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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 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price is greater than $50.00 than what should be the transaction’s % difference from the reference price that is calculated in outside normal market hours numerical guidelines?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price is greater than $50.00 than the transaction’s % difference from the reference price should be 6% that is calculated in outside normal market hours numerical guidelines.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price is greater than $50.00 than the transaction’s % difference from the reference price should be 6% that is calculated in outside normal market hours numerical guidelines.
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Question 2 of 30
2. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving five or more, but less than twenty, securities whose executions occurred within a period of five minutes or less than what should be the transaction’s % difference from the reference price that is calculated in outside normal market hours numerical guidelines?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving five or more, but less than twenty, securities whose executions occurred within a period of five minutes or less than the transaction’s % difference from the reference price should be 10% that is calculated in outside normal market hours numerical guidelines.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving five or more, but less than twenty, securities whose executions occurred within a period of five minutes or less than the transaction’s % difference from the reference price should be 10% that is calculated in outside normal market hours numerical guidelines.
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Question 3 of 30
3. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving twenty or more securities whose executions occurred within a period of five minutes or less than what should be the transaction’s % difference from the reference price that is calculated in outside normal market hours numerical guidelines?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving twenty or more securities whose executions occurred within a period of five minutes or less than the transaction’s % difference from the reference price should be 30% that is calculated in outside normal market hours numerical guidelines.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving twenty or more securities whose executions occurred within a period of five minutes or less than the transaction’s % difference from the reference price should be 30% that is calculated in outside normal market hours numerical guidelines.
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Question 4 of 30
4. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), which of the following authority will nullify as clearly erroneous all transactions that are at prices equal to or greater than 30% away from the Reference Price in each affected security during the review period selected by FINRA?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), FINRA will nullify as clearly erroneous all transactions that are at prices equal to or greater than 30% away from the Reference Price in each affected security during the review period selected by FINRA.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), FINRA will nullify as clearly erroneous all transactions that are at prices equal to or greater than 30% away from the Reference Price in each affected security during the review period selected by FINRA.
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Question 5 of 30
5. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), a series of transactions in a particular security on one or more trading days viewed by which of the following condition, if all such transactions were effected based on the same fundamentally incorrect or grossly misinterpreted issuance information resulting in a severe valuation error for all such transactions (the “Event”)?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), a series of transactions in a particular security on one or more trading days may be viewed as one event if all such transactions were effected based on the same fundamentally incorrect or grossly misinterpreted issuance information resulting in a severe valuation error for all such transactions (the “Event”).
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), a series of transactions in a particular security on one or more trading days may be viewed as one event if all such transactions were effected based on the same fundamentally incorrect or grossly misinterpreted issuance information resulting in a severe valuation error for all such transactions (the “Event”).
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Question 6 of 30
6. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), at what time a FINRA officer, acting on his or her own motion, should take action to declare all transactions that occurred during the Event null and void?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), a FINRA officer, acting on his or her own motion, shall take action to declare all transactions that occurred during the Event null and void not later than the start of trading on the day following the last transaction in the Event.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), a FINRA officer, acting on his or her own motion, shall take action to declare all transactions that occurred during the Event null and void not later than the start of trading on the day following the last transaction in the Event.
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Question 7 of 30
7. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), which of the following authority should take action to declare all transactions that occurred during the Event null and void prior to the resumption of trading, if trading in the security is halted before the valuation error is corrected?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), If trading in the security is halted before the valuation error is corrected, a FINRA officer shall take action to declare all transactions that occurred during the Event null and void prior to the resumption of trading.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), If trading in the security is halted before the valuation error is corrected, a FINRA officer shall take action to declare all transactions that occurred during the Event null and void prior to the resumption of trading.
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Question 8 of 30
8. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), which of the following authority believes that coordinating with other self-regulatory organizations with the goal of having consistency and transparency regarding the clearly erroneous process is important to the marketplace and to investors.
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), FINRA believes that coordinating with other self-regulatory organizations with the goal of having consistency and transparency regarding the clearly erroneous process is important to the marketplace and to investors.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), FINRA believes that coordinating with other self-regulatory organizations with the goal of having consistency and transparency regarding the clearly erroneous process is important to the marketplace and to investors.
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Question 9 of 30
9. Question
In the FINRA Rule 11891 (General), which of the following statement(s) is/are correct for the terms of a transaction that are “clearly erroneous”?
Correct
In the FINRA Rule 11891 (General), the terms of a transaction are “clearly erroneous” when there is an obvious error in any term, such as price, number of shares or other units of trading, or identification of the security.
Incorrect
In the FINRA Rule 11891 (General), the terms of a transaction are “clearly erroneous” when there is an obvious error in any term, such as price, number of shares or other units of trading, or identification of the security.
