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Series 24 - 9 > 1 > Flashcards

1 Flashcards

1
Q

you are an officer of a member firm that deals exclusively in DPPs. You would like to purchase a new equity issue at the POP being underwritten by a major firm. Under FINRA rule 5130 are you allowed to purchase the issue?

A

you are permitted to buy the new issue without restriction because you are part of a limited B/D

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2
Q

what are the functions that can be perfomed by a general sales supervisor and what license is it?

A

Series 9/10 o permitted to oversee customer business only for the approval of new accounts, the endorsement of sales-related customer correspondence and the review of order tickets

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3
Q

what hsould be considered when creating a firm’s anti-money laundering traingin program?

A

type of business, size, customer base and available resources

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4
Q

When a clearing B/D clears customer accounts on a fully disclosed arrangment, customer statments and confirms are prepared by who?

A

the introducing B/D

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5
Q

what constitutes the deceptive practice know as “selling Dividends”

A

enticing customers to buy mutual fund shares just before the ex-dividend date

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6
Q

Blotters prepared by a B/D under SEC rule 17a-3 must contain entries reflecting what?

A

receipts and deliveries of securities, receipts and disbursements of cash, and purchases and sales of securities

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7
Q

under FINRA rule 5121, all customer checks received to purchase newly issued shares of a member firm must be what?

A

placed in an escrow account

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8
Q

Regulation M-A deals with what>

A

mergers, aquisitions and tender offers

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9
Q

under SEC rule 10b-13, a company that is the target of a tender offer must provide its shareholders with a statement indicating acceptance or rejection of the offer within how many business days of the announcement?

A

10

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10
Q

if a market maker receives a preferenced order and the firm is not at the inside market, Nasdaq will what?

A

return the order to the entering party

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11
Q

Under regulation SHO, if an introducing firm places a short sale order through its clearing firm, the responsibility to locate the securities rests with?

A

the introducing firm

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12
Q

In dominated and controlled trading markets, markup is computed based on what?

A

contemporaneous cost

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13
Q

if a single individual earns $250,000 a year can they open a Coverdell and can they open a 529?

A

the can NOT open a coverdell but they CAN open a 529

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14
Q

Memebers must maintain a record of a caller’s request not to receive further telemarketing calls and to honor that firm-specific, Do-Not-Call request for a period of

A

5 years

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15
Q

SEC rule 15c2-4 deals with

A

escrow of customer checks in contingent offerings

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16
Q

the account of a pattern day trader shows equity of $100,000. The minimum maintenance margin requirement for the account is $30,000. The buying power in the account is?

A

$280,000 (70,000 x 4)

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17
Q

under SEC rules, subsidiary ledgers must be retained for how long?

A

3 years

18
Q

a call loan is characterized by what?

A

fluctuating interest

19
Q

what are the three types of orders that may be entered into Nasdaq?

A

nondirected, preferenced, and directed.

unpreferenced is excluded

20
Q

a pattern of currency deposits designed to avoid currency reporting requirements is termed what?

A

structuring

21
Q

if a market maker receives a preferenced order and the firm is not at the inside market, Nasdaq will what?

A

return the order to the entering party

22
Q

a registered rep in a branch office has been fined $5,000 for continually violating form procedures. A report of the event must be made to FINRA within how many business days?

A

10

23
Q

Under SEC rules, 12b-1 fees may be used to cover what?

A

fees paid for marketing and selling fund shares

24
Q

a report must be filed with FinCEN if the dollar amount of any suspicious activity is at least what amount?

A

$5,000

25
Q

Under regulation D, Rule 504 offerings deal with a sale of securities not exceeding what amount?

A

1 million

26
Q

a customer selects one member firm to provide for financing and custody of securities, while orders to buy or sell are placed with executing brokers. this is an example of what?

A

prime brokerage account

27
Q

what is typically the largest component of a corporate underwriting spread is what?

A

concession. the manager’s fee is the smallest

28
Q

Form 13D must be filed when?

A

45 calendar days after the end of each calendar year during which the position is held

29
Q

under SEC rules, the minimum equity required for prime brokerage accounts is what?

A

500,000

30
Q

what are specifically excluded from TRACE reporting?

A

debt of foreign countries, money market instruments and municipal bonds

31
Q

what is not included in the credit agreement for a margin account

A

the stated rate of interest

32
Q

FINRA rules rwquire member firms to review their surety bond coverage how often?

A

annually

33
Q

under FINRA rules, maintenance calls on protfolio margin accounts must be met when?

A

within 3 business days

34
Q

A form 144 filing is effective for how many days?

A

90

35
Q

if a registered rep is given additional responsibilities requiring registration with FINRA as a principal, registration must be made within how many days?

A

90

36
Q

Under the Investment company act of 1940, mutual funds must send financial statements to shareholders at least hwo often?

A

semiannually

37
Q

what is the common factor for both traditional and ROTH IRAs?

A

the contribution limits are identical

38
Q

Trades effected by Qualified institutional buyers in Rule 144A transactions that are otherwise ineligible for clearing through the NSCC are reported through what system?

A

ORF

39
Q

settlement on wehn-, as-, and if-issued and when-, as-, and if distributed transactions is usually determined by?

A

FINRA’s uniform practice committee

40
Q

a municipal unit investment trust is what two things?

A

closed-end and diversified

Series 24 - 9 (1 decks)

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