Time frame to memorize Flashcards
A Suspicious Activity Report (SAR) must be filed within what time period?
30 days
When is an order-entry firm required to accept, reject, or file its version of a trade?
Within 20 minutes of execution
Under the Limit Up/Limit Down Rule, what is the length of the trading pause?
The length of the trading pause under the Limit Up/Limit Down Rule is five minutes. During this window orders may be entered but no executions may occur.
If an error has been identified in a report that’s submitted by a firm into the Consolidated Audit Trail (CAT) system, it must be corrected
If an error is identified in the data that a firm has reported to CAT, the firm must submit corrected data by 8:00 a.m. ET on the third business day following the trade
From Monday, January 2, 20XX, to Friday, January 6, 20XX, Broker-Dealer X’s ADF connections and quoting systems have gone down three times. What are the repercussions for Broker-Dealer X
An ADF market participant that experiences three unexcused system outages within a five-business-day period will be suspended from quoting for all securities in the ADF market for 20 business days
In order to comply with do not call regulations, a FINRA member must use a version of the National Do Not Call Registry obtained
No more than 31 days prior to when the call was made
Which of the following is TRUE regarding a request for an excused withdrawal as market maker?
A market maker may be granted an excused withdrawal for up to 5 business days for technical issues such as system outages. This withdrawal period may be up to 60 calendar days for legal or regulatory issues. No SEC approval of the withdrawal is required.
Each member firm is required to review its contact information that’s been provided to FINRA within
A member firm is required to review and, if necessary, update its required contact (executive representative) information within 17 business days after the end of each calendar year. In addition, it’s also required to update its contact information to FINRA promptly, but (in any event) not later than 30 days following any change in such information
When a broker-dealer changes its record-keeping system from a physical format to an electronic-based one, when must it notify its Designated Examining Authority?
At least 90 days before the change
Under the provisions of Regulation S, a U.S. issuer makes an overseas offering of non-convertible debt. How long must an investor who participated in this offering wait to resell the position to an investor in the United States?
Non-convertible debt offerings (straight debt) being sold under Regulation S is subject to a 40-day holding period; however, convertible debt is treated as equity securities under Regulation S.
Under the Code of Arbitration, what’s the statute of limitations?
Under the Code of Arbitration, the statute of limitations is six years from occurrence of the event
A firm is the managing underwriter of a follow-on offering of an OTC security. The aftermarket prospectus delivery rule
Requires the firm to deliver a prospectus for 40 days
An issuer is required to provide an annual proxy statement to shareholders at least
20 calendar days prior to the meeting
Which of the following statements is TRUE concerning the Consolidated Audit Trail system and clock synchronization?
Computerized clocks must be synchronized to within 50 milliseconds of the NIST and manual time stamping devices must be synchronized within one second of the NIST standard.
Form 8-K is filed
All companies that are registered with the Securities and Exchange Commission are required to promptly file Form 8-K for current reporting, upon the occurrence of any material event that would affect its financial condition or the value of its shares, and that would be deemed of significant interest to the public.
Final settlement of a syndicate account must be made by no later than how many days following the syndicate settlement date?
90
What is the typical minimum free-look period for a variable annuity, during which an investor may surrender (cancel) their policy without penalty?
10 days
Under the order display rule a market maker must update its quote within what time frame?
30 seconds
What is a graphic communication?
The term graphic communication includes any form of electronic media including audio- and videotapes, CD-ROM, facsimiles, websites, and voicemail messages, as well as substantially similar messages widely distributed by computer.
The filing of Form 144 allows the sale of restricted and control stock for a period not exceeding
90 days
If an unrecognized trade is received by a firm and it cannot be confirmed, the receiving firm must send a DK notice within
One business day
Under the TRF reporting rules, an order-entry firm
Under the TRF rules, the order-entry side of the transaction must:
Enter a version of the trade within 20 minutes of execution using the OE function
Accept the market-maker’s trade entries on the TRF within 20 minutes of the execution
Decline incorrect market-maker trade entries on the TRF to cancel trade entries, when necessary
When does a TRACE reporting day begin?
The TRACE reporting day runs between 8:00 a.m. and 6:29:59 p.m.
AAA Financial receives an ACAT transfer request from BBB Brokerage. Under SRO rules, how many days does AAA Financial have to resolve a discrepancy in the transfer?
Under SRO rules, the carrying broker-dealer has one business day to either protest or validate a transfer request. If validated, the transfer must take place within three business days. Under FINRA rules, when a member receives a claim notice relating to a securities account asset transfer, the member must resolve the claim within five business days from receipt of such claim or take exception to the claiming member by setting forth specific reasons for denying the claim.
