When should Fidelity bond coverage be reviewed? correct answers reviewed 60 days before the anniversary date
File time for subordinated loan agreements? correct answers 10 days before the effective date
Who do we file subordinated agreements with? correct answers FINRA
How many temporary s...
Series 24 || A+ Graded Already.
When should Fidelity bond coverage be reviewed? correct answers reviewed 60 days before the
anniversary date
File time for subordinated loan agreements? correct answers 10 days before the effective date
Who do we file subordinated agreements with? correct answers FINRA
How many temporary subordinated loan agreements can we have per year? correct answers 3
loans in any 12 month period
Maximum duration of temporary subordinated loan agreements? correct answers 45 days
Net capital requirements for a market maker(mm)? correct answers Minimum is $100K or
greater of $1K per stock less than $5 & $2,500 for stock over $5
Suspension, termination for cause, the withholding of commissions in excess of $2,500, or the
imposition of a fine in excess of $2,500 all require that FINRA be promptly notified within how
many days? correct answers Immediately but within 30 Business days
Trace does not report correct answers Municipal Bonds
If a selling member fails to deliver on settlement date, the security can be bought in by the
buying member no sooner than how many business days after settlement date? + is written notice
required? If so, when? (fail to deliver) correct answers 3 days (settlement/business days)
and written notice must be given. The written notice can be given as soon as the business day
after settlement, and the buy-in can be effected no sooner than 2 business days after written
notice.
SMA is ____x the buying power in an account? correct answers 2x the buying power in an
account
How long can a we place a hold on an account due to abuse/suspected fraud correct answers 15
plus 10 is extended for a total of 25 days
The request for adjustment or nullification must be made within how many minutes of the
execution? Any appeal of Nasdaq's decision must be made within how many minutes of
receiving the decision? correct answers - 30 minutes
- 30 minutes
Long-term capital gains by investment companies are distributed? correct answers Annually
When can the selling group be formed? correct answers After the registration statement is filed
w/ the SEC
,When is a member that participates in a public offering is required to file the registration
statement and documents relevant to underwriting terms and arrangements with FINRA? correct
answers no later than 3 business days after any documents are filed with or submitted to the SEC.
According to the Investment Company Act of 1940, the maximum life of an investment advisory
contract and an underwriting contract is? correct answers 2 years and must be re-approved
annually either by the board or majority shareholder vote.
Under SEC rules, a carrying firm must determine if there is any excess or deficit in customer
segregation accounts? correct answers Daily
When one party to a trade (the confirming member) sends a confirmation but does not receive
one in return, the confirming member must send a don't know (DK) notice to the nonconfirming
member by? correct answers close of one business day following the trade date of the transaction
What system is a customizable order routing system that allows order entry firms to route orders
into the internal trading systems of market making firms with whom they have arrangements?
correct answers ACES
Do the market makers that receive orders through ACES have to pay a fee? correct answers Yes
Name 3 non-allowable (illiquid) assets? correct answers Exchange memberships, equity in real
estate, and goodwill
15c3-3 (per Knopman we should know this rule by number) correct answers concerned primarily
with the reserves a member has available and regulations governing the care and safekeeping of
customer securities
Representations obtained to determine the eligibility of an account to purchase a new equity
issue must be retained for? correct answers 3 years
when does FINRA disseminate information on all transactions in TRACE-Eligible Securities?
correct answers Immediately
Transactions in TRACE-eligible securities must be reported by? correct answers each member
that is a party to a transaction within 15 minutes of the time of executio
BDs who participate in a commission recapture program have to maintain a net capital amount
of? correct answers $250,000
Nonattributable (not displayed) interest may be shown anonymously using the MPID of? correct
answers NSDQ
Forward looking statements may be used in? (3) correct answers -prospectuses
- Proxy material
, - Annual Reports
(APP)
Short positions in Nasdaq securities must be reported to FINRA correct answers twice a month
Subsidiary ledgers must be retained for? correct answers 3 years
What records are kept for the life of the firm? correct answers The stock certificate book, articles
of incorporation or partnership agreement, and minutes of the directors' meetings
A market maker must enter quotations no later than the opening on the X day after FINRA has
approved its registration. correct answers 5th business day
Securities with an ADTV of at least $100,000 and a public float value of at least $25 million are
subject to a restricted period of how many business day before the effective date? correct
answers 1 Business day
A member firm that engages in investment banking services must file with FINRA a written
report describing each internal investigation? correct answers Quarterly; within ten business days
of the end of each calendar quarter
Under Hart-Scott-Rodino, the waiting period, after filing premerger notification information with
the FTC, is correct answers 30 days
Under the Code of Procedure, a respondent has 25 days to respond to a complaint from the
Department of Enforcement. If the respondent does not answer within 25 days, the department
will send a second notice requiring an answer within correct answers 14 days
When must form 8K be filed? correct answers With 4 business days of event
Form 10K characteristics (filing by issuers): correct answers - Audited
- Annual Report
- Filed within 90 days of year-end
From 10Q Characteristics (filing by issuers): correct answers - "Q" Quarterly
- Filed within 45 days of the end of the quarter
From 3 (filing by non-issuers) correct answers - Initial report for corporate insiders
- Anyone who becomes an officer, director, or holder of 10% or more of the outstanding shares
of a company's stock
- Filed within 10 calendar days
Form 4 (filing by non-issuers) correct answers - Reporting a trade by insider
- Filed within 2 business days
13D correct answers - Officer acquires more than 5% interest in an issuer
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