Free NASAA Series 65 (Uniform Investment Adviser Law Examination) Laws, Regulations, and Guidelines Practice Questions
Laws, regulations, and guidelines on the NASAA Series 65 exam cover the Uniform Securities Act, Investment Advisers Act of 1940, SEC and state registration requirements, fiduciary duty, ethical practices, and NASAA model rules.
Under the Uniform Securities Act, which of the following statements about injunctions is CORRECT?
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Correct Answer: D
Solution
Choice D is correct because under the USA, a court may issue an injunction when it appears that a person has engaged or is about to engage in a prohibited act or practice. The defendant's knowledge or intent is not a required element for injunctive relief — the standard focuses on the conduct itself and the need to prevent future harm, not the defendant's mental state.
Question 2
Medium
Which of the following BEST describes the SEC's net capital rule for broker-dealers?
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Correct Answer: C
Solution
Choice C is correct because SEC Rule 15c3-1 (the net capital rule) requires broker-dealers to maintain minimum levels of net liquid assets (net capital) at all times. The required amount varies based on the firm's business activities and customer obligations. The rule is designed to ensure that if a broker-dealer fails, it has sufficient liquid assets to wind down operations and return customer property.
Question 3
Hard
A state-registered investment adviser reviews its compliance practices. Each of the following practices is permissible EXCEPT:
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Correct Answer: D
Solution
D is correct. Performance-based fees are permitted only with clients who meet the qualified client standard (generally specified assets under management with the adviser or net worth thresholds); charging such a fee to a client who is not a qualified client is prohibited. Order aggregation with fair allocation and disclosure, reliance on the Section 28(e) soft-dollar safe harbor with proper disclosure, and maintaining a written code of ethics governing personal trading are all permissible and, in the case of the code of ethics, required.
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