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NEW QUESTION: 1
Individual states are prohibited from requiring a broker-dealer or investment adviser to file financial
reports more frequently than:
A. once a year.
B. four times a year.
C. twice a year.
D. twelve times a year.
Answer: B
Explanation:
Individual states are prohibited from requiring a broker-dealer or investment adviser to file
financial reports more frequently than four times a year. Under the Securities and Exchange Act of 1934,
individual states are prohibited from imposing more stringent requirements than those already required by
the SEC, and the SEC requires quarterly reporting. Therefore, a state may not require that a broker-dealer
or investment adviser file monthly reports with it.


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