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Question 10 of 30
10. Question
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $0.9999 and under, then what should be the transaction’s % difference from the reference price that is calculated in numerical guidelines?
Correct
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $0.9999 and under, then the transaction’s % difference from the reference price should be 20% that is calculated in numerical guidelines.
Incorrect
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $0.9999 and under, then the transaction’s % difference from the reference price should be 20% that is calculated in numerical guidelines.
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Question 11 of 30
11. Question
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $1.0000 and up to and including $4.9999 then what should be the transaction’s % difference from the reference price that is calculated in numerical guidelines?
Correct
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $1.0000 and up to and including $4.9999 then the transaction’s % difference from the reference price should be low end of range minimum 20% and high end of range minimum 10% that is calculated in numerical guidelines.
Incorrect
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $1.0000 and up to and including $4.9999 then the transaction’s % difference from the reference price should be low end of range minimum 20% and high end of range minimum 10% that is calculated in numerical guidelines.
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Question 12 of 30
12. Question
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $5.0000 and up to and including $74.9999 then what should be the transaction’s % difference from the reference price that is calculated in numerical guidelines?
Correct
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $5.0000 and up to and including $74.9999 then the transaction’s % difference from the reference price should be 10% that is calculated in numerical guidelines.
Incorrect
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $5.0000 and up to and including $74.9999 then the transaction’s % difference from the reference price should be 10% that is calculated in numerical guidelines.
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Question 13 of 30
13. Question
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $75.0000 and up to and including $199.9999 then what should be the transaction’s % difference from the reference price that is calculated in numerical guidelines?
Correct
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $1.0000 and up to and including $4.9999 then the transaction’s % difference from the reference price should be low end of range minimum 10% and high end of range minimum 5% that is calculated in numerical guidelines.
Incorrect
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $1.0000 and up to and including $4.9999 then the transaction’s % difference from the reference price should be low end of range minimum 10% and high end of range minimum 5% that is calculated in numerical guidelines.
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Question 14 of 30
14. Question
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $200.0000 and up to and including $499.9999 then what should be the transaction’s % difference from the reference price that is calculated in numerical guidelines?
Correct
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $200.0000 and up to and including $499.9999 then the transaction’s % difference from the reference price should be 5% that is calculated in numerical guidelines.
Incorrect
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $200.0000 and up to and including $499.9999 then the transaction’s % difference from the reference price should be 5% that is calculated in numerical guidelines.
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Question 15 of 30
15. Question
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $500.0000 and up to and including $999.9999 then what should be the transaction’s % difference from the reference price that is calculated in numerical guidelines?
Correct
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $1.0000 and up to and including $4.9999 then the transaction’s % difference from the reference price should be low end of range minimum 5% and high end of range minimum 3% that is calculated in numerical guidelines.
Incorrect
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $1.0000 and up to and including $4.9999 then the transaction’s % difference from the reference price should be low end of range minimum 5% and high end of range minimum 3% that is calculated in numerical guidelines.
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Question 16 of 30
16. Question
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $1,000.0000 and over then what should be the transaction’s % difference from the reference price that is calculated in numerical guidelines?
Correct
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $1,000.0000 and over then the transaction’s % difference from the reference price should be 3% that is calculated in numerical guidelines.
Incorrect
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $1,000.0000 and over then the transaction’s % difference from the reference price should be 3% that is calculated in numerical guidelines.
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Question 17 of 30
17. Question
In the FINRA Rule 11894 (Review by the Uniform Practice Code (“UPC”) Committee), a written appeal of determination to declare a transaction null and void must receive by FINRA within how much time after the person making the appeal is given the notification of the determination being appealed?
Correct
In the FINRA Rule 11894 (Review by the Uniform Practice Code (“UPC”) Committee), a written appeal of determination to declare a transaction null and void must receive by FINRA within thirty (30) minutes after the person making the appeal is given the notification of the determination being appealed.
Incorrect
In the FINRA Rule 11894 (Review by the Uniform Practice Code (“UPC”) Committee), a written appeal of determination to declare a transaction null and void must receive by FINRA within thirty (30) minutes after the person making the appeal is given the notification of the determination being appealed.
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Question 18 of 30
18. Question
In the FINRA Rule 2231 (Customer Account Statements), at what time each general securities member should send a statement of account (“account statement”) containing a description of any securities positions, money balances, or account activity to each customer whose account had a security position, money balance or account activity during the period since the last such statement was sent to the customer?
Correct
In the FINRA Rule 2231 (Customer Account Statements), Each general securities member shall, with a frequency of not less than once every calendar quarter, send a statement of account (“account statement”) containing a description of any securities positions, money balances, or account activity to each customer whose account had a security position, money balance, or account activity during the period since the last such statement was sent to the customer.
