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Flashcards in video Notes Deck (25)
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1
Q

dodd frank objective

A

promote financial stability with measures to improve accountability and transparency.
Protect customers

2
Q

SIPC Account valuation date

A

as of the court filing date

3
Q

sipc net equity calc

A

cash minus margin debit balance

4
Q

SIPC Firms outside the us

A

are exempt from coverage if principal business is outside the us.

5
Q

Firms exempt from SIPC coverage

A

companies that exclusively sells open end funds, uit’s or insurance products are exempt

6
Q

Registration and annual fee for securities dealers and municiapl adviser professional

A

Registration in 1000 for both
annual broker dealre fee is 1000
annual MAP fee is 300.

7
Q

series 51

A

municipal fund securities limited principal

8
Q

series 50

A

municipal advisers and municipal adviser principal

9
Q

u4 residential

A

5 years

10
Q

Inspection Report retention

A

four years

11
Q

OSJ Supervisory Inspection

A

annually

12
Q

Branch office with supervisory responsibilities
Inspection
(Municipal Branch Office)

A

annually

13
Q

Branch office with no supervisory responsibility

A

periodic

14
Q

Supervisory System

How many principals

A

At least one must be designated to supervise, test etc. the system.

15
Q

Whe gets taped if the taping rule applies

A

All reps not just reps from sanction firms

16
Q

days to implement taping

A

60 days

17
Q

To avoid taping

A

reduce staffing of sanctioned firm employees within 30 days.

18
Q

How long is taping continued once initiated

A

3 years

19
Q

Tape recording retention

A

3 years,

first two years easily accessible

20
Q

CTR

A

Currency Transaction Report
established by Bank Secrecy Act
Deposit over 10K

21
Q

SAR

A

Suspicious Activity Report
established by Bank Secrecy Act
Questioning Authenticity of a transaction

22
Q

Who has final responsibility for supervision

A

The dealer

23
Q

If a firm is notified they didn’t meet the requirement to avoid taping how many days do they have to implement taping.

A

If a firm is notified they didn’t meet the staffing requirements then that means they already met the 30 day window to reduce staffing.
Taping has to be initiated in 60 days so they only have 30 days left.

24
Q

after the OS is filed the underwriter finds issues with the documents

A

The lead underwriter should forward an amended (stickered) official statement to EMMA within one business day of receipt from the issuer.
The issuer is obligated to amend the official statement making the facts clear. When the underwriter receives an amendment (sticker) from the issuer, the underwriter must forward two copies of the stickered official statement to the MSRB’s EMMA system within one business day.

25
Q

In any negotiated new issue, the official statement must disclose the

A

spread, the initial reoffering prices, and any other compensation the syndicate receives. The management fee must be disclosed to other syndicate members but need not be disclosed to the public.