ExamTopics Logo
Mail Us[email protected]
Menu
Finra Discussions
exam questions

Exam Series 63 All Questions

View all questions & answers for the Series 63 exam
Go to Exam

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.
Show Suggested Answer Hide Answer
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.

Comments

Chosen Answer:
This is a voting comment (?). It is better to Upvote an existing comment if you don't have anything to add.
Switch to a voting comment New
Submit Cancel
Lehj
4 years, 10 months ago
Changed now to 3 days
upvoted 3 times
...
Community vote distribution
A (35%)
C (25%)
B (20%)
Other
Most Voted
A voting comment increases the vote count for the chosen answer by one.

Upvoting a comment with a selected answer will also increase the vote count towards that answer by one. So if you see a comment that you already agree with, you can upvote it instead of posting a new comment.

SaveCancel
exam
Someone Bought Contributor Access for:
SY0-701
London, 1 minute ago