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| Section | Weight | Objectives |
|---|---|---|
| Knowledge of Capital Markets | 16% | - Entities, Agencies and Market Participants - Economic Factors - Market Structure - Offerings |
| Understanding Products and Their Risks | 44% | - Risk Characteristics - Packaged Products - Municipal Securities - Equity Securities - Options - Alternative Investments - Debt Securities |
| Understanding Trading, Customer Accounts and Prohibited Activities | 31% | - Trading, Settlement and Corporate Actions - Customer Accounts and Compliance - Prohibited Activities |
| Overview of Regulatory Framework | 9% | - Registration and Conduct Rules - Federal Securities Laws - SRO Rules and Requirements |
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NEW QUESTION # 371
Which of the following entitles is primarily responsible for providing Internal settlement, accounting and tax support services for securities owned by an investment company?
Answer: A
NEW QUESTION # 372
The primary market is regulated by the SEC under which of the following acts?
Answer: B
Explanation:
The primary market deals with the issuance of new securities, which is regulated under the Securities Act of
1933. This act requires issuers to provide full disclosure of material information to investors to ensure transparency and fairness in new offerings.
* A is correct because the Securities Act of 1933 governs initial offerings.
* B is incorrect because the Securities Exchange Act of 1934 regulates secondary market trading.
* C is incorrect because the Investment Advisers Act of 1940 pertains to investment advisers.
* D is incorrect because the Investment Company Act of 1940 governs mutual funds and other investment companies.
Reference: Securities Act of 1933
NEW QUESTION # 373
Which of the following investments is least likely to provide an investor with funds within one business day of liquidation?
Answer: B
Explanation:
The correct answer is A, A hedge fund. Liquidity refers to how quickly an investor can convert an investment into cash. Hedge funds are known for being highly illiquid investments compared to traditional securities.
They often impose lock-up periods, which restrict investors from withdrawing funds for a specified time (e.g., one year or more). Even after the lock-up period, withdrawals are typically only allowed at specific intervals (quarterly or annually), and advance notice is usually required.
In contrast, the other choices offer significantly greater liquidity. Money market funds are among the most liquid investments, often allowing same-day or next-day access to funds. Equity mutual funds redeem shares at the end of the trading day (NAV), with proceeds typically available within one business day. Municipal bonds, while traded in the secondary market, can generally be sold and settled quickly (usually T+1), providing relatively prompt access to funds.
Because hedge funds restrict redemptions and do not offer immediate liquidity, they are the least likely investment to provide funds within one business day. This makes them suitable only for investors who can tolerate limited access to their capital over extended periods.
NEW QUESTION # 374
A municipal securities dealer makes a political contribution of $990 to a local mayoral candidate. At the end of the quarter, to whom, if anyone, must the dealer report the contribution?
Answer: C
Explanation:
Step by Step Explanation:
* MSRB Rule G-37: Requires municipal securities dealers to report contributions to the MSRB, even if the amount is below the $1,000 threshold that would trigger a two-year prohibition on municipal business.
* Incorrect Options:
* SEC and FINRA: Not involved in reporting political contributions for municipal securities.
References:
* MSRB Rule G-37 (Political Contributions): MSRB Rule G-37.
NEW QUESTION # 375
An investor holds 1,000 shares of a stock with a total cost basis of $5,000 in his account when a 1-for-5 reverse stock split is announced. What will be the investor's total cost basis after the payable date of the reverse split?
Answer: D
Explanation:
Step by Step Explanation:
* Cost Basis in Reverse Split: The total cost basis remains unchanged in a reverse stock split. Only the number of shares and price per share adjust.
* Pre-Split: 1,000 shares at $5 each = $5,000.
* Post-Split: 200 shares at $25 each = $5,000.
* Incorrect Options:
* A, B, and D: Do not reflect the unchanged total cost basis.
References:
* IRS Guidance on Stock Splits: IRS Stock Split Info.
NEW QUESTION # 376
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