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Investment Dealer Supervisors Course (IDSC) – AceCSE.com
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Question 1 of 30
1. Question
In the FINRA Rule 11620 (Computation of Interest), what should be the consideration for every calendar month for 360 days?
Correct
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
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Question 2 of 30
2. Question
In the FINRA Rule 11620 (Computation of Interest), what should be the consideration for every period from a date in one month to the same date in the following month?
Correct
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
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Question 3 of 30
3. Question
In the FINRA Rule 11620 (Computation of Interest), what should be the basis of computation of interest?
Correct
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
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Question 4 of 30
4. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 1st to 30th of the same month?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 5 of 30
5. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 1st to 31st of the same month?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 6 of 30
6. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 1st to 1st of the following?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 7 of 30
7. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 1st to 28th of February?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 8 of 30
8. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 23rd of February to the 3rd of March?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 9 of 30
9. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 15th of May to the 6th of June?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 10 of 30
10. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 30th or 31st to 1st of the following month, where interest is payable on 30th or 31st of the month?
Correct
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day.Incorrect
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day. -
Question 11 of 30
11. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 30th or 31st to 30th of the following month, where interest is payable on 30th or 31st of the month?
Correct
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day.Incorrect
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day. -
Question 12 of 30
12. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 30th or 31st to 31st of the following month, where interest is payable on 30th or 31st of the month?
Correct
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day.Incorrect
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day. -
Question 13 of 30
13. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 30th or 31st to 1st of the second following month, where interest is payable on 30th or 31st of the month?
Correct
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day.Incorrect
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day. -
Question 14 of 30
14. Question
In the FINRA Rule 11620 (Computation of Interest), how much deduction should be made on settlement when delivery of security traded “and interest” is made between the record date fixed for the purpose of determining the holder entitled to receive interest and the interest payment date?
Correct
In the FINRA Rule 11620 (Computation of Interest), when delivery of security traded “and interest” is made between the record date fixed for the purpose of determining the holder entitled to receive interest and the interest payment date, a deduction equivalent to the full amount of the interest to be paid shall be made on the settlement.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), when delivery of security traded “and interest” is made between the record date fixed for the purpose of determining the holder entitled to receive interest and the interest payment date, a deduction equivalent to the full amount of the interest to be paid shall be made on the settlement.
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Question 15 of 30
15. Question
In the FINRA Rule 11620 (Computation of Interest), what should be accompanied with the delivery when delivery of security traded “flat” is made after the record date fixed for the purpose of determining the holder entitled to receive interest, in the settlement of a contract made prior to the date on which the security was traded “ex-interest”?
Correct
In the FINRA Rule 11620 (Computation of Interest), when delivery of security traded “flat” is made after the record date fixed for the purpose of determining the holder entitled to receive interest, in the settlement of a contract made prior to the date on which the security was traded “ex-interest,” a due-bill check for the full amount of the interest to be paid shall accompany the delivery.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), when delivery of security traded “flat” is made after the record date fixed for the purpose of determining the holder entitled to receive interest, in the settlement of a contract made prior to the date on which the security was traded “ex-interest,” a due-bill check for the full amount of the interest to be paid shall accompany the delivery.
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Question 16 of 30
16. Question
In the FINRA Rule 11620 (Computation of Interest), how many fractions of a cent should be regarded as one cent In all transactions involving the payment of interest?
Correct
In the FINRA Rule 11620 (Computation of Interest), In all transactions involving the payment of interest, fractions of a cent equaling or exceeding five mills shall be regarded as one cent; fractions of a cent less than five mills shall be disregarded.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), In all transactions involving the payment of interest, fractions of a cent equaling or exceeding five mills shall be regarded as one cent; fractions of a cent less than five mills shall be disregarded.
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Question 17 of 30
17. Question
In the FINRA Rule 11740 (Marking to the Market), what kind of deposit may be demanded from the other party if a party who is partially unsecured by reason of a change in the market value of the subject of a contract in securities, without being required to make a mutual deposit?
Correct
In the FINRA Rule 11740 (Marking to the Market), the party who is partially unsecured by reason of a change in the market value of the subject of a contract in securities may demand from the other party a deposit equal to the difference between the contract price and the market price, without being required to make a mutual deposit.
Incorrect
In the FINRA Rule 11740 (Marking to the Market), the party who is partially unsecured by reason of a change in the market value of the subject of a contract in securities may demand from the other party a deposit equal to the difference between the contract price and the market price, without being required to make a mutual deposit.
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Question 18 of 30
18. Question
In the FINRA Rule 11740 (Marking to the Market), at what time either party to a contract in securities may assign the contract, provided the other party to the contract assents to the assignment?
