STC Series 66 Progress Exams Correctly Answered Questions| UpToDate | Already Graded A+

Which of the following statements are TRUE concerning certain federal covered securities? The Administrator may require the issuer to pay a filing fee The Administrator may bring enforcement action if fraud is involved The Administrator may require the issuer to file a consent to service of process The Administrator will grant the registration after a final review of the filing ☑: I, II, and III only The National Securities Markets Improvement Act (NSMIA) places limits on states' power to regulate federal covered securities. Federal covered securities are exempt from registration at the state level therefore the state Administrator will not grant registration of a federal covered security, choice(IV). State securities Administrators may require certain issuers to Notice File which includes paying a filing fee, choice (I) and filing a Consent to Service of Process, choice (III). State Administrators also retain the right to investigate all issuers and bring enforcement actions against any violators that sell securities within their state choice (II). EXCELLENCE 2 Which of the following choices is a broker-dealer in State B? ☑: A broker-dealer registered in State A, where its only office is located, which has three individual clients in State B Agents, issuers, and banks are not broker-dealers. Also, a person with no place of business in a state, who deals only with institutional investors, is not a broker-dealer. If a firm deals with individuals, it would be considered a broker-dealer, even if it did not have an office in the state. If an agent resigns from their broker-dealer and is subsequently hired by another broker-dealer, who is required to notify the Administrator? The broker-dealer that the agent resigned from The broker-dealer that now employees the agent The agent Any one of the above mentioned persons ☑: I, II, and III According to the Uniform Securities Act, when an agent shifts from one broker-dealer to another, the agent, the old employer and the new employer must notify the Administrator. A broker-dealer registered in Georgia sells a security listed on Nasdaq. The transaction takes place in the secondary market between two clients who are Georgia residents. According to the USA, which of the following statements is TRUE? ☑: The security is not required to be registered in Georgia