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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 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following intermediary unit fee should be paid for above 100,000 up to 300,000 nominee accounts for special meetings?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), for special meetings, the Intermediary Unit Fee shall be based on the following schedule:-
(a) 19 cents for each account up to 10,000 accounts.
(b) 18 cents for each account above 10,000 accounts, up to 100,000 accounts.
(c) 16 cents for each account above 100,000 accounts, up to 300,000 accounts.
(d) 14 cents for each account above 300,000 accounts, up to 500,000 accounts.
(e) 12 cents for each account above 500,000 accounts.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), for special meetings, the Intermediary Unit Fee shall be based on the following schedule:-
(a) 19 cents for each account up to 10,000 accounts.
(b) 18 cents for each account above 10,000 accounts, up to 100,000 accounts.
(c) 16 cents for each account above 100,000 accounts, up to 300,000 accounts.
(d) 14 cents for each account above 300,000 accounts, up to 500,000 accounts.
(e) 12 cents for each account above 500,000 accounts. -
Question 2 of 30
2. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following intermediary unit fee should be paid for above 300,000 up to 500,000 nominee accounts for special meetings?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), for special meetings, the Intermediary Unit Fee shall be based on the following schedule:-
(a) 19 cents for each account up to 10,000 accounts.
(b) 18 cents for each account above 10,000 accounts, up to 100,000 accounts.
(c) 16 cents for each account above 100,000 accounts, up to 300,000 accounts.
(d) 14 cents for each account above 300,000 accounts, up to 500,000 accounts.
(e) 12 cents for each account above 500,000 accounts.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), for special meetings, the Intermediary Unit Fee shall be based on the following schedule:-
(a) 19 cents for each account up to 10,000 accounts.
(b) 18 cents for each account above 10,000 accounts, up to 100,000 accounts.
(c) 16 cents for each account above 100,000 accounts, up to 300,000 accounts.
(d) 14 cents for each account above 300,000 accounts, up to 500,000 accounts.
(e) 12 cents for each account above 500,000 accounts. -
Question 3 of 30
3. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following intermediary unit fee should be paid for above 500,000 nominee accounts for special meetings?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), for special meetings, the Intermediary Unit Fee shall be based on the following schedule:-
(a) 19 cents for each account up to 10,000 accounts.
(b) 18 cents for each account above 10,000 accounts, up to 100,000 accounts.
(c) 16 cents for each account above 100,000 accounts, up to 300,000 accounts.
(d) 14 cents for each account above 300,000 accounts, up to 500,000 accounts.
(e) 12 cents for each account above 500,000 accounts.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), for special meetings, the Intermediary Unit Fee shall be based on the following schedule:-
(a) 19 cents for each account up to 10,000 accounts.
(b) 18 cents for each account above 10,000 accounts, up to 100,000 accounts.
(c) 16 cents for each account above 100,000 accounts, up to 300,000 accounts.
(d) 14 cents for each account above 300,000 accounts, up to 500,000 accounts.
(e) 12 cents for each account above 500,000 accounts. -
Question 4 of 30
4. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following intermediary unit fee should be paid In the case of a meeting for which an opposition proxy has been furnished to security holders?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), In the case of a meeting for which an opposition proxy has been furnished to security holders, the Intermediary Unit Fee shall be 25 cents per account, with a minimum fee of $5,000.00 per soliciting entity as the case may be. Where there are separate solicitations by management and an opponent, the opponent is to be separately billed for the costs of its solicitation.
Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), In the case of a meeting for which an opposition proxy has been furnished to security holders, the Intermediary Unit Fee shall be 25 cents per account, with a minimum fee of $5,000.00 per soliciting entity as the case may be. Where there are separate solicitations by management and an opponent, the opponent is to be separately billed for the costs of its solicitation.
