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Investment Dealer Supervisors Course (IDSC) – AceCSE.com
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Question 1 of 30
1. Question
Which of the following type of concerns, the FINRA may at any time direct any member to cause an audit to be made for its accounts for the accuracy or integrity of a member?
Correct
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts.
Incorrect
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts.
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Question 2 of 30
2. Question
Which of the following type of steps should be taken by the FINRA at any time for the concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements?
Correct
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts, or cause an examination to be made in accordance with attestation, review or consultation standards prescribed by the AICPA.
Incorrect
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts, or cause an examination to be made in accordance with attestation, review or consultation standards prescribed by the AICPA.
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Question 3 of 30
3. Question
The audit or examination should be directed by which of the following authority, for the concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements?
Correct
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts. Such audit or examination shall be directed pursuant to authority exercised by FINRA’s Executive Vice President charged with oversight for financial responsibility.
Incorrect
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts. Such audit or examination shall be directed pursuant to authority exercised by FINRA’s Executive Vice President charged with oversight for financial responsibility.
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Question 4 of 30
4. Question
What is the format for the submission of all regulatory notices or other documents that are required to be submitted to FINRA by each member?
Correct
Each member shall be required to submit all regulatory notices or other documents that required to be submitted to FINRA in such electronic format as required or specified by the FINRA.
Incorrect
Each member shall be required to submit all regulatory notices or other documents that required to be submitted to FINRA in such electronic format as required or specified by the FINRA.
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Question 5 of 30
5. Question
Which of the following type of actions should be taken by each member as required by Article IV, Section 3 of the FINRA By-Laws in the manner prescribed by FINRA Rules 4517?
Correct
Each member must identify, review and, if necessary, update its executive representative designation and contact information as required by Article IV, Section 3 of the FINRA By-Laws in the manner prescribed by FINRA Rules 4517.
Incorrect
Each member must identify, review and, if necessary, update its executive representative designation and contact information as required by Article IV, Section 3 of the FINRA By-Laws in the manner prescribed by FINRA Rules 4517.
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Question 6 of 30
6. Question
In the FINRA Rule 4517 “Member Filing and Contact Information Requirements”, what method should be adopted by each member to report and update all required contact information to FINRA?
Correct
In the FINRA Rule 4517 “Member Filing and Contact Information Requirements”, each member shall report and update to FINRA all required contact information via the Firm Gateway or such other means as specified by the FINRA.
Incorrect
In the FINRA Rule 4517 “Member Filing and Contact Information Requirements”, each member shall report and update to FINRA all required contact information via the Firm Gateway or such other means as specified by the FINRA.
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Question 7 of 30
7. Question
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), within how many days each member should update its required contact information promptly after any change in such information?
Correct
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and if necessary update its required contact information within 17 business days after the end of each calendar year.
Incorrect
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and if necessary update its required contact information within 17 business days after the end of each calendar year.
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Question 8 of 30
8. Question
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), within how many days each member should review, and if necessary update its required contact information?
Correct
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and if necessary update its required contact information within 17 business days after the end of each calendar year.
Incorrect
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and if necessary update its required contact information within 17 business days after the end of each calendar year.
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Question 9 of 30
9. Question
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), how much time required for each member to comply with FINRA request for the required contact information promptly?
Correct
Each member shall comply with any FINRA request for the required contact information promptly, but in any event not later than 15 days following the request or such longer period that may be agreed by FINRA staff.
Incorrect
Each member shall comply with any FINRA request for the required contact information promptly, but in any event not later than 15 days following the request or such longer period that may be agreed by FINRA staff.
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Question 10 of 30
10. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), an associated person who shall be responsible for each general ledger bookkeeping account and account of a like function used by the member designated by which of the following authority?
Correct
Each member shall designate an associated person who shall be responsible for each general ledger bookkeeping account and account of a like function used by the member and such associated person shall control and oversee entries into each such account and shall determine that the account is current and accurate as necessary to comply with all applicable FINRA rules and federal securities laws governing books and records and financial responsibility requirements.
Incorrect
Each member shall designate an associated person who shall be responsible for each general ledger bookkeeping account and account of a like function used by the member and such associated person shall control and oversee entries into each such account and shall determine that the account is current and accurate as necessary to comply with all applicable FINRA rules and federal securities laws governing books and records and financial responsibility requirements.
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Question 11 of 30
11. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), what is the time period required for a supervisor to review each general ledger bookkeeping account to determine that is current and accurate?
Correct
A supervisor shall as frequently as is necessary considering the function of the account but, in any event at least monthly review each account to determine that it is current and accurate and that any items that become aged or uncertain as to resolution are promptly identified for research and possible transfer to a suspense account(s).
