All of the following come under the jurisdiction of the State Administrator EXCEPT a

According to the Uniform Securities Act, a sale is a(n):

• A) attempt to transfer ownership of a security.
• B) solicitation of an offer to buy.
• C) offer of an equivalent contract. D) contract to transfer ownership of a security for value.

D)A sale is defined as every contract to sell a security or an interest in a security, including a security given as a bonus with the purchase of another security, or a gift of assessable stock when something of value is given. A sale is not an attempt to transfer ownership of a security, a solicitation of an offer to buy, or an offer of an equivalent contract (i.e., an offer or offer to sell).

Under the Uniform Securities Act, which of the following constitutes an offer of a security?

• A) The delivery of a prospectus to a prospective purchaser. B) Stock dividend distributed to current shareholders. C) Agreement between an issuer and an underwriter. D) Tombstone advertisement.

A)A prospectus is the document that offers a security for sale. A tombstone advertisement always states that in and of itself, it is not an offer to sell, that such an offer may only be made by prospectus, and where a prospectus may be obtained.

A prospectus is the document that offers a security for sale

Under the USA, which of the following fits the definition of a sale?

• A) Attempt to dispose of a security for value.
• B) Issuing a prospectus.
• C) Contract to dispose of a security. D) Solicitation of an offer to buy a security for value.

C)Sales involve any contract or disposition for value; solicitations and attempts to dispose are offers.

Under the Uniform Securities Act, which of the following are defined as sales?

1. A gift of an assessable stock.
2. A gift of a nonassessable stock.
3. A security given as a bonus for purchasing a bond. 4.An offer of securities.

I III) sale is a contract or transaction for value. Therefore, when a security is given as a bonus in connection with the sale of another security, it is also considered a sale. Because an assessable stock may require a payment made by the recipient, the gift is considered a sale

Under the Uniform Securities Act, Administrators of all of the following states have jurisdiction EXCEPT:

• A) the state from which an offer to sell securities originated.
• B) the state into which an offer to sell securities was directed. C) the state in which an offer to sell securities was accepted. D) the state from which payment for the purchase of securities was made.

D)The state from which payment is made is not relevant in determining whether the Administrator of that state has jurisdiction.

An offer to sell includes all of the following EXCEPT: A) an offer of convertible securities and warrants. B) a loan with a stated interest rate payable upon demand. C) an offer of a special stock dividend in return for additional payments. D) a purported gift of assessable stock.

An Administrator does not have jurisdiction over an offer to sell that is made in a:

1. TV broadcast originating outside the state.
2. newspaper published outside the state.
3. newspaper published inside the state where more than two-thirds of its circulation is outside the state.

Which of the following involves an offer or sale?

• A) A stock dividend.
• B) A gift of an assessable security.
• C) A pledge of stock.
• D) An exchange of securities due to a reorganization.

B)The gift of an assessable security, where the recipient may be required (assessed) to put up money, involves both an offer and a sale.

The gift of an assessable security, where the recipient may be required (assessed) to put up money, involves both an offer and a sale.

The Administrator in Texas has jurisdiction over an offer made:

1. on a radio program originating in Texas.
2. on a radio program originating in Oklahoma.
3. in a newspaper circulated in Texas but published in Oklahoma.

I)The Administrator does not have jurisdiction over an offer made in a TV or radio broadcast that originated outside of the state. The same is true for a newspaper published outside the state.

Under which of the following circumstances would the Administrator of this state have jurisdiction?

1. A letter was sent to a client in this state from an agent in another state.
2. A mass mailing was made from another state to residents in this state. 3.A television broadcast advertising a security was made from this state. 4.A radio broadcast advertising a security was made from a neighboring state.

I II III)Radio or TV broadcasts made from outside the state do not come under the Administrator's jurisdiction. The letter sent from out of state does, because the offer is being made in this state. Note that the TV broadcast is from a station in this state so the Administrator of this state has jurisdiction

Under the Uniform Securities Act, the state Administrator may by order deny, suspend or revoke an investment adviser's registration for: A) violation of another state's securities laws within the last 5 years. B) conviction for a nonsecurities-related felony more than 15 years ago. C) conviction for a securities-related misdemeanor more than 15 years ago. D) lack of experience as an investment adviser.

A)A violation of any state or federal securities or commodities law within the last 10 years is grounds for denial, suspension, or revocation of registration by order. This means that no hearing is required. Convictions are grounds for administrative action only if they occurred within the past 10 years. Lack of experience is not sufficient cause for revoking or denying registration.

According to the USA, under which of the following circumstances may an Administrator cancel an agent's registration?

• A) The agent is judged to be mentally incompetent. B) The Administrator determines it would be in the public interest. C) The agent is the subject of an insider trading lawsuit. D) The agent has admitted to selling unregistered exempt securities to individual clients.

A)Registration may be canceled by the Administrator if the registered individual has been judged mentally incompetent. Cancellation is a nonpunitive action of the Administrator.

Can a state administrator issue an injunction?

What can the state securities administrator do during an investigation?

In which situation would the administrator from state A have jurisdiction over an offer?

Which of the following persons are excluded from the definition of or exempt from registration as a broker