Which of the following securities is/are EXEMPT under the Uniform Securities Act?
Savings and loan association stock
Municipal industrial revenues bonds
Bonds issued by a company listed on the Midwest (Chicago) Stock Exchange
All of the above
Investment company shares are a _____________ covered security.
Federal
Exempt unregistered securities allow both __________ and ___________ offerings without filling a registration statement with the states.
Primary and secondary
Fixed annuities are ______ a securities, therefore can be sold without 66 registration.
Not
Endowment is ______ a security.
Not
A customer that buys a non-exempt new issue must be delivered a prospectus at, or prior to, the time of: ___________ into a contract to _____________ the new issue.
Entering, purchase
Registration by Qualification in a State is the most difficult method and can be used for ________ security.
Any
_________ traded corporations usually register by filling with the State.
Publicly
A ___________ is a person engaged in the business of buying and selling securities for his or her own account.
Dealer
Prior to effecting a discretionary trade, ___________ authorization must be obtained from the customer.
Written
If a dealer provide a firm quote, changing the quote is called ________ _______ and it is prohibited.
Backing away
Buying a security and simultaneously selling it to create the appearance of trading activity is a manipulative and _________ practice known as ________ __________ AKA painting the tape.
Prohibited, wash-trading
Solicitation of orders for unregistered non-exempt securities is ___________.
Prohibited
Non-exempt securities must be registered to be sold in a state.
Commodities are ___________ by the U.S. Commodity Futures Trading Commission, they do not fall under the Uniform Securities Act.
Regulated
Commercial paper must have a maturity of _____ months or _______ in order for its seller to not be considered an agent.
9 months or less
A market maker is defined as a person that: _____________ into the business of effecting transactions in securities for the __________ of others.
Engages, accounts
Registration by Coordination is used to coordinate both ________ and _________ filings of a securities issue.
State and Federal
The size quote 10 x 10 = 10 round lots of _____ shares.
100 shares
100 x 10 =1,000 shares
The Administrator will take action in that State if the __________ conduct occurred in that State.
Illegal
An “offer to ___________” is defined as every attempt to _____ a security, or solicitation of an offer to sell a security, for value.
Purchase, buy
Registration by Coordination, and registration by filing, both require a __________ registration filed with the SEC.
Federal
;
In contrast, any security may be registered by qualification, whether federally registered or not.
Bank _________ are not securities, American Depositary Receipts (ADRs) variable annuities and warrants are all defined as securities.
NOTES
Under the Uniform Securities Act, a registration statement which has been filed for a security:
Is effective for _____ year
Remains in effect for as long as the security is _________ offered
1 year
Actively offered