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Question 5 of 30
5. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following are the charges for the processing unit fee per account for each set of proxy follow-up material?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), for each set of follow-up material, a Processing Unit Fee of 40 cents per account, except for those relating to an issuer’s annual meeting for the election of directors, for which the Processing Unit Fee shall be 20 cents per account.
Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), for each set of follow-up material, a Processing Unit Fee of 40 cents per account, except for those relating to an issuer’s annual meeting for the election of directors, for which the Processing Unit Fee shall be 20 cents per account.
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Question 6 of 30
6. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following are the charges for the processing unit fee per account for those relating to an issuer’s annual meeting for the election of directors?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), for each set of follow-up material, a Processing Unit Fee of 40 cents per account, except for those relating to an issuer’s annual meeting for the election of directors, for which the Processing Unit Fee shall be 20 cents per account.
Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), for each set of follow-up material, a Processing Unit Fee of 40 cents per account, except for those relating to an issuer’s annual meeting for the election of directors, for which the Processing Unit Fee shall be 20 cents per account.
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Question 7 of 30
7. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following charges for providing beneficial ownership information are paid per name of the non-objecting beneficial owner (“NOBO”) provided to the issuer pursuant to the issuer’s request?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), the charges for providing beneficial ownership information are six and one-half cents per name of the non-objecting beneficial owner (“NOBO”) provided to the issuer pursuant to the issuer’s request.
Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), the charges for providing beneficial ownership information are six and one-half cents per name of the non-objecting beneficial owner (“NOBO”) provided to the issuer pursuant to the issuer’s request.
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Question 8 of 30
8. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following fee should be paid per name for the first 10,000 names to the agent by the issuer, where the non-objecting beneficial ownership information is not furnished directly to the issuer by the member but is furnished through an agent designated by the member?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), where the non-objecting beneficial ownership information is not furnished directly to the issuer by the member but is furnished through an agent designated by the member, the issuer will be expected to pay in addition the following fee to the agent:-
(a) 10 cents per name for the first 10,000 names or portion thereof.
(b) 5 cents per name for additional names up to 100,000 names.
(c) 4 cents per name above 100,000.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), where the non-objecting beneficial ownership information is not furnished directly to the issuer by the member but is furnished through an agent designated by the member, the issuer will be expected to pay in addition the following fee to the agent:-
(a) 10 cents per name for the first 10,000 names or portion thereof.
(b) 5 cents per name for additional names up to 100,000 names.
(c) 4 cents per name above 100,000. -
Question 9 of 30
9. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following fee should be paid per name for above 10,000 up to 100,000 names to the agent by the issuer, where the non-objecting beneficial ownership information is not furnished directly to the issuer by the member but is furnished through an agent designated by the member?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), where the non-objecting beneficial ownership information is not furnished directly to the issuer by the member but is furnished through an agent designated by the member, the issuer will be expected to pay in addition the following fee to the agent:-
(a) 10 cents per name for the first 10,000 names or portion thereof.
(b) 5 cents per name for additional names up to 100,000 names.
(c) 4 cents per name above 100,000.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), where the non-objecting beneficial ownership information is not furnished directly to the issuer by the member but is furnished through an agent designated by the member, the issuer will be expected to pay in addition the following fee to the agent:-
(a) 10 cents per name for the first 10,000 names or portion thereof.
(b) 5 cents per name for additional names up to 100,000 names.
(c) 4 cents per name above 100,000. -
Question 10 of 30
10. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following fee should be paid per name for above 100,000 names to the agent by the issuer, where the non-objecting beneficial ownership information is not furnished directly to the issuer by the member but is furnished through an agent designated by the member?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), where the non-objecting beneficial ownership information is not furnished directly to the issuer by the member but is furnished through an agent designated by the member, the issuer will be expected to pay in addition the following fee to the agent:-
(a) 10 cents per name for the first 10,000 names or portion thereof.
(b) 5 cents per name for additional names up to 100,000 names.