Incorrect
In the FINRA Rule 2231 (Customer Account Statements), Each general securities member shall, with a frequency of not less than once every calendar quarter, send a statement of account (“account statement”) containing a description of any securities positions, money balances, or account activity to each customer whose account had a security position, money balance, or account activity during the period since the last such statement was sent to the customer.
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Question 19 of 30
19. Question
In the FINRA Rule 2231 (Customer Account Statements), which of the following condition quarterly account statements need not be sent to a customer?
Correct
In the FINRA Rule 2231 (Customer Account Statements), quarterly account statements need not be sent to a customer on the following conditions:-
(a) The customer’s account is carried solely for the purpose of execution on a DVP/RVP basis.
(b) All transactions effected for the account are done on a DVP/RVP basis in conformity with Rule 11860.
(c) The account does not show security or money positions at the end of the quarter (provided, however, that positions of a temporary nature, such as those arising from fails to receive or deliver, errors, questioned trades, dividend or bond interest entries and other similar transactions, shall not be deemed security or money positions.
(d) The customer consents to the suspension of such statements in writing. The member must maintain such consents in a manner consistent with Rule 4512 and SEA Rule 17a-4.
(e) The member undertakes to provide any particular statement or statements to the customer promptly upon request.
(f) The member undertakes to promptly reinstate the delivery of such statements to the customer upon request.Incorrect
In the FINRA Rule 2231 (Customer Account Statements), quarterly account statements need not be sent to a customer on the following conditions:-
(a) The customer’s account is carried solely for the purpose of execution on a DVP/RVP basis.
(b) All transactions effected for the account are done on a DVP/RVP basis in conformity with Rule 11860.
(c) The account does not show security or money positions at the end of the quarter (provided, however, that positions of a temporary nature, such as those arising from fails to receive or deliver, errors, questioned trades, dividend or bond interest entries and other similar transactions, shall not be deemed security or money positions.
(d) The customer consents to the suspension of such statements in writing. The member must maintain such consents in a manner consistent with Rule 4512 and SEA Rule 17a-4.
(e) The member undertakes to provide any particular statement or statements to the customer promptly upon request.
(f) The member undertakes to promptly reinstate the delivery of such statements to the customer upon request. -
Question 20 of 30
20. Question
In the FINRA Rule 2231 (Customer Account Statements), at what time following the second anniversary of breaking escrow, the member may include a per share estimated value reflecting the “net investment” disclosed in the issuer’s most recent periodic or current report (“Issuer Report”).
Correct
In the FINRA Rule 2231 (Customer Account Statements), at any time before 150 days following the second anniversary of breaking escrow, the member may include a per share estimated value reflecting the “net investment” disclosed in the issuer’s most recent periodic or current report (“Issuer Report”).
Incorrect
In the FINRA Rule 2231 (Customer Account Statements), at any time before 150 days following the second anniversary of breaking escrow, the member may include a per share estimated value reflecting the “net investment” disclosed in the issuer’s most recent periodic or current report (“Issuer Report”).
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Question 21 of 30
21. Question
In the FINRA Rule 2231 (Customer Account Statements), at what time the member may include a per share estimated value reflecting an appraised valuation disclosed in the Issuer Report?
Correct
In the FINRA Rule 2231 (Customer Account Statements), At any time, the member may include a per share estimated value reflecting an appraised valuation disclosed in the Issuer Report, which shall be consistent with the valuation requirements of the 1940 Act and the rules thereunder.
Incorrect
In the FINRA Rule 2231 (Customer Account Statements), At any time, the member may include a per share estimated value reflecting an appraised valuation disclosed in the Issuer Report, which shall be consistent with the valuation requirements of the 1940 Act and the rules thereunder.
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Question 22 of 30
22. Question
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), which of the following authority must create and maintain a written business continuity plan identifying procedures relating to an emergency or significant business disruption?
Correct
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), each member must create and maintain a written business continuity plan identifying procedures relating to an emergency or significant business disruption. 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. The business continuity plan must be made available promptly upon request to FINRA staff.
Incorrect
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), each member must create and maintain a written business continuity plan identifying procedures relating to an emergency or significant business disruption. 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. The business continuity plan must be made available promptly upon request to FINRA staff.
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Question 23 of 30
23. Question
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), what is the time interval to conduct a review of member’s business continuity plan to determine whether any modifications are necessary in light of changes to the member’s operations, structure, business, or location?
Correct
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), each member must update its plan in the event of any material change to the member’s operations, structure, business or location. 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
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), each member must update its plan in the event of any material change to the member’s operations, structure, business or location. 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 24 of 30
24. Question
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), which of the following must address each business continuity plan that is flexible and may be tailored to the size and needs of a member?
Correct
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), the elements that comprise a business continuity plan are flexible and may be tailored to the size and needs of a member. Each plan must at a minimum address the following:-
(a) Data back-up and recovery (hard copy and electronic).
