Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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Under the NASAA Model Rules, the statute of limitations for civil liabilities is
  1. the earlier of two years after the discovery of the facts and four years after the violation.
  2. the earlier of three years after the discovery of facts and five years after the violation.
  3. three years after the discovery of the facts and four years after the violation, whichever is greater.
  4. the earlier of two years after the discovery of facts and three years after the sale.
Explanation
Answer: D - Under the NASAA Model Rules, the statue of limitations for civil liabilities is the earlier of two years after the discovery of facts and three years after the sale. This follows the recommendations provided by the Uniform Securities Act of 1956.
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