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Question 1 of 30
1. Question
In accordance with the provisions related to ‘Written Procedures’ under Rule-3110 ‘Supervision’ of Finra By-Laws, The required supervisory procedures shall include procedures for the review, evidenced in writing, of all transactions relating to the investment banking or securities business of the member. By7 whom such review should be conducted?
Correct
Each member shall establish, maintain, and enforce written procedures to supervise the types of business in which it engages and the activities of its associated persons that are reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable FINRA rules.
Incorrect
Each member shall establish, maintain, and enforce written procedures to supervise the types of business in which it engages and the activities of its associated persons that are reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable FINRA rules.
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Question 2 of 30
2. Question
In accordance with the provisions related to ‘Transaction Review and Investigation’ under Rule-3110 ‘Supervision’ of Finra By-Laws, A member engaging in investment banking services must file with FINRA, written reports at such times and, without limitation, including such content, as prescribed in the aforesaid rule. By whom such report should be signed?
Correct
Each member shall include in its supervisory procedures a process for the review of securities transactions that are reasonably designed to identify trades that may violate the provisions of the Exchange Act, the rules thereunder, or FINRA rules prohibiting insider trading and manipulative and deceptive device that are affected for the:
(A) accounts of the member;
(B) accounts introduced or carried by the member in which a person associated with the member has a beneficial interest or the authority to make investment decisions;
(C) accounts of a person associated with the member that is disclosed to the member pursuant to Rule 3210; and
(D) covered accounts.Incorrect
Each member shall include in its supervisory procedures a process for the review of securities transactions that are reasonably designed to identify trades that may violate the provisions of the Exchange Act, the rules thereunder, or FINRA rules prohibiting insider trading and manipulative and deceptive device that are affected for the:
(A) accounts of the member;
(B) accounts introduced or carried by the member in which a person associated with the member has a beneficial interest or the authority to make investment decisions;
(C) accounts of a person associated with the member that is disclosed to the member pursuant to Rule 3210; and
(D) covered accounts. -
Question 3 of 30
3. Question
In accordance with the provisions related to ‘Responsibility of Member to Investigate Applicants for Registration’ under Rule-3110 ‘Supervision’ of Finra By-Laws, If the applicant previously has been registered with FINRA or another self-regulatory organization, the member shall review a copy of the applicant’s most recent Form U5, including any amendments thereto. Within how much time the member should take the appropriate action?
Correct
If the applicant previously has been registered with FINRA or another self-regulatory organization, the member shall review a copy of the applicant’s most recent Form U5, including any amendments thereto, within 60 days of the filing date of an application for registration, or demonstrate to FINRA that it has made reasonable efforts to do so. In conducting its review of the Form U5, the member shall take such action as may be deemed appropriate.
Incorrect
If the applicant previously has been registered with FINRA or another self-regulatory organization, the member shall review a copy of the applicant’s most recent Form U5, including any amendments thereto, within 60 days of the filing date of an application for registration, or demonstrate to FINRA that it has made reasonable efforts to do so. In conducting its review of the Form U5, the member shall take such action as may be deemed appropriate.
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Question 4 of 30
4. Question
In accordance with the provisions related to ‘Responsibility of Member to Investigate Applicants for Registration’ under Rule-3110 ‘Supervision’ of Finra By-Laws, Each member shall establish and implement written procedures reasonably designed to verify the accuracy and completeness of the information contained in an applicant’s initial or transfer Form U4. Within how much time, the aforesaid action should be completed?
Correct
In addition, each member shall establish and implement written procedures reasonably designed to verify the accuracy and completeness of the information contained in an applicant’s initial or transfer Form U4 no later than 30 calendar days after the form is filed with FINRA. Such procedures shall, at a minimum, provide for a search of reasonably available public records to be conducted by the member, or a third-party service provider, to verify the accuracy and completeness of the information contained in the applicant’s initial or transfer Form U4.
Incorrect
In addition, each member shall establish and implement written procedures reasonably designed to verify the accuracy and completeness of the information contained in an applicant’s initial or transfer Form U4 no later than 30 calendar days after the form is filed with FINRA. Such procedures shall, at a minimum, provide for a search of reasonably available public records to be conducted by the member, or a third-party service provider, to verify the accuracy and completeness of the information contained in the applicant’s initial or transfer Form U4.