Correct
In the FINRA Rule 11740 (Marking to the Market), either party to a contract in securities may assign the contract, either at the time the transaction is effected or at the time a request is made for funds to “mark to the market,” provided the other party to the contract assents to the assignment.
Incorrect
In the FINRA Rule 11740 (Marking to the Market), either party to a contract in securities may assign the contract, either at the time the transaction is effected or at the time a request is made for funds to “mark to the market,” provided the other party to the contract assents to the assignment.
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Question 19 of 30
19. Question
In the FINRA Rule 11740 (Marking to the Market), what should be the format of all demands for deposits or refunds?
Correct
In the FINRA Rule 11740 (Marking to the Market), all demands for deposits or refunds shall be in writing and shall be delivered at the office of the party upon whom the demand is made during the business hours of member banks of the Federal Reserve System located in the community where such party maintains its office, and such demands shall be complied with immediately.
Incorrect
In the FINRA Rule 11740 (Marking to the Market), all demands for deposits or refunds shall be in writing and shall be delivered at the office of the party upon whom the demand is made during the business hours of member banks of the Federal Reserve System located in the community where such party maintains its office, and such demands shall be complied with immediately.
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Question 20 of 30
20. Question
In the FINRA Rule 11740 (Marking to the Market), at what time and place, all demands for deposits or refunds should be delivered at the office of the party upon whom the demand is made?
Correct
In the FINRA Rule 11740 (Marking to the Market), all demands for deposits or refunds shall be in writing and shall be delivered at the office of the party upon whom the demand is made during the business hours of member banks of the Federal Reserve System located in the community where such party maintains its office, and such demands shall be complied with immediately.
Incorrect
In the FINRA Rule 11740 (Marking to the Market), all demands for deposits or refunds shall be in writing and shall be delivered at the office of the party upon whom the demand is made during the business hours of member banks of the Federal Reserve System located in the community where such party maintains its office, and such demands shall be complied with immediately.
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Question 21 of 30
21. Question
In the FINRA Rule 11740 (Marking to the Market), what is the penalty for a party that fails to comply with the demand for a deposit or refund?
Correct
In the FINRA Rule 11740 (Marking to the Market), failure of a party to comply with a demand for a deposit or refund shall entitle the party making the demand to close the contract without notice, by making offsetting purchase or sale contracts in the best available market for the account and liability of the party failing to comply with said demand.
Incorrect
In the FINRA Rule 11740 (Marking to the Market), failure of a party to comply with a demand for a deposit or refund shall entitle the party making the demand to close the contract without notice, by making offsetting purchase or sale contracts in the best available market for the account and liability of the party failing to comply with said demand.
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Question 22 of 30
22. Question
In the FINRA Rule 11740 (Marking to the Market), which of the following steps should be taken when a party making such offsetting purchase or sale contracts shall as promptly as possible on the day on which they are made?
Correct
In the FINRA Rule 11740 (Marking to the Market), the following steps should be taken when a party making such offsetting purchase or sale contracts shall as promptly as possible on the day on which they are made:-
(a) Notify the other party via letter, facsimile transmission, electronic mail, or other comparable written media.
(b) Mail or deliver formal confirmation of the same to the other party and a copy of said confirmation to the Committee.Incorrect
In the FINRA Rule 11740 (Marking to the Market), the following steps should be taken when a party making such offsetting purchase or sale contracts shall as promptly as possible on the day on which they are made:-
(a) Notify the other party via letter, facsimile transmission, electronic mail, or other comparable written media.
(b) Mail or deliver formal confirmation of the same to the other party and a copy of said confirmation to the Committee. -
Question 23 of 30
23. Question
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), within how many days following the date of delivery was due, securities contract that has not been completed by the seller according to its terms may be closed by the buyer?
Correct
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), a securities contract that has not been completed by the seller according to its terms may be closed by the buyer not sooner than the third business day following the date delivery was due.
Incorrect
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), a securities contract that has not been completed by the seller according to its terms may be closed by the buyer not sooner than the third business day following the date delivery was due.
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Question 24 of 30
24. Question
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), which of the following condition a securities contract that has not been completed by the seller according to its terms may not be closed by the buyer?
Correct
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), the following condition a securities contract that has not been completed by the seller according to its terms may not be closed by the buyer:-
(a) Where the contract is subject to the “buy-in” requirements of a national securities exchange or a registered clearing agency, in which case, the requirements of the national securities exchange or registered clearing agency, as applicable, would apply.
(b) To transactions in securities exempted under Section 3(a)(12) of the Exchange Act.
