Canadian Securities Course (CSC) Practice Questions And Answers

In accordance with the provisions related to ‘Request to Submit Additional Evidence’ of Finra Rule 9261 – ‘Evidence and Procedure in Hearing’, Which one of the undermentioned may seek to submit any additional evidence at the hearing as the Hearing Officer, in his or her discretion, determines may be relevant and necessary for a complete record?

In accordance with the provisions related to ‘Majority Decision’ of Finra Rule – 9268 ‘Decision of Hearing Panel or Extended Hearing Panel’, Within how many days after the final date allowed for filing proposed findings of fact, conclusions of law, and post-hearing briefs, or by a date established at the discretion of the Chief Hearing Officer, the Hearing Officer shall prepare a written decision that reflects the views of the Hearing Panel or, if applicable, the Extended Hearing Panel, as determined by majority vote?

In accordance with the provisions related to ‘Call for Review – Rule 9268 Decision’ of Finra Rule – 9312 ‘Review Proceeding Initiated By Adjudicatory Council’, If called for a review, By whom such decision shall be reviewed?

In accordance with the provisions related to ‘Observer’ of Finra Rule 9231 ‘Appointment by the Chief Hearing Officer of Hearing Panel or Extended Hearing Panel or Replacement Hearing Officer’,A person who is qualified to serve as a Panelist may be designated by the Chief Hearing Officer to serve as an observer to a Hearing Panel or an Extended Hearing Panel. Which one of the undermentioned action cannot be performed by such observer?

In accordance with the provisions related to ‘Criteria for Designation of Primary Regional Committee’ of Finra Rule – 9232 ‘Criteria for Selection of Panelists and Replacement Panelists’, Who shall designate a Regional Committee as the Primary Regional Committee based upon relevant facts and circumstances of the case?

In accordance with the provisions related to ‘Documents to be Available for Inspection and Copying’ of Finra Rule – 9251 ‘Inspection and Copying of Documents in Possession of Staff’,If Interested FINRA Staff receives Documents pursuant to a request for information under Rule 8210 after Documents have been made available to a Respondent for inspection and copying as set forth in paragraph (a), and if such Documents are material and relevant to the disciplinary proceeding in which such Respondent is a Party, Within how much time the additional Documents shall be made available to the Respondent?

In accordance with the provisions related to ‘Certification’ under Rule-3130 ‘Annual Certification of Compliance and Supervisory Processes’ of Finra By-Laws, The Member’s processes, with respect to paragraph 1 above, are evidenced in a report reviewed by the chief executive officer(s) (or equivalent officer(s)), chief compliance officer(s), and such other officers as the Member may deem necessary to make this certification. To whom such report should be submitted?

In accordance with the provisions related to ‘Service by Courier’ of Finra Rule # 9134 ‘Methods of, Procedures for Service’, Service by courier may be accomplished by sending the papers through a courier service. Regarding which of the undermentioned events, courier service should generate a written confirmation?

In accordance with the provisions related to ‘When Service Is Complete’ of Finra Rule # 9134 ‘Methods of, Procedures for Service’, Personal service and service by courier or express delivery are complete upon delivery. At what time, Service by mail will be complete?

In accordance with provisions related to ‘Issuance of securities for services or property other than cash’ of Section 22 ‘Distribution, Redemption, and Repurchase of Redeemable Securities’ under Investment Company Act of 1940, Which one of the undermentioned is not allowed to issue any of its securities (1) for services; or (2) for property other than cash or securities (including securities of which such registered company is the issuer), except as a dividend or distribution to its security holders or in connection with a reorganization?

In accordance with provisions related to ‘Issuance of securities’ of Section 23 ‘Distribution and Repurchase of Securities: Closed-End Companies’ under the Investment Company Act of 1940, No registered closed-end company shall issue any of its securities (1) for services; or (2) for property other than cash or securities (including securities of which such registered company is the issuer). Which one of the undermentioned is an exception to the aforesaid rule?

In accordance with the provisions of Finra Rule # 2080 ‘Obtaining an Order of Expungement of Customer Dispute Information from the Central Registration Depository (CRD) System’, Members or associated persons seeking to expunge information from the CRD system arising from disputes with customers must obtain an order directing such expungement or confirming an arbitration award containing expungement relief. From whom, the aforesaid order should be obtained:

In accordance with the provisions of Section 4 ‘Classification of Investment Company’ under the Investment Company Act of 1940, Which one of the undermentioned terms is used to refer an investment company which is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or which has been engaged in such business and has any such certificate outstanding?

In accordance with the provisions related to ‘Notification of registration; effective date of registration’ of Section 8 ‘Registration of Investment Companies’ under the Investment Company Act of 1940, Any investment company organized or otherwise created under the laws of the United States or of a State may register for the purposes of this subchapter by filing notification of registration. By whom such notification should be filed?

In accordance with the provisions related to ‘Distribution by an investment company of securities of which it is issuer’ of Section 12 ‘Functions and Activities of Investment Companies’ under the Investment Company Act of 1940, By which of the undermentioned way it shall be lawful for any registered open-end company (other than a company complying with the provisions of section 80a–10(d) of this title) to act as a distributor of securities of which it is the issuer?

In accordance with the provisions related to ‘Responsibility of Member to Investigate Applicants for Registration’ under Rule-3110 ‘Supervision’ of Finra By-Laws, The member shall also review an applicant’s employment experience to determine if the applicant has been recently employed by a Futures Commission Merchant or an Introducing Broker that is notice-registered with the SEC pursuant to Section 15(b)(11) of the Exchange Act. In such a case, the member shall also review a copy of the applicant’s most recent CFTC Form 8-T, including any amendments thereto. Within how much time such review should be done?

In accordance with the provisions related to ‘Internal Inspections’ under Rule-3110 ‘Supervision’ of Finra By-Laws, Each member shall conduct a review of the businesses in which it engages. The review shall be reasonably designed to assist the member in detecting and preventing violations of, and achieving compliance with, applicable securities laws and regulations, and with applicable FINRA rules. Of whom inspection should be done at least annually (on a calendar-year basis)?

In accordance with the provisions related to ‘Annual Certification Requirement’ under Rule-3130 ‘Annual Certification of Compliance and Supervisory Processes’ of Finra By-Laws, Each member shall have its chief executive officer certify annually that the chief executive officer has conducted one or more meetings to discuss such processes designed to achieve compliance with applicable FINRA rules, MSRB rules and federal securities laws and regulations. In How much time such a meeting should be conducted?

In accordance with the provisions under Rule-9523 ‘Acceptance of Member Regulation Recommendations and Supervisory Plans by Consent Pursuant to SEA Rule 19h-1’ of Finra By-Laws, If the recommendation and supervisory plan is accepted by the National Adjudicatory Council or the Chairman of the Statutory Disqualification Committee, What will be the status of such recommendation and supervisory plan?

In accordance with the provisions under Rule-9525 ‘Discretionary Review by the FINRA Board’ of Finra By-Laws, Which one of the undermentioned authorities have the power to call an eligibility proceeding for review by the FINRA Board if the call for review is made within the prescribed period?