Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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According to the NASAA Model Rules, which of the following institutions would not be considered a qualified custodian?
  1. a broker-dealer that is registered with the state
  2. a bank that is insured by a private, state-sponsored insurance company
  3. a foreign financial institution
  4. a savings institution that is insured by the FDIC
Explanation
Answer: B - According to the NASAA Model Rules, a bank that is insured by a private, state-licensed insurance company would not be considered a qualified custodian. Registered broker-dealers, foreign financial institutions, and banks and savings institutions that are insured by the FDIC are on the list of qualified custodians.
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