(c) 4 cents per name above 100,000.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), where the non-objecting beneficial ownership information is not furnished directly to the issuer by the member but is furnished through an agent designated by the member, the issuer will be expected to pay in addition the following fee to the agent:-
(a) 10 cents per name for the first 10,000 names or portion thereof.
(b) 5 cents per name for additional names up to 100,000 names.
(c) 4 cents per name above 100,000. -
Question 11 of 30
11. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following minimum fee should be charged for providing beneficial ownership information?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), A minimum fee of $100 should be charged for providing a beneficial ownership information list.
Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), A minimum fee of $100 should be charged for providing a beneficial ownership information list.
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Question 12 of 30
12. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following processing unit fee should be charged for interim reports, annual reports if processed separately, post-meeting reports, or other material?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), a processing unit fee of 15 cents per account should be charged for interim reports, annual reports if processed separately, post-meeting reports, or other material.
Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), a processing unit fee of 15 cents per account should be charged for interim reports, annual reports if processed separately, post-meeting reports, or other material.
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Question 13 of 30
13. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following incremental fee based on up to 10,000 nominee accounts should be paid when an issuer elects to utilize notice and access for a proxy distribution?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts. -
Question 14 of 30
14. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following incremental fee-based for above 10,000 up to 100,000 nominee accounts should be paid when an issuer elects to utilize notice and access for a proxy distribution?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts. -
Question 15 of 30
15. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following incremental fee-based for above 100,000 up to 200,000 nominee accounts should be paid when an issuer elects to utilize notice and access for a proxy distribution?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts. -
Question 16 of 30
16. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following incremental fee-based for above 200,000 up to 500,000 nominee accounts should be paid when an issuer elects to utilize notice and access for a proxy distribution?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts. -
Question 17 of 30
17. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following incremental fee-based for over 500,000 nominee accounts should be paid when an issuer elects to utilize notice and access for a proxy distribution?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts. -
Question 18 of 30
18. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), how much fee should be imposed for a nominee account that is a managed account and contains five or fewer shares or units of the security involved, notwithstanding any other provision of this Supplementary Material?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), notwithstanding any other provision of this Supplementary Material, no fee shall be imposed for a nominee account that is a Managed Account (as hereinafter defined) and contains five or fewer shares or units of the security involved.
Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), notwithstanding any other provision of this Supplementary Material, no fee shall be imposed for a nominee account that is a Managed Account (as hereinafter defined) and contains five or fewer shares or units of the security involved.
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Question 19 of 30
19. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), how much fee should be imposed for a nominee account which contains only a fractional share, i.e., less than one share or unit of the security involved, notwithstanding any other provision of this Supplementary Material?
Correct
Notwithstanding any other provision of this Supplementary Material, no fee shall be imposed for any nominee account which contains only a fractional share, i.e., less than one share or unit of the security involved.
Incorrect
Notwithstanding any other provision of this Supplementary Material, no fee shall be imposed for any nominee account which contains only a fractional share, i.e., less than one share or unit of the security involved.
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Question 20 of 30
20. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), how much supplemental fee should be paid during the period ending December 31, 2018, for each new account that elects, and each full package recipient among a brokerage firm’s accounts that converts to, electronic delivery while having access to an Enhanced Brokers’ Internet Platform (“EBIP”)?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), During the period ending December 31, 2018, there shall be a supplemental fee of 99 cents for each new account that elects, and each full package recipient among a brokerage firm’s accounts that converts to, electronic delivery while having access to an Enhanced Brokers’ Internet Platform (“EBIP”).
Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), During the period ending December 31, 2018, there shall be a supplemental fee of 99 cents for each new account that elects, and each full package recipient among a brokerage firm’s accounts that converts to, electronic delivery while having access to an Enhanced Brokers’ Internet Platform (“EBIP”).
