Series 66 Quiz
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LAWS, REGULATIONS, AND GUIDELINES
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Under the Uniform Securities Act, which of the following state-registered advisers has custody of client assets?
A
An adviser that sends the client an itemized fee statement, but has no authority to debit the client's account or otherwise obtain client funds or securities.
B
An adviser that receives a client's check inadvertently and returns the full amount to the client without depositing it into any account controlled by the adviser within two business days.
C
An adviser that is authorized by a client to withdraw funds from the client's custodial account and transfer them to an account in the adviser's name to facilitate securities purchases.
D
An adviser that executes a securities transaction for a client only after the client has approved the specific security and the number of shares to be traded.
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