"Federal covered securities" were defined and exempted from state registration requirements by the:
An investment adviser or its representative may
In accordance with the National Securities Markets Improvement Act of 1996, which of the following is a
federal covered adviser and, therefore, exempt from registering with the state Administrator?
I. An adviser who does business in 26 states.
II. An adviser who manages the portfolio of a mutual fund that is registered with the SEC.
III. An adviser with $35 million in assets under management
Which of the following would meet the requirements for an "exempt security?"
BondsRUs is a broker-dealer that (unsurprisingly) specializes in bonds. The firm has found that it is able to sell Treasury bonds that it buys for $90 per $100 of par value for $99 per $100 of par value to some of its more naive clients, who never pay attention to the confirmation statements BondsRUs sends them. BondsRUs is guilty of
