FINRA Uniform Securities Agent State Law: FINRA-SERIES-63

Erin is a registered agent who works for SecureMoney Brokers-dealers. One of her clients, Mrs. McTurk, is a recently-widowed woman who relies on Erin for advice about her investment portfolio. Mrs. McTurk reminds Erin of her own grandmother, and she is happy to provide guidance within the sphere of her own knowledge.

Based on these facts, which of the following statements is true?

A. SecureMoney Broker-dealers must register as an investment adviser since one of its employees is providing investment advice.

B. Erin must register as an investment adviser since she is providing investment advice.

C. SecureMoney Broker-dealers must register as an investment adviser since one of its employees is providing investment advice, and Erin must register as an investment adviser representative as the firm's employee.

D. Neither SecureMoney Broker-dealers nor Erin must register as an investment adviser based on the facts provided.

Which of the following entities would be required to register with the state as a broker- dealer under the guidelines of the Uniform Securities Act (USA)?

A. an underwriter with no offices in the state that is helping a firm that is incorporated within the state with the sale of its new bond issue to insurance companies.

B. a credit union that operates within the state and provides loans to its members.

C. an agent who executes the purchase and sale of stocks and bonds for his clientsD.

D. None of the above entities would be required to register with the state as a broker-dealer under the guidelines of the Uniform Securities Act.

Barring no irregularities (such as a license revocation by another state last year), after you have filed for registration as an agent, your license will be granted within

A. 10 business days.

B. 14 business days.

C. 30 days.

D. 45 days.