FINAL #5 SERIES 66 EXAM 2025/2026
QUESTIONS AND VERIFIED ANSWERS ||
ALREADY GRADED A+ | GUARANTEED
PASS | LATEST VERSION!!!
The National Securities Markets Improvement Act of 1996 (NSMIA) - CORRECT
ANSWER - was passed to reduce the overlap of Federal and State securities
regulation.
all of them -
The State is empowered to "investigate and bring enforcement actions with respect
to fraud or deceit; or any unlawful conduct by a broker or dealer or investment
adviser; in connection with securities or securities transactions." - CORRECT
ANSWER - Federal securities laws supersede the provisions of the Uniform
Securities Act in which of the following?
I Registration requirements applicable to securities offerings
II Registration requirements applicable to investment advisers
III Broker-dealer capital, custody, financial responsibility and recordkeeping
requirements
,IV Investigation and bringing enforcement action against broker-dealers for
unlawful conduct
D-
If the broker-dealer or agent is not a resident, but is dealing only with wealthy
investors in the State, there is no exemption granted and both must be registered in
the State. - CORRECT ANSWER - A broker-dealer registered in States A and B
has an agentthat is registered in State A. The agent takes an unsolicited order from
a customer in State B. The agent will have to register in State B if:
Athis is an existing customer who resides in State A but is temporarily vacationing
in State B
Bthe customer is the issuer of the securities involved in the transaction
Cthis is an isolated transaction
Dthe customer is an accredited investor
close of next business day; close of next business day - CORRECT ANSWER - If
an investment adviser's net worth (or net capital) falls below the minimum level set
by the State, notice must be given to the Administrator by when ?________ of such
net worth deficiency.
After transmitting such notice, the investment adviser must file a report of its
financial condition when? _______
,A- - CORRECT ANSWER - On Monday, an investment adviser notices that the
firm's net capital has fallen below the minimum requirement set by the State. The
investment adviser MUST:
Atransmit notice to the Administrator on Tuesday and submit its financial
statement on Wednesday
Btransmit notice to the Administrator on Tuesday and submit its financial
statement on Friday
Ctransmit notice to the Administrator on Wednesday and submit its financial
statement on Friday
Dtransmit notice to the Administrator on Friday and submit its financial statement
on Monday
I and III-
they may only be filed by the issuer; or a broker-dealer acting for an issuer; or the
person on whose behalf the offering is being made (for example, an officer of a
company effecting a secondary distribution of a large block of shares that he or she
holds can file a registration application). - CORRECT ANSWER - An application
to register securities may be filed by the
:I Broker-Dealer
II Agent
, III Issuer
IV Investment Adviser
Church bond offerings - CORRECT ANSWER - are typically bought by members
of that church who are usually quite trusting individuals, and there have been some
big frauds that have occurred because they trusted another member of the church
who offered them securities that turned out to be worthless.
I - CORRECT ANSWER - The Administrator can deny an exemption to:
I Not-for-Profit issues
II Municipal issues
III U.S. Government issues
IV Agency issues
B-
nor is there any prohibition on offering "out-of-state" investments, as long as the
security is registered in the State where offered (or is exempt from registration in
that State). - CORRECT ANSWER - An investment adviser based in Beverly
Hills, California whose clientele consists of wealthy entertainment celebrities,
invests its clients' monies with the objectives of growth and income, along with
safety of principal. The adviser allocates customer monies across various equity
funds, bond funds, REITs and RELPs, and collects an annual advisory fee equal to
1% of assets. The adviser is recommending to its clients partnership units in rental
QUESTIONS AND VERIFIED ANSWERS ||
ALREADY GRADED A+ | GUARANTEED
PASS | LATEST VERSION!!!
The National Securities Markets Improvement Act of 1996 (NSMIA) - CORRECT
ANSWER - was passed to reduce the overlap of Federal and State securities
regulation.
all of them -
The State is empowered to "investigate and bring enforcement actions with respect
to fraud or deceit; or any unlawful conduct by a broker or dealer or investment
adviser; in connection with securities or securities transactions." - CORRECT
ANSWER - Federal securities laws supersede the provisions of the Uniform
Securities Act in which of the following?
I Registration requirements applicable to securities offerings
II Registration requirements applicable to investment advisers
III Broker-dealer capital, custody, financial responsibility and recordkeeping
requirements
,IV Investigation and bringing enforcement action against broker-dealers for
unlawful conduct
D-
If the broker-dealer or agent is not a resident, but is dealing only with wealthy
investors in the State, there is no exemption granted and both must be registered in
the State. - CORRECT ANSWER - A broker-dealer registered in States A and B
has an agentthat is registered in State A. The agent takes an unsolicited order from
a customer in State B. The agent will have to register in State B if:
Athis is an existing customer who resides in State A but is temporarily vacationing
in State B
Bthe customer is the issuer of the securities involved in the transaction
Cthis is an isolated transaction
Dthe customer is an accredited investor
close of next business day; close of next business day - CORRECT ANSWER - If
an investment adviser's net worth (or net capital) falls below the minimum level set
by the State, notice must be given to the Administrator by when ?________ of such
net worth deficiency.
After transmitting such notice, the investment adviser must file a report of its
financial condition when? _______
,A- - CORRECT ANSWER - On Monday, an investment adviser notices that the
firm's net capital has fallen below the minimum requirement set by the State. The
investment adviser MUST:
Atransmit notice to the Administrator on Tuesday and submit its financial
statement on Wednesday
Btransmit notice to the Administrator on Tuesday and submit its financial
statement on Friday
Ctransmit notice to the Administrator on Wednesday and submit its financial
statement on Friday
Dtransmit notice to the Administrator on Friday and submit its financial statement
on Monday
I and III-
they may only be filed by the issuer; or a broker-dealer acting for an issuer; or the
person on whose behalf the offering is being made (for example, an officer of a
company effecting a secondary distribution of a large block of shares that he or she
holds can file a registration application). - CORRECT ANSWER - An application
to register securities may be filed by the
:I Broker-Dealer
II Agent
, III Issuer
IV Investment Adviser
Church bond offerings - CORRECT ANSWER - are typically bought by members
of that church who are usually quite trusting individuals, and there have been some
big frauds that have occurred because they trusted another member of the church
who offered them securities that turned out to be worthless.
I - CORRECT ANSWER - The Administrator can deny an exemption to:
I Not-for-Profit issues
II Municipal issues
III U.S. Government issues
IV Agency issues
B-
nor is there any prohibition on offering "out-of-state" investments, as long as the
security is registered in the State where offered (or is exempt from registration in
that State). - CORRECT ANSWER - An investment adviser based in Beverly
Hills, California whose clientele consists of wealthy entertainment celebrities,
invests its clients' monies with the objectives of growth and income, along with
safety of principal. The adviser allocates customer monies across various equity
funds, bond funds, REITs and RELPs, and collects an annual advisory fee equal to
1% of assets. The adviser is recommending to its clients partnership units in rental