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Question 5 of 30
5. Question
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, Which one of the undermentioned should also be reviewed by the member?
Correct
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.
Incorrect
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.
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Question 6 of 30
6. Question
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?
Correct
The term “investment banking services” shall include, without limitation, acting as an underwriter, participating in a selling group in an offering for the issuer, or otherwise acting in furtherance of a public offering of the issuer; acting as a financial adviser in a merger or acquisition; providing venture capital or equity lines of credit or serving as placement agent for the issuer or otherwise acting in furtherance of a private offering of the issuer.
Incorrect
The term “investment banking services” shall include, without limitation, acting as an underwriter, participating in a selling group in an offering for the issuer, or otherwise acting in furtherance of a public offering of the issuer; acting as a financial adviser in a merger or acquisition; providing venture capital or equity lines of credit or serving as placement agent for the issuer or otherwise acting in furtherance of a private offering of the issuer.
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Question 7 of 30
7. Question
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. At how much time, such review should be conducted?
Correct
Each member shall review the activities of each office, which shall include the periodic examination of customer accounts to detect and prevent irregularities or abuses. Each member shall also retain a written record of the date upon which each review and inspection is conducted.
Incorrect
Each member shall review the activities of each office, which shall include the periodic examination of customer accounts to detect and prevent irregularities or abuses. Each member shall also retain a written record of the date upon which each review and inspection is conducted.
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Question 8 of 30
8. Question
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 every three years?
Correct
Each member shall inspect at least every three years every branch office that does not supervise one or more non-branch locations. In establishing how often to inspect each non-supervisory branch office, the member shall consider whether the nature and complexity of the securities activities for which the location is responsible, the volume of business done at the location, and the number of associated persons assigned to the location require the non-supervisory branch office to be inspected more frequently than every three years.
Incorrect
Each member shall inspect at least every three years every branch office that does not supervise one or more non-branch locations. In establishing how often to inspect each non-supervisory branch office, the member shall consider whether the nature and complexity of the securities activities for which the location is responsible, the volume of business done at the location, and the number of associated persons assigned to the location require the non-supervisory branch office to be inspected more frequently than every three years.
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Question 9 of 30
9. Question
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)?
Correct
Each member shall inspect on a regular periodic schedule every non-branch location. In establishing such schedule, the member shall consider the nature and complexity of the securities activities for which the location is responsible and the nature and extent of contact with customers. The member’s written supervisory and inspection procedures shall set forth the schedule and an explanation regarding how the member determined the frequency of the examination.
Incorrect
Each member shall inspect on a regular periodic schedule every non-branch location. In establishing such schedule, the member shall consider the nature and complexity of the securities activities for which the location is responsible and the nature and extent of contact with customers. The member’s written supervisory and inspection procedures shall set forth the schedule and an explanation regarding how the member determined the frequency of the examination.
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Question 10 of 30
10. Question
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 on a regular periodic schedule?
Correct
n establishing such schedule, the member shall consider the nature and complexity of the securities activities for which the location is responsible and the nature and extent of contact with customers. The member’s written supervisory and inspection procedures shall set forth the schedule and an explanation regarding how the member determined the frequency of the examination.
Incorrect
n establishing such schedule, the member shall consider the nature and complexity of the securities activities for which the location is responsible and the nature and extent of contact with customers. The member’s written supervisory and inspection procedures shall set forth the schedule and an explanation regarding how the member determined the frequency of the examination.
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Question 11 of 30
11. Question
In accordance with the provisions related to ‘Maintenance of Written Supervisory Procedures’ under Rule-3110 ‘Supervision’ of Finra By-Laws, A copy of a member’s written supervisory procedures, or the relevant portions thereof, shall be kept and maintained in each OSJ and at each location where supervisory activities are conducted on behalf of the member. During how much time member should amend its written supervisory procedures to reflect changes in applicable securities laws or regulations, including FINRA rules, and as changes occur in its supervisory system?
Correct
Each member is responsible for promptly communicating its written supervisory procedures and amendments to all associated persons to whom such written supervisory procedures and amendments are relevant based on their activities and responsibilities.
Incorrect
Each member is responsible for promptly communicating its written supervisory procedures and amendments to all associated persons to whom such written supervisory procedures and amendments are relevant based on their activities and responsibilities.
