Last Minute Cram Flashcards
Series 6
Investment Company & Variable Products Represtnative
mutual fund shares, unit investment trusts and face amount certificates
Series 52
Municipal Securities Representative
Municipal Securities, Government Securities, Section 229 College Saving Plans,
Series 57
Securities Trader
Trade Equities as Agent / Principal.
Require for OTC trading, Nasdaq trading,
Series 4
Options Principal
qualifies to supervise Options trading
Series 27
Financial Principal
Required for CFO and to file Focus Reports
Series 51
Municipal Fund Securities Principal
allows to supervise the Series 52 activity
Series 53
Municipal Principal
this is the mandatory principal for anyone selling municipal investments
Series 9/10
General Securiteis Sales Supervisor
Allows to supervise sales efforts of the member firm. CANNOT do any investment banking, trading or market making. NOR can it approve Retail Communication.
BOM - not required to be registered as a Principal.
This would be for Branch Office Manager
What is the Reporting for early warning
When do you need to report
How long do you have to report to FINRA?
Early warning means AI:NC falling below 12:1 or 120% of the minimum NC.
Must report within 24hrs
What are the 4 key Financial Immediate Reporting Requirements
Firms NET Capital falls below minimum requirement
Firms AI:NC exceeds 15:1
Firms Debt to Equity ratio exceeds 70% for 90 days
Firms Books & Records are not current
What is the reporting for material inadequacies in Accounting system?
24 hours
What focus reports are require by Carrying Dealers?
FOCUS I AND FOCUS II (Monthly and Quarterly)
FOCUS II are the more detailed monthly reports filed quarterly.
What FOCUS reports are required by Introducing Firms?
FOCUS IIa - quarterly report by Introducers. Unless asked by FINRA to report monthly.
