Under the Uniform Securities Act, a non-issuer is any person other than the issuer of the security. This could include an individual investor selling shares they already own or a broker dealer selling securities from inventory. The corporation whose securities are being sold is generally the issuer. A state securities administrator regulates securities activity but is not a non-issuer simply because of that role. An investment adviser representative gives advice about securities, but that title does not define a non-issuer.

Under the Uniform Securities Act, a non-issuer is any person other than the issuer of the security. For example, an individual investor selling securities they already own or a securities dealer selling securities from inventory may be involved in a non-issuer transaction. The key point is that the person is not the original issuer of the security.

A wrap fee account is an account where a firm provides a group of services for one bundled fee. These services can include advice, asset allocation, portfolio management, trade execution, and administration. Wrap fee accounts are generally treated as investment advisory accounts.

A wrap fee account charges one single fee for a group of services These services may include investment advice, asset allocation, portfolio management, transaction execution, and account administration. Wrap fee accounts are generally considered investment advisory accounts because advice is included as part of the bundled service.

Why are the other answers incorrect?

• A margin account allows a client to borrow money from a broker dealer to purchase securities or withdraw funds without selling positions.

• A custodial account is an account managed for the benefit of another person, often a minor.

• An option account is approved for options trading.

An exempt transaction is a securities transaction that does not require registration because of how the sale takes place or because of the type of party involved in the transaction. The exemption applies to the transaction, not necessarily to the security itself.

Why the other answers are incorrect.

• An exempt security is exempt because of the type of security, not because of the way the sale occurs.

• An excluded security and registered transaction are not the correct terms for this concept under the Uniform Securities Act

Under the Uniform Securities Act, the term person is defined broadly. It includes individuals, unincorporated organizations such as investment clubs, associations, partnerships whether or not they issue certificates, and governments such as the U.S. government. An individual who buys and sells securities only for their own account is still considered a person under the act.

A deceased individual and a minor child are not treaded as persons under the act for exam purposes.

Under the Uniform Securities Act, the definition of a person is broad. It includes individuals, partnerships, associations, corporations, trusts, governments, and unincorporated organizations. A limited partnership, an individual investor trading for their won account, and an unincorporated association would all be considered persons under the act.

A mentally incompetent individual is not treated as a person under the act for exam purposes. Other common examples that are not considered persons include minor children and deceased individuals.

Under the Uniform Securities Act, the term person includes individuals, corporations, associations, partnerships, trusts, unincorporated organizations, governments, and political subdivisions of government. However, a minor child is not considered a person for this purpose because a minor is not legally capable of entering into contracts. An adult would generally need to open a custodial account on behalf of the minor.

The corporation, unincorporated organization, and municipal government are all included in the definition of a person under the Uniform Securities Act.

Under the Uniform Securities Act, banks, insurance companies, and investment companies are included in the definition of institutions. This is important because Series 63 questions tend to utilize precise legal wording. Even though these entities may also meet other descriptions in different contexts, the state law term being tested here is institutions.

Why the other answers are incorrect

Sophisticated investors may describe investors with financial knowledge, but it is not the specific legal term being tested under the Uniform Securities Act. Exempt investors is not the correct term. Transactions involving certain institutions may be exempt transactions, but that does not make the investor an exempt investor. Federal covered investors is not the correct Uniform Securities Act term for banks, insurance companies and investment companies.

When the Administrator summarily suspends a registration, the registrant has the right to request a hearing in writing. Once the written request is received, the hearing must be granted within 15 days.

The other time periods are not correct. Registration of professionals generally become effective at non on the 30th day, and an appear for review of an Administrator's order must generally be filed within 60 days.