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Series 24 - 8 > 1 > Flashcards

1 Flashcards

1
Q

The DMM on an exchange floor works for the?

A

Member firm

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2
Q

after receiving a complaint for the Department of enforcement a respondent has how many days to respond?

A

25

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3
Q

what two systems were created as a result of the SEC’s mandate to FINRA to improve regulation of the Nasdaq stock market?

A

OATS and FQCS
OATS allows tracking of order from beginning to end
FQCS was designed to deal with member complaints regarding backing away

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4
Q

The ex-date for cash settlement transactions is 1 business day?

A

after record date

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5
Q

To function as a Nasdaq market maker, what two licenses are required?

A

series 55 and series 7 or 62

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6
Q

According to SEC rules 104, stabalizing bids may only be made for what type of offerings?

A

fixed price offerings underwritten on a firm commitment basis

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7
Q 
The electronic delivery of a final prospectus applies to all of the following offerings except what?
Mutual fund shares
debt securities
equity securities
convertible debt securities
A

mutual fund shares. Investment companies are not permitted to use the access-equals-delivery method

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8
Q

FINRA rules prohibit analysts and members of their households from investing in a company’s securities for how many days before and after the analyst issues a research report on the company?

A

30 days before and 5 days after

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9
Q

an account may purchase a new equity issue If the beneficial interests of restricted persons do not exceed what percentage of an account.

A

10%

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10
Q

what are the functions of the DTC?

A

custody and safekeeping of securities and processing of interest and dividend payments

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11
Q

a member firm may trade alongside a retail customer limit order if the order is in what amounts?

A

10,000 shares or more and $100,000 or more

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12
Q

Form 13D is filed with who?

A

the market where the security pricipally trades, the SEC and the issuer

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13
Q

what is form 13D

A

when an unaffiliated investor accumulates a 5% or more interest in an issuer for 13D must be filed within 10 business days

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14
Q

the function of the book that allows part of a market maker’s interst to remain undisplayed is what?

A

reserve size - it allows a market maker to display part of its trading interest with the remainder undisplayed

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15
Q

a passive bid that is higher that the highest current independent id is what?

A

permitted if the bid reflects a customer limit order

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16
Q

In a regulation A offering, the SEC will integrate the current offering with any securities offering of the issuer occurring within the prior how many months?

A

12 the $5 million ceiling is measured over a 12 month period.

17
Q

pegged orders

A

an order tracking the inside market and is therefore, a moving limit order to wither buy or sell

18
Q

a report must be filed with FINCEN is the amount is suspicious or over an amount of what?

A

$5,000

19
Q

Under SEC rule 3a4-1, an issuer may use its employees to help sell the issue as long as the employees are not what three things?

A

subject to a statutory disqualification, are not compensated based on sales and are not associated with any B/D

20
Q

Under SEC rule 15c3-1, the minimum net capital requirement for a B/D that acts as a prime broker is?

A

$1,500,000

21
Q

Rule 144 applies to the sales of securities by who?

A

control persons, affiliated persons and non-issuers

22
Q

a senior officer of a membe firm must attest to FINRA that the firm is in complliance with the research analyst conflict of interest rules by what date each year?

A

April 1

23
Q

to be diversified, an investment copmany what?

A

can have no more that 5% of its assets invested in any one issuer and can hold no more that 10% of the voting securities of any one issuer

24
Q

Rule 144 allows a member to contact what potential buyers of Rule 144 stock?

A

a customer who has indicated an interest in the issue within the preceding 10 business days or a B/D who has indicated an interest in teh issue within the preceding 60 days

25
Q

as long as the issuer is current with regard to its regulatory filings, a nonaffiliated investor, under Rule 144, may freely sell unregistered shares after a holding period of what?

A

6 months

26
Q

a transaction in a TRACE-eligible bond is effected at 2:25 PM. the trade must be reported to FINRA when

A

by 2:40 pm - within 15 minutes

27
Q

nondirected orders entered must be what?

A

market orders or marketable limit orders

28
Q

regulation A requires notification to the SEC how many days before the initial offering>

A

20

29
Q

regulation X covers what?

A

overseas entities to purchase US registered stock

30
Q

Regualation SHO deals with

A

Short sales

31
Q

The corporate financing department will review any compensations received by the underwriters during how many days preceding the filing?

A

180

32
Q

if a member firm has fee-based accounts, its supervisory procedures shoudl include what?

A

periodic review of these accounts, review of any changes in the customer’s objectives and comparison of the fee charge to what would have been charged on a commission basis

33
Q

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 days?

A

1 the business day before the effective date

34
Q

under rule 103, application for acting as a passive market maker must be made when?

A

1 business day before the restricted period

35
Q

A P modifier next to a market makers identifier indicates that the firm is what?

A

a primary market maker

36
Q

the deposit of fully paid securities into a long margin account will not increase the what?

A

debit balance

Series 24 - 8 (1 decks)

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