Series 63? Maybe a typo

Can you please explain this one. The answers don’t make sense to me.


1 Like

Hi @rfj5002! Glad to help.

There is a typo - the word ‘advisers’ is repeated twice in the right answer (which we’ll fix), but otherwise, everything is correct. Keep in mind, this question is - ‘What statement is NOT true?’ Therefore, we have 3 truths and a lie.

Let’s start with the truths. The Investment Advisers Act of 1940 is the federal law regulating the actions primarily of federal covered advisers. The SEC regulates all securities laws at the federal level. State-registered advisers are regulated by the administrator.

Now, for the lie - the Uniform Securities Act does not generally regulate federal covered advisers. As stated above, that’s the job of the SEC and the Investment Advisers Act of 1940.

Hope this helps! Please let me know if you have any questions.

1 Like

Makes perfect sense. I was trying to study waiting for a haircut and I think the combo of, “not true”, the little typo, and other distractions were getting in my head a little here!!!

You guys are awesome. Thanks so much for getting back to me so quickly. I feel like I have actual tutors.

I hope you keep up the momentum with achievable because the product you have + the service you provide is exceptional.

Have a great day!

1 Like