Series 66 Exam, Series 65 Exam & Series 63 Exam. 90 Testable Minutes on the Uniform Securities Act.

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00:00 Series 66 exam, Series 65 exam, Series 63 exam
2:36 Holding company registration structure
Wrap account
9:25 Uniform securities act
Unnatural person definition
10:49 Natural person definition
Does not include minor, deceased, incompetent
12:02 Does broker dealer need to register
Office in state must register
Not required if only dealing with institutional investors
There less than 30 days
Definition of broker dealer
17:18 State registration
Consent to service
Registration effective 30 days after
Registration expires Dec 31
Filing fee waived for balance of year on merger
20:12 Record keeping requirements
3 year record keeping
Readily accessible within 24 hours
21:26 Broker/Dealer
Third party solicitation
Costs disclosure
No travel, no furniture, no rent may be paid
B/D need not register as R.I.A.
Associated persons need 65/66
30:34 Agent series 6 or 7
Person is always an individual
State registration
Agent cant represent multiple B/D’s unless affiliated
Split commissions
No selling away, selling dividends, churning, breakpoint sells
35:14 Person who is not an agent
Less than 30 days temp residence
Reg D exempt transaction and 33
38:52 registration process for agents
Consent to service
Fees
Registration effective 30 days after application
Dec 31 registration expiration
39:34 Investment advisor firm
Advice
Business
Compensation
Customer cross sale rule
Can’t trade against recommendation
47:06 federal coverage
$110mil Aum or more
AUM can’t fall under $90mil
No de minimus for B/D
48:32 Invest advisor firm
Excluded items
L.A.T.E.
So long as incidental
General circulation of papers
53:39 registration process
56:12 Record retention
Canadian brokers
56:52 Registration of securities
58:12 What is and what is not a security
Definition of a security
Non securities products (insurance)
Secondary transactions
Offer or offer to sell
Assessable stock
1:08:32 Exempt issues
Federal covered securities
No one and nothing exempt from anti fraud
1:14:31 Exemption means
Private placement limited to 10 offers
Pre organization less than 10 subscribers
1:17:18 Non exempt
Needs registration with the state
1:19:21 Qualification
Rule 147
When effective
1 year from effective date
Terms remain unchanged
1:21:04 penalties
$5,000 fine up to 3 years in state prison
30 day right of recission
1:23:49 What we didn’t cover/conclusion
Communications with public
Ethical practices