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NEW QUESTION # 61
The Investment Company Act of 1940 requires that a minimum percentage of a fund's board members are
"uninterested persons." This requirement is best described as an attempt to:
Answer: C
Explanation:
The Investment Company Act of 1940 emphasizes shareholder protection through governance standards, including requirements that a fund's board include a minimum percentage of "uninterested" (independent) persons. The purpose is to reduce adviser dominance and mitigate conflicts that can arise when the fund's adviser or affiliated parties effectively control oversight. "Uninterested" generally means the director has no material business relationship with the fund's adviser, principal underwriter, or key affiliates that would compromise independent judgment. Therefore, the best description is D.
Choices A and B are plausible-sounding governance benefits, but they are not the regulatory intent being tested. The rule is not primarily about diversity of professional experience or broadening expertise; it is about independence from adviser influence. Choice C is too general and doesn't capture the targeted problem: the Act's board independence provisions are designed to ensure the board can objectively evaluate matters that directly affect shareholders, such as advisory contracts, fee arrangements, compliance oversight, and potential self-dealing.
On the SIE, this ties directly to the theme of conflicts of interest in investment companies. Mutual fund advisers are paid fees based on assets under management, creating incentives that might not always align with shareholders. Independent directors are intended to serve as a check by reviewing and approving key arrangements and providing meaningful oversight. The exam often connects this governance concept to broader investor protections: disclosure, fiduciary oversight, limitations on affiliated transactions, and the idea that fund boards should represent shareholder interests rather than adviser interests.
NEW QUESTION # 62
A partnership has had poor results, and a limited partner is concerned about the extent of her potential losses.
Which of the following statements regarding her exposure is true?
Answer: B
Explanation:
A limited partner's liability is generally limited to the amount of capital invested in the partnership. This limited liability is a defining feature of limited partnership interests and direct participation programs. Choice A is correct. The general partner manages the partnership and typically has unlimited liability for partnership obligations, while limited partners are passive investors who do not participate in management. If a limited partner exercises control over the business, the limited liability protection may be compromised, but that is not stated in the question. Choice B incorrectly imposes unlimited loss exposure on the limited partner.
Choice C is too broad because legal liability is not shared equally or proportionately in the same way between general and limited partners. Choice D invents a loss-sharing rule that does not describe limited partnership liability. The SIE outline includes direct participation programs, limited partnerships, pass-through tax treatment, illiquidity, and unlisted characteristics. It also includes investment risks and product structure. This question tests the distinction between economic loss of invested capital and legal liability beyond the investment. Reference: Section 2.1.6 Direct Participation Programs.
NEW QUESTION # 63
An elderly customer wants to use $50,000 to open an investment account that would allow her assets to bypass probate. Her registered representative advises her to create:
Answer: D
Explanation:
A trust account can be structured so that assets pass according to the terms of the trust and avoid probate.
Probate is the court-supervised process for distributing assets after death. A properly established trust can hold investment assets for the benefit of named beneficiaries and provide continuity of control, privacy, and estate- transfer efficiency. Choice A is correct. A power of attorney authorizes another person to act on behalf of the customer during the customer's lifetime, but the authority generally terminates at death and does not itself bypass probate. A separately managed account is an investment management arrangement, not an estate- transfer structure. An individual retirement account has beneficiary designations and tax features, but the question asks for an investment account structure designed to allow assets to bypass probate; a trust account is the most direct and appropriate answer. The SIE outline includes customer account registrations, including trust accounts, individual accounts, retirement accounts, and other account types. This question tests the functional difference between account registration forms and estate-planning authority. Reference:
Understanding Trading, Customer Accounts and Prohibited Activities; Customer Account Registrations; Trust Accounts.
NEW QUESTION # 64
A customer purchases $3,000 of XYZ, which settles today in a margin account. The customer has no other positions or balances. According to initial margin requirements, what is the amount of the required deposit?
Answer: C
Explanation:
Under Federal Reserve Regulation T, customers must deposit at least 50% of the purchase price for margin trades. However, the minimum deposit requirement is $2,000, regardless of the 50% rule, if the account is below this threshold.
* 50% of $3,000 = $1,500.
* Since $1,500 is less than the $2,000 minimum, the customer must deposit the full $2,000.
* B is correct because $2,000 is the required minimum deposit.
* A is incorrect because the $1,500 calculation does not meet the minimum.
* C and D are incorrect because they exceed the minimum deposit requirement.
Reference: Federal Reserve Regulation T; SIE Study Guide, Chapter 4: Margin Accounts
NEW QUESTION # 65
Which of the following security types is frequently offered to the public as part of a package or unit that also includes a fixed income obligation?
Answer: B
Explanation:
Step by Step Explanation:
* Warrants: Are often issued alongside fixed-income securities, such as bonds, to enhance their appeal to investors. Warrants give the holder the right to purchase company stock at a specific price in the future.
* Incorrect Options:
* Options: Not typically bundled with fixed-income securities.
* Common and Preferred Stock: Usually issued separately, not as part of a package with bonds.
References:
* SEC Guide on Warrants: SEC Warrants Information.
NEW QUESTION # 66
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