UNIT 05.03-002 Flashcards
In order to register an associated person a member firm would complete which of these forms?
Form U4
To register a person the firm should complete Form U4.
The registration of an associated person becomes effective after
submission of Form U4 and passing the appropriate exam.
A firm must submit a Form U4, and the person must pass the exam before a registration becomes effective.
Which of the following is not information needed to complete a Form U4?
A) Employment history
B) Aliases
C) Marital Status
D) Residential history
C) Marital Status
Education and marital status are two points that are not required for the Form U4. The others listed here are required.
TRUE
A) Employment history
B) Aliases
D) Residential history
How long after termination must a member file Form U5?
Within 30 days
If a person registered with a member firm resigns or is terminated, the member must file Form U5 with the CRD within 30 days of termination date. Members must also provide a copy of the form to their former employee within the same time frame. Failure to do so within 30 days will result in a late filing fee being assessed against the member.
When filing a Form U5 a member must mark one of five reasons for the termination. Which of the following reasons would NOT require additional details surrounding the termination?
A) Permitted to resign
B) Discharged
C) Other
D) Voluntary
Voluntary
If the member checks the discharged, other, or permitted to resign box, all of the details surrounding the termination must be disclosed. A voluntary resignation is assumed to be under circumstances that will not affect future eligibility for employment within the industry. Deceased is self-explanatory.
REQUIRES DETAILS
A) Permitted to resign
B) Discharged
C) Other
When filing a Form U5 a member must mark one of five reasons for the termination. Which of the following reasons would not require additional details surrounding the termination?
A) Other
B) Deceased
C) Discharged
D) Permitted to resign
Deceased
If the member checks the discharged, other, or permitted to resign box, all of the details surrounding the termination must be disclosed. A voluntary resignation is assumed to be under circumstances that will not affect future eligibility for employment within the industry. Deceased is self-explanatory.
If a person unsuccessfully attempts the Series 6 exam three times in a row, how long must they wait after the third attempt before attempting the exam again?
180 days
If a person unsuccessfully attempts the Series 6 exam twice, how long must they wait after the second attempt before attempting the exam again?
30 days
There is a waiting period of 30 days after failing the exam for the first time. The period is the same after failing a second time. After a third failure, the waiting period is 180 days.
If a person unsuccessfully attempts the Series 6 exam, how long must they wait after the first attempt before attempting the exam again?
30 days
There is a waiting period of 30 days after failing the exam for the first time. The period is the same after failing a second time. After a third failure, the waiting period is 180 days.
How many times may a person fail the Series 6 exam before they are permanently prohibited from sitting for the exam?
There is no limit to how many times the exam may be attempted
There is no limit to how many times a person may sit for the exam. The waiting periods may make this impractical, and broker-dealer firms may decline to sponsor you, but FINRA imposes no limit.
