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NEW QUESTION: 1
Which of the following scenarios does not meet the definition of "custody" under NASAA Model Rules?
A. An investment adviser has general power of attorney for a client and is authorized to withdraw client
funds or securities that are on deposit with a registered broker-dealer upon the investment adviser's
request.
B. An investment adviser is mistakenly sent a client's securities, but returns them to the sender within
three business days of receipt.
C. An investment adviser receives a check from a client that is written to a mutual fund and forwards the
check to the mutual fund within three business days of receipt.
D. An investment adviser keeps a client's securities in its safety deposit box.
Answer: B
Explanation:
If an investment adviser is mistakenly sent a client's securities, but returns them to the
sender within three business days of receipt, he is not deemed to have taken custody of the securities
under NASAA Model Rules. Custody is defined by the NASAA as "holding directly or indirectly, client
funds or securities, or having any authority to obtain possession of them." Therefore, an investment
adviser who has general power of attorney to withdraw a client's funds or securities from a broker-dealer
is acting as a custodian, as is an investment adviser who keeps a client's securities in its safety deposit
box. If an investment adviser receives a check from a client that is written to a third party, such as a
mutual, that check must be forwarded within 24 hours of receipt, or the investment adviser is deemed to
be a custodian.

NEW QUESTION: 2

A. Option B
B. Option C
C. Option D
D. Option A
Answer: A

NEW QUESTION: 3
Which of the following are true of auto-refresh for dashboard panels? (Select all that apply.)
A. Enabling auto-refresh for a report requires editing XML.
B. Post-processing searches are refreshed when their base searches are refreshed.
C. Applies to inline searches and saved searches.
D. Each post-processing search using the same base search can have a different refresh time.
Answer: A,B