(c) To transactions in municipal securities as defined in Section 3(a)(29) of the Exchange Act.
(d) To transactions in redeemable securities issued by companies registered under the Investment Company Act.
(e) To transactions in Direct Participation Program securities as defined in Rule 2310.Incorrect
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), the following condition a securities contract that has not been completed by the seller according to its terms may not be closed by the buyer:-
(a) Where the contract is subject to the “buy-in” requirements of a national securities exchange or a registered clearing agency, in which case, the requirements of the national securities exchange or registered clearing agency, as applicable, would apply.
(b) To transactions in securities exempted under Section 3(a)(12) of the Exchange Act.
(c) To transactions in municipal securities as defined in Section 3(a)(29) of the Exchange Act.
(d) To transactions in redeemable securities issued by companies registered under the Investment Company Act.
(e) To transactions in Direct Participation Program securities as defined in Rule 2310. -
Question 25 of 30
25. Question
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), at what time written notice of “buy-in” should be delivered to the seller’s office, two business days preceding the execution of the proposed “buy-in”?
Correct
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), written notice of “buy-in” shall be delivered to the seller at its office not later than 12:00 noon, Eastern Time (ET), two business days preceding the execution of the proposed “buy-in”.
Incorrect
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), written notice of “buy-in” shall be delivered to the seller at its office not later than 12:00 noon, Eastern Time (ET), two business days preceding the execution of the proposed “buy-in”.
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Question 26 of 30
26. Question
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), what should be included in the delivery of a written notice of “buy-in”?
Correct
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), for purposes of this Rule, written notice shall include an electronic notice through a medium that provides for an immediate return receipt capability. Such electronic media shall include but not be limited to facsimile transmission, a computerized network facility, or the electronic functionality of a registered clearing agency.
Incorrect
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), for purposes of this Rule, written notice shall include an electronic notice through a medium that provides for an immediate return receipt capability. Such electronic media shall include but not be limited to facsimile transmission, a computerized network facility, or the electronic functionality of a registered clearing agency.
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Question 27 of 30
27. Question
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), at what time a signed written response stating its rejection should be sent by the seller to the buyer if the seller does not accept the “buy-in” notice?
Correct
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), If the seller receiving the “buy-in” notice does not accept such “buy-in” notice, it shall send a signed, written response to the buyer stating its rejection with respect thereto by no later than 6:00 p.m. ET on the date of issuance of such notice.
Incorrect
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), If the seller receiving the “buy-in” notice does not accept such “buy-in” notice, it shall send a signed, written response to the buyer stating its rejection with respect thereto by no later than 6:00 p.m. ET on the date of issuance of such notice.
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Question 28 of 30
28. Question
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), which of the following statement(s) is/are correct If the seller receiving the “buy-in” notice does not send a signed, written response to the buyer stating its rejection by no later than 6:00 p.m. ET on the date of issuance of the “buy-in” notice?
Correct
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), If the seller receiving the “buy-in” notice does not send a signed, written response to the buyer stating its rejection of such “buy-in” notice by no later than 6:00 p.m. ET on the date of issuance of the “buy-in” notice, the notice shall be deemed to have been accepted by the seller.
Incorrect
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), If the seller receiving the “buy-in” notice does not send a signed, written response to the buyer stating its rejection of such “buy-in” notice by no later than 6:00 p.m. ET on the date of issuance of the “buy-in” notice, the notice shall be deemed to have been accepted by the seller.
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Question 29 of 30
29. Question
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), at what time on the date of execution of the buy-in, the execution party immediately notify the party for whose account the securities were bought as to the quantity purchased and the price paid?
Correct
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), the party executing the “buy-in” shall immediately upon execution, but no later than 6:00 p.m. ET on the date of execution of the buy-in, notify the party for whose account the securities were bought as to the quantity purchased and the price paid.
Incorrect
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), the party executing the “buy-in” shall immediately upon execution, but no later than 6:00 p.m. ET on the date of execution of the buy-in, notify the party for whose account the securities were bought as to the quantity purchased and the price paid.
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Question 30 of 30
30. Question
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), which of the following action should be taken when a national securities exchange makes a ruling that all open contracts with a particular member, which is also a member of FINRA, should be closed-out immediately (or any similar ruling)?
Correct
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), when a national securities exchange makes a ruling that all open contracts with a particular member, which is also a member of FINRA, should be closed-out immediately (or any similar ruling), members may close-out contracts as directed by the exchange.
Incorrect
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), when a national securities exchange makes a ruling that all open contracts with a particular member, which is also a member of FINRA, should be closed-out immediately (or any similar ruling), members may close-out contracts as directed by the exchange.