In an arrangement between MoeMoney Investment Advisers and one of the firm's clients, the YourMoney
mutual fund, part of MoeMoney's compensation is based how the fund performs compared to the S&P
5 00 Index. If the return on the fund exceeds the return on the index, MoeMoney gets a bonus. The S&P
5 00 had a return of negative 8% this year, and the fund returned a negative 2%, so MoeMoney invoiced
the client for the bonus. Has MoeMoney violated any securities laws?

• A. No. The fund beat the return on the S&P 500 Index, so MoeMoney is entitled to the bonus, based on its
  agreement with YourMoney.
• B. Yes. It is a violation of the Uniform Securities Act for an investment adviser to earn a bonus if a portfolio
  it manages loses money.
• C. Yes. Under no circumstances can a bonus be part of an investment adviser's compensation package
  according to the Uniform Securities Act.
• D. Yes. An investment adviser's compensation cannot be based on the capital appreciation of the
  portfolio.

설명: (Fast2test 회원만 볼 수 있음)

Under the 2002 Uniform Securities Act, registration by coordination allows:

• A. federal covered securities to be registered simultaneously with the SEC and with the states in which
  the securities will be offered for sale.
• B. securities that do not fall within the category of federal covered securities to be registered
  simultaneously with the SEC and with the states in which the securities will be offered for sale.
• C. both state-registered and out-of-state investment bankers to participate in the underwriting and
  registration of a new security issue.
• D. issuers of federal covered securities to submit only a notice filing with the Administrator of states in
  which the securities will be offered for sale.

설명: (Fast2test 회원만 볼 수 있음)

Under the Uniform Securities Act (USA), which of the following statements would be disallowed?

• A. A sales representative of GetErDone Broker-Dealers guarantees that a client can expect an average
  annual rate of return of 2% on a mutual fund investment the sales representative is selling, pointing to the
  fact that the fund has returned an average annual rate of return of 6% over the past ten years.
• B. An insurance company guarantees a fixed payment of $300 a month for life on an annuity it is selling.
• C. The government of the U.S. guarantees a 3% interest rate, to be paid semiannually, on a new 5-year
  Treasury note.
• D. Neither the statements in Selections B or C would be allowed under the guidelines of the Uniform
  Securities Act.

설명: (Fast2test 회원만 볼 수 있음)

Alter Advisers & Associates is a small investment adviser partnership registered only in a single state.
One of the partners has died, and the surviving spouse has sold that partnership interest to the surviving
partners. Which of the following statements are true?
I. Alter Advisers must inform the state Administrator of this event.
II. Alter Advisers must inform the SEC of this event.
III. Alter Advisers must notify the firm's clients of this event.

• A. I, II, and III
• B. I and III only
• C. I and II only
• D. I only

설명: (Fast2test 회원만 볼 수 있음)

Ms. Muffet is employed by Spyder Broker-Dealers. Her job duties include providing price quotes and
executing purchases and sales for the firm's clients. She is paid a salary plus commission. Ms. Muffet is

• A. an agent.
• B. an investment adviser.
• C. an investment adviser representative.
• D. a broker-dealer.

설명: (Fast2test 회원만 볼 수 있음)