Series 63 Question of the Week

Under the Uniform Securities Act, which of the following would not have to be disclosed when filing a registration by qualification?

A. A statement analyzing the issuer’s profit margin over the last three years compared to the profit margins of its primary competitors

B. The capitalization and long-term debt of the issuer and any significant subsidiary

C. The general character and location of the issuer’s business and a statement of the general competitive conditions within the industry or business in which it operates

D. The estimated cash proceeds to be received by the issuer from the offering

Correct Answer(s):

A. A statement analyzing the issuer’s profit margin over the last three years compared to the profit margins of its primary competitors

Explanation:

An analysis of the issuer’s profit margin as compared to competitors’ would not be required. All other items listed would be required when filing a registration by qualification.