railroad subject to Interstate Commerce Commission regulation, Bonds issued by a Federal Credit Union and Canadian Government
All of to following are defined as either a "sale" or an "offer to sell" common stock of an issuer EXCEPT:
the gift of the common stock to an employee of the issues (Sale/Offer to sell: to sell common stock for value, solicitation of an offer to buy the common stock for value and the sale of a bond with detachable warrants to buy common stock of that issuer)
Under the Uniform Securities Act, which of the following is defined as a security?
Voting Trust Certificate (NOT an insurance police, fixed annuity or Commodity Future Contract)