IACCP EXAM| 56 QUESTIONS| WITH COMPLETE SOLUTION

Section 17(a)(2) Exchange Act Correct Answer: Prohibits any untrue statements of material fact or material omissions in the offer or sale of securities Section 17(a)(3) Exchange Act Correct Answer: Prohibits engaging in a course of business which operates as a fraud or deceit in the offer or sale of securities Section 17d Correct Answer: Basically no affiliate of an affiliate of a RIC can sell any stock to the company Section 17d-1 Correct Answer: Applications regarding joint enterprises & certain profit-sharing plans Section 17j-1 Correct Answer: Company Act requires RICs to have Code of Ethics Rule 17j-1(a) Company Act Correct Answer: Anti-fraud rule Section 202(a)(11) Correct Answer: Determines whether you're an advisor or not Section 202(a)(11)(G) Correct Answer: Exemption for family offices Section 203 Correct Answer: Registration IAs Section 203-1 Correct Answer: Application for investment advisor registration Section 203-2 Correct Answer: Withdrawal from IA registration Section 203A-1 Correct Answer: Eligibility for SEC registration Section 203A-2 Correct Answer: Registration exemptions Section 203A(a)(2) Correct Answer: Prohibits mid-size ($25m - $100m) advisers from registering with SEC if it can register with its state Rule 203A-3 Correct Answer: Investment Advisor representative definition - supervised person w/ 5 clients & 10% of those clients are people Section 203(b)(4) Correct Answer: Exemptions for charitable organization Section 203(b)(5) Correct Answer: Exempts advisors to church pensions Section 203(b)(6) Correct Answer: Exemptions for commodity trading advisors Section 203(e) Correct Answer: Allows SEC to discipline violators