IACCP 2023 Exam Questions With Complete Solution

IACCP 2023 Exam Questions With Complete Solution Section 17(a)(2) Exchange Act - CORRECT ANSWERS Prohibits any untrue statements of material fact or material omissions in the offer or sale of securities Section 17(a)(3) Exchange Act - CORRECT ANSWERS Prohibits engaging in a course of business which operates as a fraud or deceit in the offer or sale of securities Section 17d - CORRECT ANSWERS Basically no affiliate of an affiliate of a RIC can sell any stock to the company Section 17d-1 - CORRECT ANSWERS Applications regarding joint enterprises & certain profit-sharing plans Section 17j-1 - CORRECT ANSWERS Company Act requires RICs to have Code of Ethics Rule 17j-1(a) Company Act - CORRECT ANSWERS Anti-fraud rule Section 202(a)(11) - CORRECT ANSWERS Determines whether you're an advisor or not Section 202(a)(11)(G) - CORRECT ANSWERS Exemption for family offices Section 203 - CORRECT ANSWERS Registration IAs Section 203-1 - CORRECT ANSWERS Application for investment advisor registration Section 203-2 - CORRECT ANSWERS Withdrawal from IA registration Section 203A-1 - CORRECT ANSWERS Eligibility for SEC registration Section 203A-2 - CORRECT ANSWERS Registration exemptions Section 203A(a)(2) - CORRECT ANSWERS Prohibits mid-size ($25m - $100m) advisers from registering with SEC if it can register with its state Rule 203A-3 - CORRECT ANSWERS Investment Advisor representative definition - supervised person w/ 5 clients & 10% of those clients are people Section 203(b)(4) - CORRECT ANSWERS Exemptions for charitable organization Section 203(b)(5) - CORRECT ANSWERS Exempts advisors to church pensions Section 203(b)(6) - CORRECT ANSWERS Exemptions for commodity trading advisors Section 203(e) - CORRECT ANSWERS Allows SEC to discipline violators Section 203(e)(6) - CORRECT ANSWERS Allows SEC to take action if a person or entity has failed reasonably to supervise the prevention of violations Section 203(f) - CORRECT ANSWERS Authorizes the SEC to take action on those associated with advisors who have failed their duty to supervise Section 203(i) - CORRECT ANSWERS Allows SEC to assess civil (monetary) penalities Section 203(k) - CORRECT ANSWERS Allows SEC to issue cease & desist orders Section 204 - CORRECT ANSWERS Annual & other reports Section 204-1 - CORRECT ANSWERS Requires Form ADV be updated annually within 90 days of firms fiscal YE & when amendments are required Section 204A - CORRECT ANSWERS Requires written policies & procedures designed to prevent the misuse of MNPI Rule 204A-1 - CORRECT ANSWERS Requires an advisor to adopt code of ethics Access Person - CORRECT ANSWERS Person who has access to MNPI & adviser information Supervised Person - CORRECT ANSWERS Partner, officer, employee of the firm Rule 204(b)-1 - CORRECT ANSWERS Requirement of who must complete Form PF Section 204-2 - CORRECT ANSWERS Books & Records