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Series 10 > Chapter 1 > Flashcards

Chapter 1 Flashcards

0
Q

How many years does a statutory disqualification last?

A

10 years

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1
Q

Who regulates OTC non exempt securties?

A

FINRA. And the SEC

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2
Q

Series 6 can sell closed end funds when?

A

At new issue.

After 2nd mkt 7 or 62 is required.

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3
Q

Are commodities futures securities?

What series must you have to trade them?

A

No

3 or 31

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4
Q

Series 11
What can be performed?
What can the person not do?

A
  1. Unsolicited orders, update information, account forms.

2. No recommendations no soliciting business.

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5
Q

Series 22

What can be done with it?

A

Limited Partnerships

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6
Q

Series 52

What can be done with it?

A

Municipal Securities

529’s

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7
Q

Series 55

What can be done with it?

A

Trader can trade oTC securities.

Nasdaq mkt makers and Proprietary Traders

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8
Q

Series 62

What can be done with it?

A

Corporate securities only. Also sell closed end funds

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9
Q

Series 24
What is it?
What does it do?

A

General Securities Principal

Everything even approve add material.

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10
Q

Series 4
What is it?
What does it do?

A

Registered Options Principal

Supervise members of options business.

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11
Q

Series 26
What is it?
What does it do?

A

Inv Company Products Variable products Principal.

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12
Q

Series 27
What is it?
What does it do?

A

Financial and operations principal

Supervise prep of financial reports and filings with SEC FINRA

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13
Q

Series 51
What is it?
What does it do?

A

Supervise municipal business. Limited principal

529. / Bonds

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14
Q

Series 53
What is it?
What does it do?

A

Muni Principal

Supervise all Activities

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15
Q

Series 9 10
What is it?
What does it do?

A

General Securities Supervisor

Cannot oversee
Investment Banking 
Trading
Market making 
Approve advertising

BOM of NYSE

16
Q

Series 14
What is it?
What does it do?

A

Compliance Officials

10 or more people

17
Q

What are the policies and procedures for Rule 3012?

A

Transmittal of Funds
Change of ownership
Outside entities
Any where other than customers residency

Change of Address
Investment Objectives

18
Q

What are the rules for correspondence?

A

Must have proceed in place for Pre or Post.
Must retain for 3 years.
If post must have education policy.

19
Q

What are the filling requirements for sales literature?

A

Date of use
Name and title of who approved
Date approval was given

20
Q

Advertisement and Sales lit that is 10 days prior to use? PRE

A

CMO
Options
Security futures
Rankings that are not recognized

21
Q

Advertisement and Sales lit that is 10 within use? POST

A

Inv company material
DPP
Government securities

22
Q

What are the requirements of a repurchase agreement?

A

in writing
exempt securities
time and price are specified

23
Q

OBA when is permission not required?

A

In a Limited Partnership where the FA has no management role.

24
Q

Does FINRA requirer permission to enter into contracts with employees of other members?

A

NO

25
Q

What is the fine for a MRV not to exceed?

A

2500

26
Q

What are lifetime Records for SEC 17a-3 and 17a-4

A 
Partnership Articles
Articles of Inkoprtation
Minute Books
Stock Cert Books
Form BD
27
Q

what are the 6 Year Records for SEC (6 total)

A 
Blotter
General Ledger
Stock Record
Customer Complaints Muni
Customer Ledgers
Customer Account Records
Principal Designation Records
28
Q

What are the 3 year records with the SEC?

A 
Adds
FOCUS reports
Trial Balances
u4 & U5
Customer confirmations
Order Tickets
Subsidiary Ledgers
Compliance/ Supervisory manuals
29
Q

What are the 5 year records with the SEC?

A

Form 104
SAR filings
Records related to customer id

30
Q

What are the 4 year records with the SEC?

A

Customer Compliants

Series 10 (1 decks)

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