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Question 21 of 30
21. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following case enhanced broker’s internet platform fee does not apply?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), enhanced brokers’ internet platform fee does not apply to electronic delivery consents captured by issuers (for example, through an open-enrollment program), nor to positions held in Managed Accounts nor to accounts voted by investment managers using electronic voting platforms. This is a one-time fee, meaning that an issuer may be billed this fee by a particular member only once for each account covered by this Rule.
Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), enhanced brokers’ internet platform fee does not apply to electronic delivery consents captured by issuers (for example, through an open-enrollment program), nor to positions held in Managed Accounts nor to accounts voted by investment managers using electronic voting platforms. This is a one-time fee, meaning that an issuer may be billed this fee by a particular member only once for each account covered by this Rule.
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Question 22 of 30
22. Question
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), which of the following written confirmation or comparison in the same form provided in FINRA Rule 11130 should be sent by each party to the transaction?
Correct
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), each party to the transaction shall send a written “when, as and if issued” or “when as and if distributed” confirmation or comparison in the same form provided in FINRA Rule 11130.
Incorrect
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), each party to the transaction shall send a written “when, as and if issued” or “when as and if distributed” confirmation or comparison in the same form provided in FINRA Rule 11130.
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Question 23 of 30
23. Question
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), which of the following should be in each confirmation or comparison covering a contract in a “when, as and if issued” or “when, as and if distributed”?
Correct
Each confirmation or comparison covering a contract in a “when, as and if issued” or “when, as and if distributed” security shall, at a minimum, contain:-
(a) An adequate description of the security and the plan, if any, under which the security is proposed to be issued or distributed.
(b) Designation of FINRA as the authority which shall rule upon the performance of the contract.
(c) Provision for marking the contract to the market.Incorrect
Each confirmation or comparison covering a contract in a “when, as and if issued” or “when, as and if distributed” security shall, at a minimum, contain:-
(a) An adequate description of the security and the plan, if any, under which the security is proposed to be issued or distributed.
(b) Designation of FINRA as the authority which shall rule upon the performance of the contract.
(c) Provision for marking the contract to the market. -
Question 24 of 30
24. Question
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), which of the following authority will furnish upon a written request, an adequate description of any particular issue of securities and of the plan under which the securities are proposed to be issued for the purpose of inclusion in all contracts or confirmations covering transactions on a “when, as and if issued” or “when, as and if distributed” basis in the particular securities?
Correct
The Committee will furnish, upon written request, an adequate description of any particular issue of securities and of the plan under which the securities are proposed to be issued for the purpose of inclusion in all contracts or confirmations covering transactions on a “when, as and if issued” or “when, as and if distributed” basis in the particular securities.
Incorrect
The Committee will furnish, upon written request, an adequate description of any particular issue of securities and of the plan under which the securities are proposed to be issued for the purpose of inclusion in all contracts or confirmations covering transactions on a “when, as and if issued” or “when, as and if distributed” basis in the particular securities.
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Question 25 of 30
25. Question
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), which of the following authority determines the date for the settlement of “when, as and if issued” and “when, as and if distributed” contracts when a sufficient percentage of the issue is outstanding?
Correct
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), a date for the settlement of “when, as and if issued” and “when, as and if distributed” contracts shall be determined by the Committee when a sufficient percentage of the issue is outstanding.
Incorrect
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), a date for the settlement of “when, as and if issued” and “when, as and if distributed” contracts shall be determined by the Committee when a sufficient percentage of the issue is outstanding.
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Question 26 of 30
26. Question
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), which of the following authority has the power to cancel or terminate “when, as and if issued” and “when, as and if distributed” contracts as necessary to resolve conflicts over the settlement of such contracts?
Correct
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), the Committee may cancel or terminate “when, as and if issued” and “when, as and if distributed” contracts as necessary to resolve conflicts over the settlement of such contracts.
Incorrect
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), the Committee may cancel or terminate “when, as and if issued” and “when, as and if distributed” contracts as necessary to resolve conflicts over the settlement of such contracts.
