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Series 24 Exam Questions with Correct Answers
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Series 24 Exam Questions with Correct Answers
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Series 24 Exam Questions with Correct AnswersForm NMA Correct Answer-Opens 180 day window for new application
for b/d registration
Finra responsibilities Correct Answer-Obl/authority interpret rules, fees,
compliance issues, disputes, CRD, education
Form BD Correct Answer-form used by B/D to register with SEC,
SRO's. Must be updated within 30 days when out of date.
Form CMA Correct Answer-must be filed electronically when there is a
change in ownership or control.
Finra regulates which securities? Correct Answer-OTC nonexempt
securities
Nasdaq rule 1014 Correct Answer-org chart, business plan, supervisory
systems, financial projections, record keeping
When are DBA's acceptable? Correct Answer-acceptable if filed with
finra and commission
Each B/D must have a min of how many principals register (except for
Sole proprietors)? Correct Answer-2 principals (min)
,DMR ( Dept of Member Registration) process/responsibilities? Correct
Answer-review applicants capital, scope of business harmony with
public interest and protection of investors.
DMR issues a written decision within how many days of the pre-
membership interview? Correct Answer-30 days (grant the application,
deny it, grant with restrictions)
Finra requires how many resident principals for Office of Supervisory
Jurisdiction? Correct Answer-1 resident principal
What is statutory disqualification? Correct Answer-disciplinary actions
in the last 10 years by SEC.
What is form MC400? Correct Answer-Form that needs to be completed
if a firm wants to sponsor a person who was disqualified.
Disqualifications also include DUI and assault, however, they do not
pose a risk to investors and may be approved.
What is the fee paid by firms to employee statutory disqualified
employees (if approved by finra)? Correct Answer-$1500 annually Tier
1
$1000 annually Tier 2
If Finra bars or suspends a Associated Person, member firms cannot
Correct Answer-employee these people in any capacity
, What is rule 9522? Correct Answer-Dept of Member Regulation (DMR)
has right to approve statutory disqualified persons to become an
associate of a member firm.
What is rule Rule 4530 Correct Answer-must report within 30 calendar
days.
What is Form BDW used for ? Correct Answer-used to withdraw
registration as a B/D
Member firms membership can be suspended/revoked if feed are not
paid with in how many days? Correct Answer-15 days
When is a principal required? Correct Answer-1)actively engaged in
mngt of investment banking/securities business
2) When supervising associated persons
How many days does a b/d have to respond to a potential employer
regarding an associated person? Correct Answer-10 business days
How many years of employment do principals need check before
signing U-4? Correct Answer-3 years
Finger printing Correct Answer-3 attempts
summer interns do not need finger printing
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