(b) All mission critical systems.
(c) Financial and operational assessments.
(d) Alternate communications between customers and the member.
(e) Alternate communications between the member and its employees.
(f) Alternate physical location of employees.
(g) Critical business constituent, bank, and counter-party impact.
(h) Regulatory reporting.
(i) Communications with regulators.
(j) How the member will assure customers’ prompt access to their funds and securities in the event that the member determines that it is unable to continue its business.Incorrect
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), the elements that comprise a business continuity plan are flexible and may be tailored to the size and needs of a member. Each plan must at a minimum address the following:-
(a) Data back-up and recovery (hard copy and electronic).
(b) All mission critical systems.
(c) Financial and operational assessments.
(d) Alternate communications between customers and the member.
(e) Alternate communications between the member and its employees.
(f) Alternate physical location of employees.
(g) Critical business constituent, bank, and counter-party impact.
(h) Regulatory reporting.
(i) Communications with regulators.
(j) How the member will assure customers’ prompt access to their funds and securities in the event that the member determines that it is unable to continue its business. -
Question 25 of 30
25. Question
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), how many associated persons should be included in the emergency contact information for the member as an emergency contact person?
Correct
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), the emergency contact information for the member includes the designation of two associated persons as emergency contact persons.
Incorrect
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), the emergency contact information for the member includes the designation of two associated persons as emergency contact persons.
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Question 26 of 30
26. Question
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), which of the following authority specify the means for updating the member’s emergency contact information in the event of any material change?
Correct
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), each member must promptly update its emergency contact information in the event of any material change via such electronic or other means as FINRA may specify.
Incorrect
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), each member must promptly update its emergency contact information in the event of any material change via such electronic or other means as FINRA may specify.
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Question 27 of 30
27. Question
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), which of the following statement best describes the term “Mission critical system”?
Correct
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), “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
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), “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 28 of 30
28. Question
In the FINRA Rule 4511 (General Requirements), what is the period of time FINRA books and records should be preserved by a member for which there are no specified period under the FINRA rules or applicable Exchange Act rules?
Correct
In the FINRA Rule 4511 (General Requirements), members shall preserve for a period of at least six years those FINRA books and records for which there are no specified period under the FINRA rules or applicable Exchange Act rules.
Incorrect
In the FINRA Rule 4511 (General Requirements), members shall preserve for a period of at least six years those FINRA books and records for which there are no specified period under the FINRA rules or applicable Exchange Act rules.
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Question 29 of 30
29. Question
In the FINRA Rule 4512 (Customer Account Information), which of the following information should be maintained by each member for each account?
Correct
In the FINRA Rule 4512 (Customer Account Information), the following information should be maintained by each member for each account:-
(a) Customer’s name and residence.
(b) Whether customer is of legal age.
(c) Name(s) of the associated person(s), if any, responsible for the account, and if multiple individuals are assigned responsibility for the account, a record indicating the scope of their responsibilities with respect to the account, provided, however, that this requirement shall not apply to an institutional account.
(d) Signature of the partner, officer or manager denoting that the account has been accepted in accordance with the member’s policies and procedures for acceptance of accounts.
(e) If the customer is a corporation, partnership or other legal entity, the names of any persons authorized to transact business on behalf of the entity.
(f) Subject to Supplementary Material .06, name of and contact information for a trusted contact person age 18 or older who may be contacted about the customer’s account; provided, however, that this requirement shall not apply to an institutional account.Incorrect
In the FINRA Rule 4512 (Customer Account Information), the following information should be maintained by each member for each account:-
(a) Customer’s name and residence.
(b) Whether customer is of legal age.
(c) Name(s) of the associated person(s), if any, responsible for the account, and if multiple individuals are assigned responsibility for the account, a record indicating the scope of their responsibilities with respect to the account, provided, however, that this requirement shall not apply to an institutional account.
(d) Signature of the partner, officer or manager denoting that the account has been accepted in accordance with the member’s policies and procedures for acceptance of accounts.
(e) If the customer is a corporation, partnership or other legal entity, the names of any persons authorized to transact business on behalf of the entity.
(f) Subject to Supplementary Material .06, name of and contact information for a trusted contact person age 18 or older who may be contacted about the customer’s account; provided, however, that this requirement shall not apply to an institutional account. -
Question 30 of 30
30. Question
In the FINRA Rule 4512 (Customer Account Information), what is the period of time a member shall preserve a record of any customer account information that subsequently is updated?
Correct
In the FINRA Rule 4512 (Customer Account Information), members shall preserve a record of any customer account information that subsequently is updated for at least six years after the date that such information is updated.
Incorrect
In the FINRA Rule 4512 (Customer Account Information), members shall preserve a record of any customer account information that subsequently is updated for at least six years after the date that such information is updated.