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Exam Series 63 topic 1 question 158 discussion

Actual exam question from FINRA's Series 63
Question #: 158
Topic #: 1
[All Series 63 Questions]

Ms. Connie Fused sent her investment adviser a check, payable to a mutual fund that he had recommended to her.
What must the adviser do in order to avoid being considered the custodian of this account and, thereby, subject to some strict requirements, including a higher minimum net capital?

  • A. He needs to forward the check to the mutual fund within 3 days.
  • B. He needs to forward the check to the mutual fund within 24 hours.
  • C. He needs to get a written statement from Ms. Fused, addressed to the state Administrator, indicating it was her mistake.
  • D. He needs both to forward the check within 24 hours and to obtain a written statement from Ms. Fused.
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Suggested Answer: B 🗳️
As long as the adviser forwards the check to the mutual fund within 24 hours, he will not be deemed to have taken custody of Ms. Fused funds. This assumes the mutual fund is in no way affiliated with the investment adviser.
by Lehj at March 15, 2020, 9:07 a.m.

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Lehj
4 years, 1 month ago
Changed now to 3 days
upvoted 3 times
...

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