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Question 27 of 30
27. Question
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), which of the following conditions “when, as and if issued” and “when, as and if distributed” contracts should be canceled?
Correct
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), “when, as and if issued” and “when, as and if distributed” contracts will be canceled on the following condition:-
(a) The Committee may cancel or terminate “when, as and if issued” and “when, as and if distributed” contracts as necessary to resolve conflicts over the settlement of such contracts.
(b) Contracts will be canceled if the securities are not to be issued or distributed.
(c) Contracts will generally be canceled if the securities which are to be issued or distributed are not substantially the same as those contemplated in the contract.Incorrect
In the FINRA Rule 11130 (when, as and if issued/distributed contracts), “when, as and if issued” and “when, as and if distributed” contracts will be canceled on the following condition:-
(a) The Committee may cancel or terminate “when, as and if issued” and “when, as and if distributed” contracts as necessary to resolve conflicts over the settlement of such contracts.
(b) Contracts will be canceled if the securities are not to be issued or distributed.
(c) Contracts will generally be canceled if the securities which are to be issued or distributed are not substantially the same as those contemplated in the contract. -
Question 28 of 30
28. Question
In the FINRA Rule 11140, all transactions in securities, except “cash” transactions, shall be “ex-dividend,” “ex-rights” or “ex-warrants”, which of the following authority designate the day for all transactions?
Correct
All transactions in securities, except “cash” transactions, shall be “ex-dividend,” “ex-rights” or “ex-warrants”, on the day specifically designated by the Committee after definitive information concerning the declaration and payment of a dividend or the issuance of rights or warrants has been received at the office of the Committee.
Incorrect
All transactions in securities, except “cash” transactions, shall be “ex-dividend,” “ex-rights” or “ex-warrants”, on the day specifically designated by the Committee after definitive information concerning the declaration and payment of a dividend or the issuance of rights or warrants has been received at the office of the Committee.
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Question 29 of 30
29. Question
In the FINRA Rule 11140 (Transactions in Securities “Ex-Dividend,” “Ex-Rights” or “Ex-Warrants”), what will be the ex-rights date after the effective date of the registration statement, if definitive information is received sufficiently in advance of the effective date of the registration statement?
Correct
In the FINRA Rule 11140 (Transactions in Securities “Ex-Dividend,” “Ex-Rights” or “Ex-Warrants”), In respect to transferable rights subscription offerings, if definitive information is received sufficiently in advance of the effective date of the registration statement, the date designated as the ex-rights date shall be the first business day after the effective date of the registration statement.
Incorrect
In the FINRA Rule 11140 (Transactions in Securities “Ex-Dividend,” “Ex-Rights” or “Ex-Warrants”), In respect to transferable rights subscription offerings, if definitive information is received sufficiently in advance of the effective date of the registration statement, the date designated as the ex-rights date shall be the first business day after the effective date of the registration statement.
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Question 30 of 30
30. Question
In the FINRA Rule 11140 (Transactions in Securities “Ex-Dividend,” “Ex-Rights” or “Ex-Warrants”), what will be the ex-rights date If definitive information is not received sufficiently in advance of the effective date of the registration statement to permit designation of an ex-rights date?
Correct
In the FINRA Rule 11140 (Transactions in Securities “Ex-Dividend,” “Ex-Rights” or “Ex-Warrants”), If definitive information is not received sufficiently in advance of the effective date of the registration statement to permit designation of an ex-rights date, the date designated shall be the first business day which in the opinion of the Committee shall be practical having regard to the circumstances pertaining.
Incorrect
In the FINRA Rule 11140 (Transactions in Securities “Ex-Dividend,” “Ex-Rights” or “Ex-Warrants”), If definitive information is not received sufficiently in advance of the effective date of the registration statement to permit designation of an ex-rights date, the date designated shall be the first business day which in the opinion of the Committee shall be practical having regard to the circumstances pertaining.