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Series 79 chapter 4 > Ch 4 Deck 3 > Flashcards

Ch 4 Deck 3 Flashcards

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Series 79 Top-Off Exam flashcards
1
Q

Events that prevent a person from being registered or losing membership (I think both)

A

Statutory Disqualification

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2
Q

One reason for Statutory Disqualification is having been barred, suspended or expelled from

A

membership in an SRO, including FINRA

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3
Q

One reason for Statutory Disqualification is if the SEC has

A

denied, suspended or revoked the application

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4
Q

One reason for Statutory Disqualification is Associating with a person who has been

A
  1. Barred, suspended, or expelled from membership in an SRO, including FINRA
  2. SEC has denied, suspended or revoked the application
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5
Q

One reason for Statutory Disqualification is filing

A

false or misleading facts on an application

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6
Q

One reason for Statutory Disqualification is within the last 10 years, having

A

prior felony convictions or securities-related

misdemeanors

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7
Q

One reason for Statutory Disqualification is Receiving prior

A

disciplinary orders of the Administrator

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8
Q

One reason for Statutory Disqualification is having willfully

A

violated securities laws

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9
Q

One reason for Statutory Disqualification is a failure to supervise

A

others who violated securities law

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10
Q

Once the firm becomes aware of a statutory disqualifying event, the firm must report it

A

to FINRA within 30 days of learning of the action.

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11
Q

If a person is subject to statutory disqualification, The firm must either

A

terminate the representative
or
Allow the person to continue working

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12
Q

If a person is subject to statutory disqualification, and the firm wishes to Allow the person to continue working, they must

A

file a MC-400

AND an amended U-4

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13
Q

If a person is subject to statutory disqualification, In most cases, if the firm and FINRA agree, the person can continue to work

A

in a ministerial or clerical position.

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14
Q

If a person is subject to statutory disqualification, and the firm wishes to Allow the person to continue working the MC-400 form and amended U-4 must be filed within

A

10 days of learning of the action.

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15
Q

Each member firm must set up a supervisory system that is

A

capable of managing reps’ activities.

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16
Q

Firm supervisory system must include written procedures in place to

A

achieve compliance and detect rule violations

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17
Q

Firm supervisory system must designate registered principals who will

A

enforce the written supervisory procedures

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18
Q

Firm supervisory system must identify which

A

principal is responsible for which procedure in a designation record

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19
Q

Firm supervisory system must report to FINRA

A

who the principals in the designation record are

20
Q

Firm supervisory system must keep

A

The designation record for at least 6 years.

21
Q

Firm supervisory system must Designate certain offices as

A

offices of supervisory jurisdiction (OSJ)

22
Q

Firm supervisory system Assign to each representative

A

a principal for supervision

23
Q

OSJ Activities include order

A

execution and market making

24
Q

OSJ Activities include structuring of

A

public offerings or private placements

25
Q

OSJ Activities include Final approval, review and endorsement of

A

customer orders

26
Q

OSJ Activities include Final approval of new

A

accounts

27
Q

OSJ Activities include Final approval of literature for

A

advertising or sales (recently changed to retail communications)

28
Q

OSJ Activities include supervision of

A

persons at branch offices

29
Q

The main office is always considered

A

an OSJ

30
Q

For each non-OSJ branch office, There must be at least one

A

registered representative or principal

31
Q

For each OSJ, There must be at least one

A

registered principal that is responsible for it

32
Q

Do all misdemeanors count for statutory disqualification?

A

No just securities related misdemeanors

33
Q

Any location where associated employees are soliciting or effecting (but not executing) purchases or sales of securities

A

branch office

34
Q

Office responsible for supervising the activities of employees at one or more non-branch locations of the member firm

A

branch office

35
Q

A branch office is not the primary

A

residence of the RR

36
Q

The residence of the RR is a branch office if meetings

A

with customers take place there

37
Q

the residence of the RR is a branch office if non-

A

family members work there

38
Q

A branch office is not a location other than the primary residence that is used less than

A

30 business days annually (vacation home)

39
Q

A branch office is not an office location established solely for customer

A

service with no sales activities

40
Q

A branch office is not a location established for back

A

office functions where no sales are begin conducted

41
Q

Each RR and Principal must participate in an annual

A

compliance meeting

42
Q

Group size for annual compliance meeting

A

individually or as a group

43
Q

purpose of annual compliance meeting

A

keep RR’s and principals up to date

44
Q

annual compliance meeting must cover

A

compliance matters

45
Q

annual compliance meeting documentation includes

A

who must attend

who attended

Series 79 chapter 4 (11 decks)

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