No: 167
A "market not held" order is

• A.an order in which the client tells the broker to use his own discretion in timing a purchase or sale in an attempt to get a better price.
• B.a prohibited activity in which an agent engages in the purchase or sale of securities that are not offered by his broker-dealer.
• C.an order to buy or sell a stock at a specified price, which differs from the current market price.
• D.an order to sell securities that the investor owns if the stock decreases by a certain amount from the current price.

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AllTime Investment Advisers advertises that its phones are manned 24/7, so that a client "doesn't have to lie awake all night worrying about a financial problem." In fact, AllTime does have a answering service that answers calls in the evenings and on the weekends when its offices are closed. The service informs the caller of the firm's business hours, which will be the earliest opportunity the caller will have to talk to an investment adviser representative.
Is this a violation of any securities laws?

• A.No. It's not a violation of any securities laws, but the firm probably won't retain many clients this way.
• B.Yes. The Uniform Securities Act prohibits investment advisers from making deceptive statements in the solicitation of clients as well as in advising clients.
• C.No. The firm's phones are manned 24/7, so it hasn't lied.
• D.It depends. If, before a client signs a contract with the firm, it is made clear that investment adviser representatives are not, in fact, available to him 24/7, then AllTime is in the clear.

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When selling shares in a closed-end investment company, an agent must inform the client of any
I. commissions
II. underwriting fees
III. miscellaneous offering expenses

• A.I, II and III
• B.I only
• C.I and II only
• D.I and III only

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An investment adviser or its representative may

• A.only exercise any discretionary power in the purchase or sale of securities for a client's account after
  receiving written authority prior to the execution of the transactions.
• B.exercise discretionary power in the purchase or sale of securities for a client's account as long as it
  receives written discretionary authority over the account within 10 business days of the first discretionary
  transaction placed, assuming oral authority has already been given.
• C.exercise discretionary power in the purchase or sale of securities for a client's account as long as
• D.exercise discretionary power in the purchase or sale of securities for a client's account only after

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Although an Administrator has broad powers, he or she cannot:

• A.issue subpoenas involving compulsory attendance.
• B.gather evidence.
• C.deliver a judicial injunction.
• D.formulate rules and orders.

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