training 1

Question 1

principal minimum employees for 1

Answer 1

11

Question 2

Rule priority SEC vs. MSRB

Answer 2

SEC takes Priority

Question 3

U4 disclosure time frame for revocation of registrations

Answer 3

lifetime, must always disclose

Question 4

state issued GO bonds are not typically backed by

Answer 4

real estates taxes

Question 5

filing G-37

Answer 5

two paper copies
or
online using pdf submission

Question 6

concession is also called

Answer 6

dealers allowance

Question 7

municipal research

Answer 7

a firm that provides municipal research to customers is still a municipal securities dealer

Question 8

interest claimes

Answer 8

10 or 20 days if over 60 days

Question 9

presale period ends

Answer 9

when contract is signed

Question 10

contribution limits for 529 plans

Answer 10

no federal limit

states do set limits

Question 11

Selling to other broker dealers only requires

what registration

Answer 11

when selling only to dealer banks, broker dealers and issuers no registration is required.

Question 12

TM3 system

Answer 12

delivers extensive, intra-day information relating to the market for municipal securities?

Question 13

g-32

does not include

Answer 13

The names of the syndicate members and the reoffering yields are not included.

Question 14

yield and commission

Answer 14

commission is included in yield calcs.

Question 15

The placement ratio in “The Bond Buyer” indicates the relationship for a particular week between the number of bonds sold and the number of bonds

Answer 15

offered for sale in the market that week.

Question 16

when does the underwriting period begin

Answer 16

According to MSRB rules, the underwriting period begins when the syndicate purchases the issue from the issuer or when the syndicate receives the first order to purchase the bonds, whichever occurs first.

Question 17

written permission to open an account for an employee of a member firm

Answer 17

is not required

Question 18

An administrative assistant employed by a municipal securities broker/dealer to do clerical work wishes to open an account with the firm. The employer would

Answer 18

handle the employee as a member of the public.

Question 19

residential address records

Answer 19

5 years

Question 20

recording name of person requesting order

Answer 20

If the account is that of a partnership, corporation, joint account, or an order entered by a person holding a power of attorney over a discretionary account, the name and address of the person entering the order must be noted on the ticket.
* Not required for individual accounts

Question 21

Using information from a underwriting to solicit other business
Who can’t approve

Answer 21

trustee etc. of issuer. It must actually be the company info was received from

Question 22

utma rollover into a 529

Answer 22

is allowed

Question 23

According to the Uniform Practice Code, the settlement date on a “when, as, and if issued” transaction is

Answer 23

a date mutually agreed upon, not earlier than three business days after the date the final confirmation is sent.

Question 24

all monies due as the result of a buy-in must be paid

Answer 24

10 business days from receipt of the written notice of the claim

Question 25

cash receipt and disbursement records

Answer 25

6 years

Question 26

4 examples must be on a confirm

Answer 26

Subject to AMT.
Dated date.
Book-entry form only.
Call price.

Question 27

minimum exam for supervising

Answer 27

9/10 is the minimum 24 and 53 are higher

Question 28

MSRB acquisition assessment fee

Answer 28

Acquiring firm would pay the assessment due to acquisition

Question 29

customer definitiion

Answer 29

individual