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Question 12 of 30
12. Question
In accordance with the provisions related to ‘Designation of Chief Compliance Officer’ under Rule-3130 ‘Annual Certification of Compliance and Supervisory Processes’ of Finra By-Laws, Each member shall designate one or more principals to serve as a chief compliance officer. To whom, the aforesaid information should be specifically identified?
Correct
Each member shall designate and specifically identify to FINRA on Schedule A of Form BD one or more principals to serve as a chief compliance officer.
Incorrect
Each member shall designate and specifically identify to FINRA on Schedule A of Form BD one or more principals to serve as a chief compliance officer.
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Question 13 of 30
13. Question
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?
Correct
Each member shall have its chief executive officer(s) (or equivalent officer(s)) certify annually,1 as set forth in paragraph (c), that the member has in place processes to establish, maintain, review, test and modify written compliance policies and written supervisory procedures reasonably designed to achieve compliance with applicable FINRA rules, MSRB rules and federal securities laws and regulations, and that the chief executive officer(s) has conducted one or more meetings with the chief compliance officer(s) in the preceding 12 months to discuss such processes.
Incorrect
Each member shall have its chief executive officer(s) (or equivalent officer(s)) certify annually,1 as set forth in paragraph (c), that the member has in place processes to establish, maintain, review, test and modify written compliance policies and written supervisory procedures reasonably designed to achieve compliance with applicable FINRA rules, MSRB rules and federal securities laws and regulations, and that the chief executive officer(s) has conducted one or more meetings with the chief compliance officer(s) in the preceding 12 months to discuss such processes.
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Question 14 of 30
14. Question
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. With whom such a meeting should be conducted?
Correct
A member may choose to designate a second co-chief executive officer, provided that each of the two chief executive officers must individually discharge all of the obligations set forth in Rule 3130, and each shall be held responsible for the representations in the certification as if they were the member’s only chief executive officer.
Incorrect
A member may choose to designate a second co-chief executive officer, provided that each of the two chief executive officers must individually discharge all of the obligations set forth in Rule 3130, and each shall be held responsible for the representations in the certification as if they were the member’s only chief executive officer.
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Question 15 of 30
15. Question
In accordance with the provisions related to ‘Service Upon Counsel or Other Person Acting In Representative Capacity’ of Finra Rule # 9132 ‘Service of Orders, Notices, and Decisions by Adjudicator’, Whenever service is required to be made upon a person represented by counsel or a representative who has filed a notice of appearance pursuant to Rule 9141, service shall be made upon counsel or the representative. Which of the undermentioned authority has the discretion to order that service to be made upon the person?
Correct
Whenever service is required to be made upon a person represented by counsel or a representative who has filed a notice of appearance pursuant to Rule 9141, service shall be made upon counsel or the representative. The Adjudicator, at its discretion, may also order that service be made upon the person.
Incorrect
Whenever service is required to be made upon a person represented by counsel or a representative who has filed a notice of appearance pursuant to Rule 9141, service shall be made upon counsel or the representative. The Adjudicator, at its discretion, may also order that service be made upon the person.
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Question 16 of 30
16. Question
In accordance with the provisions related to ‘When to file’ of Finra Rule # ‘9135. Filing of Papers with Adjudicator: Procedure’, with whom all other papers required to be filed pursuant to the Rule 9000 Series shall be filed?
Correct
Finra Rule # ‘9135. Filing of Papers with Adjudicator: Procedure’
When to file:
All other papers required to be filed pursuant to the Rule 9000 Series shall be filed where specified in the Rule, or if not specified in the Rule, with the Adjudicator, unless the Adjudicator orders otherwise.Incorrect
Finra Rule # ‘9135. Filing of Papers with Adjudicator: Procedure’
When to file:
All other papers required to be filed pursuant to the Rule 9000 Series shall be filed where specified in the Rule, or if not specified in the Rule, with the Adjudicator, unless the Adjudicator orders otherwise. -
Question 17 of 30
17. Question
In accordance with the provisions under Rule-4370 ‘Business Continuity Plans and Emergency Contact Information’ of Finra By-Laws, Each member must create and maintain a written business continuity plan identifying procedures relating to an emergency or significant business disruption. At what time, The business continuity plan must be made available to FINRA staff?
