1 Flashcards
1
Q
New Acct Form - Signatures
customer
Rep
24
A
cash acct
no: customer
yes: rep & 24
margin or options acct
yes: customer
yes: rep & 24
2
Q
With in ? days
of new acct or change
send cust copy of new acct form?
A
30 day
3
Q
update cust info how ofter
A
every 36 months
4
Q
if no ssn on file
A
firm will hold income for IRS
5
Q
industry personnell
- NYSC
- NYSC & MSRB
- FINRA
A
- permission - new acct
- duplicate confirms
- duplicate on request
6
Q
Day Trading
A
buy & sell same sec
risky
7
Q
Pattern Day Trade
A
trade same sec 4+ times same day
over 5 days
trades are 6% of activity
8
Q
SIPC covers
A
500k which 250k max cash
9
Q
invetments SIPC
does not cover (3)
A
commodities
mutual funds
non profit
10
Q
discretionary acct
A
FA or BD trade acct w/o
talking to customer
cannot trade muni where control relation exists
11
Q
discretionary acct
revoked upon
A
death
12
Q
Mkt Not Held Orders
A
orders that don’t have to be placed immed.
