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Question 1

How many business days after the settlement date does a b/d have to buy in a customer who has failed to deliver securities to satisfy a sale?

Answer 1

10

Question 2

your firm is the managing underwriter for a new issue of ABC common stock. Certain information relating to the terms of the offering must be filed with FINRA within?

Answer 2

1 business day of filing the registration statement

Question 3

a member firm decides to reduce it excess SIPC coverage. Under FINRA rules, the firm must notify its customers of the reduction when?

Answer 3

at least 30 days before the reduction

Question 4

a client of your firm requests a copy of the predispute arbitration agreement signed when the account was opened several years ago. Under FINRA rules, your firm must respond within how may business days of the request?

Answer 4

10

Question 5

Under SEC rule 10b-13, a company that is the target of a tender offer must provide its shareholders with a statement indicating acceptance or rejection of the offer within how many business days of the announcement?

Answer 5

10

Question 6

the manning rule

Answer 6

the limit order protection rule

Question 7

certain firms are exempt from the requirement to perform a weekly reserve computation under SEC Rule 15c3-3. The k(2)(ii) exemption applies to what?

Answer 7

introducing firms

Question 8

FINRA rules require B/Ds to conduct anti-money laudering training when?

Answer 8

on an ongoing basis

Question 9

a member firm that is required to monitor the telemarketing of its registered reps must provide written reports on its review of the recordings to FINRA how often?

Answer 9

quarterly

Question 10

Under FINRA rules, carrying firms must advise their customers of the BrokerCheck phone number or Web access how often?

Answer 10

annually

Question 11

Under FINRA rules, delivery on a seller’s option can be made no sooner that when?

Answer 11

the 4th business day following the transaction

Question 12

what are the minimum quotation sizes for the OTCBB?

Answer 12

for a priced quote between $1.01 and $10.00 the min quote size is 500 shares. for a priced quote between $10.01 and $100.00 the min dusplay size is 200 shares

Question 13

if a market maker receives a preferenced order and the firm is not at the inside market, Nasdaq will what?

Answer 13

return the order to the entering party

Question 14

a qualified distribution from a ROTH IRA is one made after what two things?

Answer 14

a 5-year holding perios and after the taxpayer has reached age 591/2

Question 15

under SEC rules, b/ds must notify customes of free credit balances at least?

Answer 15

quarterly

Question 16

a pattern day trader exedcutes at least what?

Answer 16

4 day trades in 5 business days

Question 17

a member firm that plans to offer customers an investment analysis tool must provide FINRA access to the tool when?

Answer 17

within 10 days of first use

Question 18

how often are 13F reports filed?

Answer 18

quarterly

Question 19

a series 55 license is required for whom?

Answer 19

nasdaq market makers, propietary OTC traders, and persons who supervise nasdaq market makers and proprietary OTC traders

Question 20

Under NYSE rules, unless an order imbalance exists, MOC (market on close) orders cannot be entered after what time?

Answer 20

3:45

Question 21

Nasdaq’s MOC cut off time is what?

Answer 21

3:50

Question 22

what act requires parties to a pending business combination rto provide premerger notification information to the FTC?

Answer 22

Hart-Scott-Rodino

Question 23

a mark to the market is based on what?

Answer 23

contract price in relation to market price

Question 24

under the provisions of Rule 145 what event would automatically sunject the transaction to the full disclosure and registration requirements set forth in the Act of 1933?

Answer 24

Merger and Acquisitions

Question 25

SEC Rule 15c2-4 dels with what?

Answer 25

escrow of customer checks in contingent offerings

Question 26

under NASD rule 3012, hightened supervisory procedures are required if a producing branch manager accounts for what percentage of the revenue of the unit being reviewed?

Answer 26

20% or more

Question 27

a list of borrowable securities for shortsale must be updated how often?

Answer 27

daily - can’t be more than 24 horus old

Question 28

PIPE transactions?

Answer 28

accredited investors purchase restricted shares in a publicly traded company and the shares purchased are immeditely registered with the SEC by the issuer

Question 29

form 144 must be filed with the SEC when?

Answer 29

concurretnly with the sale or earlier