Correct
Such procedures must be reasonably designed to enable the member to meet its existing obligations to customers. In addition, such procedures must address the member’s existing relationships with other broker-dealers and counter-parties.
Incorrect
Such procedures must be reasonably designed to enable the member to meet its existing obligations to customers. In addition, such procedures must address the member’s existing relationships with other broker-dealers and counter-parties.
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Question 18 of 30
18. Question
In accordance with the provisions under Rule-4370 ‘Business Continuity Plans and Emergency Contact Information’ of Finra By-Laws, Each member must also conduct a review of its business continuity plan to determine whether any modifications are necessary in light of changes to the member’s operations, structure, business, or location. How frequently such a review should be conducted?
Correct
Each member must also conduct an annual review of its business continuity plan to determine whether any modifications are necessary in light of changes to the member’s operations, structure, business, or location.
Incorrect
Each member must also conduct an annual review of its business continuity plan to determine whether any modifications are necessary in light of changes to the member’s operations, structure, business, or location.
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Question 19 of 30
19. Question
In accordance with the provisions under Rule-4370 ‘Business Continuity Plans and Emergency Contact Information’ of Finra By-Laws, Members must designate a member of senior management to approve the plan and he or she shall be responsible for conducting the required annual review. Which of the undermentioned condition should be met by the aforesaid senior member?
Correct
Members must designate a member of senior management to approve the plan and he or she shall be responsible for conducting the required annual review. The member of senior management must also be a registered principal.
Incorrect
Members must designate a member of senior management to approve the plan and he or she shall be responsible for conducting the required annual review. The member of senior management must also be a registered principal.
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Question 20 of 30
20. Question
In accordance with the provisions under Rule-4370 ‘Business Continuity Plans and Emergency Contact Information’ of Finra By-Laws, Which one of the undermentioned terms is used to means any system that is necessary, depending on the nature of a member’s business, to ensure prompt and accurate processing of securities transactions, including, but not limited to, order taking, order entry, execution, comparison, allocation, clearance and settlement of securities transactions, the maintenance of customer accounts, access to customer accounts and the delivery of funds and securities.
Correct
“Mission critical system” means any system that is necessary, depending on the nature of a member’s business, to ensure prompt and accurate processing of securities transactions, including, but not limited to, order taking, order entry, execution, comparison, allocation, clearance and settlement of securities transactions, the maintenance of customer accounts, access to customer accounts and the delivery of funds and securities.
Incorrect
“Mission critical system” means any system that is necessary, depending on the nature of a member’s business, to ensure prompt and accurate processing of securities transactions, including, but not limited to, order taking, order entry, execution, comparison, allocation, clearance and settlement of securities transactions, the maintenance of customer accounts, access to customer accounts and the delivery of funds and securities.
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Question 21 of 30
21. Question
In accordance with the provisions under Rule-4370 ‘Business Continuity Plans and Emergency Contact Information’ of Finra By-Laws, Which one of the undermentioned terms is used to mean a set of written procedures that allow a member to identify changes in its operational, financial, and credit risk exposures?
Correct
“Financial and operational assessment” means a set of written procedures that allow a member to identify changes in its operational, financial, and credit risk exposures.
Incorrect
“Financial and operational assessment” means a set of written procedures that allow a member to identify changes in its operational, financial, and credit risk exposures.
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Question 22 of 30
22. Question
In accordance with the provisions under Rule-4370 ‘Business Continuity Plans and Emergency Contact Information’ of Finra By-Laws, Each member must update its emergency contact information, via such electronic or other means as FINRA may specify, in the event of any material change. At what time, such an update should be made?
Correct
Each member must promptly update its emergency contact information, via such electronic or other means as FINRA may specify, in the event of any material change. With respect to the designated emergency contact persons, each member must identify, review, and, if necessary, update such designations in the manner prescribed by Rule 4517.
Incorrect
Each member must promptly update its emergency contact information, via such electronic or other means as FINRA may specify, in the event of any material change. With respect to the designated emergency contact persons, each member must identify, review, and, if necessary, update such designations in the manner prescribed by Rule 4517.
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Question 23 of 30
23. Question
In accordance with the provisions under Rule-4370 ‘Business Continuity Plans and Emergency Contact Information’ of Finra By-Laws, Each member shall report prescribed emergency contact information for the member via such electronic or other means as FINRA may specify. To which one of the undermentioned authorities, the aforesaid information should be reported?
