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Exam Series 63 All Questions

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Exam Series 63 topic 1 question 17 discussion

Actual exam question from FINRA's Series 63
Question #: 17
Topic #: 1
[All Series 63 Questions]

"Federal covered securities" were defined and exempted from state registration requirements by the:

  • A. National Securities Markets Improvement Act of 1996 (NSMIA.)
  • B. Gramm-Leach-Bliley Act of 1999 (GLBA.)
  • C. Uniform Securities Act (USA.)
  • D. National Conference of Commissioners on Uniform State Laws (NCCUSL.)
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Suggested Answer: A 🗳️
The National Securities Markets Improvement Act of 1996 defined "federal covered securities" and exempted them from state registration requirements. The Gramm-Leach-Bliley Act focused on financial institutions and provided for their registration as broker-dealers under certain conditions. The
National Conference of Commissioners on Uniform State Laws (NCCUSL) is the organization that drafted the Uniform Securities Act, which is not comprised of actual laws itself, but is, instead, just a guideline for each state to use when formulating its own securities laws.
by lolojepu at April 6, 2025, 1:35 a.m.

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