Laws, Regulations & Ethics: NASAA Series 66 topic guide

Laws, Regulations & Ethics carries 45% of the NASAA Series 66 blueprint used in this course, the largest of its 4 weighted areas. It spans 19 concepts. The course teaches it in 5 study units: Who's Who: USA Definitions & Registration, SEC vs State: IA Registration & the Fiduciary Standard, Prohibited & Unethical Business Practices, Securities: Registration & Exemptions and The Administrator: Powers & Remedies.

What Laws, Regulations & Ethics covers

When is an issuer's representative NOT an agent? — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
Who qualifies as an investment adviser representative? — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
Which AUM threshold requires SEC registration for an IA? — Investment Advisers Act of 1940 + Securities Act of 1933 / Securities Exchange Act of 1934 + SEC rules, incl. Reg BI and the SEC Marketing Rule
What is the $90M–$110M buffer zone for IA registration? — Investment Advisers Act of 1940 + Securities Act of 1933 / Securities Exchange Act of 1934 + SEC rules, incl. Reg BI and the SEC Marketing Rule
Where does a mid-size adviser register? — Investment Advisers Act of 1940 + Securities Act of 1933 / Securities Exchange Act of 1934 + SEC rules, incl. Reg BI and the SEC Marketing Rule
What is a notice filing and who uses it? — Investment Advisers Act of 1940 + Securities Act of 1933 / Securities Exchange Act of 1934 + SEC rules, incl. Reg BI and the SEC Marketing Rule
When must Part 2A brochure be delivered to clients? — Investment Advisers Act of 1940 + Securities Act of 1933 / Securities Exchange Act of 1934 + SEC rules, incl. Reg BI and the SEC Marketing Rule
How does IA fiduciary duty differ from BD/agent suitability? — Investment Advisers Act of 1940 + Securities Act of 1933 / Securities Exchange Act of 1934 + SEC rules, incl. Reg BI and the SEC Marketing Rule
What custody safeguards prevent commingling of client assets? — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
Under what narrow circumstances may an agent borrow from a client? — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
Three state registration methods: notice, coordination, qualification — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
Federal covered security: definition and state authority limits — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
Exempt SECURITIES: which types are permanently exempt from registration? — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
Exempt TRANSACTIONS: which selling circumstances are exempt? — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
Security vs. transaction exemption: the core distinction — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
Anti-fraud always applies: exemptions do not create immunity — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
Administrator power over exemptions and burden of proof — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
How is civil liability calculated for a securities violation under rescission? — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
What are the civil and criminal statutes of limitation under the Uniform Securities Act? — Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices

Official references for Laws, Regulations & Ethics

Uniform Securities Act + NASAA Series 66 Test Specifications / content outline + NASAA Statements of Policy on unethical practices
Investment Advisers Act of 1940 + Securities Act of 1933 / Securities Exchange Act of 1934 + SEC rules, incl. Reg BI and the SEC Marketing Rule

In the app this area comes with 38 memory cards and 45 module-quiz questions and is part of the free starting modules.