FINRA Series_63 問題集

質問 1：
Which of the following are examples of the prohibited practice of manipulation in the securities markets?
I. Broker-Dealer Joker is unhappy with its investment in the stock of a speculative firm and engages
another broker-dealer to purchase a large number of shares from it, with the unofficial agreement to buy
back those shares, offer more shares which the second broker-dealer will purchase, and so on.
II. Broker-Dealer Joker has a large short position in the stock of a certain corporation. Joker offers a
bonus to its agents who effect sale transactions in the stock.
III. A client calls Broker-Dealer Joker with a request to purchase 20 bonds issued by Massachusetts
Institute of Technology (MIT.) The bonds are currently selling for their par value of $1,000. Knowing this,
Joker offers to sells the client the bonds for $120 per $100 of par, or $1,200 per $1,000 bond.
A. I and II only
B. I and III only
C. I only
D. I, II, and III
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 2：
Your next-door neighbor's brother works for a large pharmaceutical company and confided in her that one
of the company's chemists has just discovered a compound that will cure baldness and that the firm plans
to make the discovery public later in the week. Your next-door neighbor passes this information on to you
over a cup of coffee the next morning. You immediately call your broker and place an order to buy shares
of the company's stock. Has any illegal insider trading taken place?
A. Yes. You are guilty of illegal insider trading because you traded on information that had not yet been
made publicly available.
B. No. You are in no way related to your next-door neighbor's brother, and she could have been lying.
C. Yes. The agent who executes your purchase order has engaged in illegal insider trading.
D. Yes. You, your neighbor, and her brother are all guilty of illegal insider trading.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 3：
Which of the following entities is subject to be accused of churning?
I. investment advisers
II. investment adviser representatives
III. broker-dealers
IV. agents
A. I and III only
B. I, II, III, and IV
C. II and IV only
D. II, III, and IV only
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 4：
Which of the following persons would not be required to register with the state as an agent under the
guidelines of the Uniform Securities Act (USA)?
A. Preetham is part-owner of SecureMoney Broker-Dealers and executes the purchase and sale of
securities for the firm's customers.
B. Stefan is a sales representative for SecureMoney Broker-Dealers and sells only mutual fund shares.
C. John is employed by TrustUs Corporation to sell shares of the firm's stock to the firm's employees and
receives a commission on the shares he sells.
D. Keith is a salaried employee of Middlesex County in Massachusetts who sells revenue bonds issued by
the county to the public.
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 5：
When a client has purchased securities on margin, the broker-dealer
A. must keep the securities that the client paid cash for separate from the securities that the client
purchased on margin.
B. Both B and C are correct statements.
C. may require that the client leave all his securities, even those not purchased on margin, in street name.
D. may use any securities that the client purchased on margin as collateral for a loan from a bank upon
receiving a written agreement signed by the client.
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 6：
Assuming the security is not registered under the Uniform Securities Act, which of the following would not
be exempt from state registration?
A. a variable annuity contract offered by an insurance company with offices in the state
B. a stock that is listed on the American Stock Exchange
C. a stock that is listed on the OTC Bulletin Board
D. a put option on a stock that sells in the over-the-counter market
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 7：
John Ketchum is an investment adviser representative with Load Investment Advisers, which has a family
of load funds that it encourages its representatives to promote. Representatives of the firm that sell
shares in these funds to their clients receive a greater share of the load than they do if they sell load funds
offered by other firms. Based on these facts, which of the following statements is true?
A. Both A and B are true.
B. John is obligated to try to sell his clients the funds offered by Load first since he is affiliated with them
and has a fiduciary responsibility to them.
C. John must provide his clients with a written disclosure that he will receive a greater remuneration for
selling shares in the Load family of funds than if he sells them shares in other funds before he provides his
clients with any investment advice.
D. If, after reviewing the information form a client has filled out, John believes that one of Load's funds is
an appropriate investment, John can recommend that the client invest in that fund. There is no disclosure
requirement necessary if the recommendation is a sound one that can be proved to be based on the
client's specific situation.
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 8：
Kevin has a pair of season tickets to the Boston Red Sox games. He and his wife can't attend all the
games themselves, so Kevin has created "packages" of eight games each that he is listing for sale on
Craig's List. Do these "packages" meet the definition of securities, and, if so, does Kevin need to register
them with the state before offering them for sale?
A. Only if Kevin will be selling the packages at or below cost are the packages not considered to be
securities, in which case Kevin will not have to register them with the state.
B. The packages are not considered to be securities since each package is merely a purchase and sale
agreement between Kevin and another person. There is no third party involved. Because they do not
meet the definition of securities, Kevin does not need to register them with the state.
C. Statements A and B are both true statements.
D. If Kevin will be profiting from the sale of the packages, the packages are defined to be securities, but
since he's selling the packages to only a few people, he will not have to register them with the state.
(Kevin may, however, be guilty of violating ticket scalping laws.)
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 9：
As an agent, which of the following statements about the Securities Investor Protection Corporation (SIPC)
can you legitimately make to your client?
A. "The SIPC is a government agency that was created by an Act of Congress to protect investors against
losses in the stock and bond market."
B. The SIPC is the FDIC of the stock and bond markets."
C. "The SIPC is a government agency created by an Act of Congress to combat fraud."
D. "The SIPC was established to restore funds to investors when the brokerage firm they have been using
is bankrupt or in financial distress."
正解：D
解説: (Topexam メンバーにのみ表示されます)