video Notes

Question 1

dodd frank objective

Answer 1

promote financial stability with measures to improve accountability and transparency.
Protect customers

Question 2

SIPC Account valuation date

Answer 2

as of the court filing date

Question 3

sipc net equity calc

Answer 3

cash minus margin debit balance

Question 4

SIPC Firms outside the us

Answer 4

are exempt from coverage if principal business is outside the us.

Question 5

Firms exempt from SIPC coverage

Answer 5

companies that exclusively sells open end funds, uit’s or insurance products are exempt

Question 6

Registration and annual fee for securities dealers and municiapl adviser professional

Answer 6

Registration in 1000 for both
annual broker dealre fee is 1000
annual MAP fee is 300.

Question 7

series 51

Answer 7

municipal fund securities limited principal

Question 8

series 50

Answer 8

municipal advisers and municipal adviser principal

Question 9

u4 residential

Answer 9

5 years

Question 10

Inspection Report retention

Answer 10

four years

Question 11

OSJ Supervisory Inspection

Answer 11

annually

Question 12

Branch office with supervisory responsibilities
Inspection
(Municipal Branch Office)

Answer 12

annually

Question 13

Branch office with no supervisory responsibility

Answer 13

periodic

Question 14

Supervisory System

How many principals

Answer 14

At least one must be designated to supervise, test etc. the system.

Question 15

Whe gets taped if the taping rule applies

Answer 15

All reps not just reps from sanction firms

Question 16

days to implement taping

Answer 16

60 days

Question 17

To avoid taping

Answer 17

reduce staffing of sanctioned firm employees within 30 days.

Question 18

How long is taping continued once initiated

Answer 18

3 years

Question 19

Tape recording retention

Answer 19

3 years,

first two years easily accessible

Question 20

CTR

Answer 20

Currency Transaction Report
established by Bank Secrecy Act
Deposit over 10K

Question 21

SAR

Answer 21

Suspicious Activity Report
established by Bank Secrecy Act
Questioning Authenticity of a transaction

Question 22

Who has final responsibility for supervision

Answer 22

The dealer

Question 23

If a firm is notified they didn’t meet the requirement to avoid taping how many days do they have to implement taping.

Answer 23

If a firm is notified they didn’t meet the staffing requirements then that means they already met the 30 day window to reduce staffing.
Taping has to be initiated in 60 days so they only have 30 days left.

Question 24

after the OS is filed the underwriter finds issues with the documents

Answer 24

The lead underwriter should forward an amended (stickered) official statement to EMMA within one business day of receipt from the issuer.
The issuer is obligated to amend the official statement making the facts clear. When the underwriter receives an amendment (sticker) from the issuer, the underwriter must forward two copies of the stickered official statement to the MSRB’s EMMA system within one business day.

Question 25

In any negotiated new issue, the official statement must disclose the

Answer 25

spread, the initial reoffering prices, and any other compensation the syndicate receives. The management fee must be disclosed to other syndicate members but need not be disclosed to the public.