Correct
Each member shall report to FINRA, via such electronic or other means as FINRA may specify, prescribed emergency contact information for the member
Incorrect
Each member shall report to FINRA, via such electronic or other means as FINRA may specify, prescribed emergency contact information for the member
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Question 24 of 30
24. Question
In accordance with the provisions under Rule-4517 ‘Member Filing and Contact Information Requirements’ of Finra By-Laws, Each member shall comply with any FINRA request for the required contact information promptly. During how much time, it’s mandatory for the member to comply with the aforesaid request under this rule?
Correct
Each member shall comply with any FINRA request for the required contact information promptly, but in any event not later than 15 days following the request or such longer period that may be agreed to by FINRA staff.
Incorrect
Each member shall comply with any FINRA request for the required contact information promptly, but in any event not later than 15 days following the request or such longer period that may be agreed to by FINRA staff.
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Question 25 of 30
25. Question
In accordance with the provisions under Rule-4517 ‘Member Filing and Contact Information Requirements’ of Finra By-Laws, Each member shall report and update to FINRA all contact information required by FINRA. By which one of the undermentioned ways, such update should be made to the aforesaid authority?
Correct
Each member shall report and update to FINRA all contact information required by FINRA via the Firm Gateway or such other means as FINRA may specify.
Incorrect
Each member shall report and update to FINRA all contact information required by FINRA via the Firm Gateway or such other means as FINRA may specify.
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Question 26 of 30
26. Question
In accordance with the provisions under Rule-4517 ‘Member Filing and Contact Information Requirements’ of Finra By-Laws, Each member shall report and update to FINRA all contact information required by FINRA via the Firm Gateway or such other means as FINRA may specify. Each member shall update its required contact information promptly but such update should not be later than one of the undermentioned time duration?
Correct
Each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information.
Incorrect
Each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information.
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Question 27 of 30
27. Question
In accordance with the provisions under Rule-4517 ‘Member Filing and Contact Information Requirements’ of Finra By-Laws, Each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, during how much time each member shall review and, if necessary, update its required contact information.
Correct
Each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and, if necessary, update its required contact information within 17 business days after the end of each calendar year.
Incorrect
Each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and, if necessary, update its required contact information within 17 business days after the end of each calendar year.
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Question 28 of 30
28. Question
In accordance with the provisions related to Rule 15b2-2 ‘Inspection of Newly Registered Brokers and Dealers’ of Securities Exchange Act of 1934, The examining self-regulatory organization is further authorized and directed to conduct an inspection of the member to determine whether the member is operating in conformity with all other applicable provisions of the Act and rules thereunder. During how much time, such inspection should be conducted?
Correct
The examining self-regulatory organization is further authorized and directed to conduct an inspection of the member no later than twelve months from the member’s registration with the Commission, to determine whether the member is operating in conformity with all other applicable provisions of the Act and rules thereunder.
Incorrect
The examining self-regulatory organization is further authorized and directed to conduct an inspection of the member no later than twelve months from the member’s registration with the Commission, to determine whether the member is operating in conformity with all other applicable provisions of the Act and rules thereunder.
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Question 29 of 30
29. Question
In accordance with the provisions related to Rule 15b2-2 ‘Inspection of Newly Registered Brokers and Dealers’ of Securities Exchange Act of 1934, where the examining self-regulatory organization determines that a broker or dealer member has not commenced actual operations within six months of the member’s registration with the Commission, it shall delay the inspection. Until how much time such inspection shall be delayed?
Correct
Where the examining self-regulatory organization determines that a broker or dealer member has not commenced actual operations within six months of the member’s registration with the Commission, it shall delay the inspection pursuant to this section until the second six month period from the member’s registration with the Commission.
Incorrect
Where the examining self-regulatory organization determines that a broker or dealer member has not commenced actual operations within six months of the member’s registration with the Commission, it shall delay the inspection pursuant to this section until the second six month period from the member’s registration with the Commission.
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Question 30 of 30
30. Question
In accordance with the provisions related to Rule-2020 ‘Use of Manipulative, Deceptive or Other Fraudulent Devices’, Which one of the undermentioned should not effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance?
Correct
No member shall effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.
Incorrect
No member shall effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.