Ch 4 Deck 2

Question 1

When a rep is terminated, the firm must let FINRA know by

Answer 1

filing a U-5 form

Question 2

A U-5 form must be filed within

Answer 2

30 calendar days of the termination

Question 3

a U-5 form Must contain

Answer 3

the reason for the termination.

Question 4

The rep must receive a copy of the U-5 form within

Answer 4

(Class says 30) (book says 60) days of the termination

Question 5

Even after a rep or member has had their license revoked or cancelled, FINRA has jurisdiction over the rep or member up to

Answer 5

2 years after their registration is no longer effective.

Question 6

During the period of jurisdiction after a reps member or license is revoked, The rep must notify FINRA with

Answer 6

address changes

Question 7

Employees may register with FINRA only if sponsored

Answer 7

by a FINRA member.

Question 8

Persons exempt from FINRA registration include those who have jobs that are

Answer 8

clerical

Question 9

Persons exempt from FINRA registration include those who are limited

Answer 9

partners and are not involved in the everyday business

Question 10

Persons exempt from FINRA registration include those who only transact

Answer 10

in municipal or commodities transactions do not have to register with FINRA, but must register elsewhere.

Question 11

Persons exempt from FINRA registration include those who are registered

Answer 11

as floor members of an exchange

Question 12

A candidate who fails an exam can take it in another

Answer 12

30 days.

Question 13

The candidate is allowed 3 attempts at passing an exam, and then must wait

Answer 13

180 days before taking it again

Question 14

A rep must re-take an exam if

Answer 14

their license lapses for more than 2 years
AND
they wish to return to the industry

Question 15

A reps license can lapse by being

Answer 15

withdrawn, revoked or terminated

Question 16

Members cannot associate with

Answer 16

“ineligible members” or “ineligible persons”

Question 17

Members can associate with “ineligible members” if

Answer 17

the FINRA board has granted a relief.

Question 18

Continuing education requirements include

Answer 18

Regulatory Element

Firm Element

Question 19

Regulatory Element—Reps must initially take a FINRA sponsored training session within

Answer 19

120 days of the rep’s 2nd anniversary

Question 20

Regulatory Element—after their initial training session, Reps must subsequently take a FINRA sponsored training session

Answer 20

every three years after

Question 21

If reps leave the industry and return within 2 years, their CE deadline is based on

Answer 21

their initial registration date before they left

Question 22

If reps return after 2 years, their CE deadline is based on

Answer 22

their return date

Question 23

If a rep does not fulfill the regulatory element, their license will not be active until

Answer 23

they fulfill the requirements.

Question 24

Firm Element—Member firms must prepare an

Answer 24

annual training plan for their reps.

Question 25

Firm Element - firms may choose the content, but it should be relevant to

Answer 25

developments in the industry | firm needs.

Question 26

Who must participate in Firm Element training?

Answer 26

All Registered Reps

Question 27

Fingerprinting is required for all employees that sell

Answer 27

securities

Question 28

Fingerprinting is required for all employees who regularly have access to the keeping, handling, or processing

Answer 28

securities money original books and records relating to securities or money

Question 29

Fingerprinting is required for these job descriptions

Answer 29

RR PODX BD T&A ``` Registered reps Registered clearing agents. partners officers directors those associated with national exchanges broker-dealers transfer agents ```