Incorrect
A supervisor shall as frequently as is necessary considering the function of the account but, in any event at least monthly review each account to determine that it is current and accurate and that any items that become aged or uncertain as to resolution are promptly identified for research and possible transfer to a suspense account(s).
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Question 12 of 30
12. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), each general ledger bookkeeping account should be reviewed by a supervisor on monthly basis for which of the following purposes?
Correct
A supervisor shall as frequently as is necessary considering the function of the account but, in any event at least monthly review each account to determine that it is current and accurate and that any items that become aged or uncertain as to resolution are promptly identified for research and possible transfer to a suspense account(s).
Incorrect
A supervisor shall as frequently as is necessary considering the function of the account but, in any event at least monthly review each account to determine that it is current and accurate and that any items that become aged or uncertain as to resolution are promptly identified for research and possible transfer to a suspense account(s).
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Question 13 of 30
13. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), what type of record should be maintained by each carrying or clearing member for each general ledger bookkeeping account?
Correct
Each carrying or clearing member shall maintain a record of the names of the associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account.
Incorrect
Each carrying or clearing member shall maintain a record of the names of the associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account.
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Question 14 of 30
14. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), what is the time limit for the preservation of all records related to the names of associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account?
Correct
All records related to the names of associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account should be preserved for a period of not less than six years.
Incorrect
All records related to the names of associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account should be preserved for a period of not less than six years.
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Question 15 of 30
15. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), each member must record, its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination to which of the following account?
Correct
Each member must record its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account.
Incorrect
Each member must record its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account.
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Question 16 of 30
16. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), which type of information is recorded by each member in an account that shall be clearly identified as a suspense account?
Correct
Each member must record its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account.
Incorrect
Each member must record its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account.
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Question 17 of 30
17. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), what information is used to separate and prominent suspense account that maintained for money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination?
Correct
The word “suspense” is used that made a prominent part of the account title to separate suspense account that maintained for money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination.
Incorrect
The word “suspense” is used that made a prominent part of the account title to separate suspense account that maintained for money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination.
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Question 18 of 30
18. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), what is the time limit for the preservation of Each member record in terms of its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account?
Correct
Each member record in terms of its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account shall be preserved for a period of not less than six years.
Incorrect
Each member record in terms of its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account shall be preserved for a period of not less than six years.
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Question 19 of 30
19. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), who can assign primary and supervisory responsibility for each account, subject to applicable registration requirements?
Correct
Each member with only one associated person may assign primary and supervisory responsibility for each account to that associated person, subject to applicable registration requirements.
Incorrect
Each member with only one associated person may assign primary and supervisory responsibility for each account to that associated person, subject to applicable registration requirements.
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Question 20 of 30
20. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), which type of responsibilities for each account may be assigned by each member with only one associated person, subject to applicable registration requirements?
Correct
Each member with only one associated person may assign primary and supervisory responsibility for each account to that associated person, subject to applicable registration requirements.
Incorrect
Each member with only one associated person may assign primary and supervisory responsibility for each account to that associated person, subject to applicable registration requirements.
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Question 21 of 30
21. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), wherefrom written approval should be taken by members of limited size and resources that have more than one associated person to assign primary and supervisory responsibility for each account to the same associated person?
Correct
Members of limited size and resources that have more than one associated person may seek FINRA’s prior written approval to assign primary and supervisory responsibility for each account to the same associated person.
Incorrect
Members of limited size and resources that have more than one associated person may seek FINRA’s prior written approval to assign primary and supervisory responsibility for each account to the same associated person.
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Question 22 of 30
22. Question
In the FINRA Rule 4524 (Supplemental FOCUS Information), which type of supplement information should be filled as FOCUS reports required pursuant to SEA Rule 17a-5 and FINRA Rule 2010 by each FINRA’s designated member for the protection of investors or in the public interest?
Correct
As a supplement to filing FOCUS reports required pursuant to SEA Rule 17a-5 and FINRA Rule 2010, each FINRA’s designated member shall file such additional financial or operational schedules or reports as FINRA may deem necessary or appropriate for the protection of investors or in the public interest.
Incorrect
As a supplement to filing FOCUS reports required pursuant to SEA Rule 17a-5 and FINRA Rule 2010, each FINRA’s designated member shall file such additional financial or operational schedules or reports as FINRA may deem necessary or appropriate for the protection of investors or in the public interest.
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Question 23 of 30
23. Question
In the FINRA Rule 4524 (Supplemental FOCUS Information), the content of financial or operational schedules or reports, their format, and the timing and the frequency of such supplemental filings shall be specified in which of the following?
Correct
The content of financial or operational schedules or reports, their format, and the timing and the frequency of such supplemental filings shall be specified in a Regulatory Notice (or similar communication) issued pursuant to this Rule.
Incorrect
The content of financial or operational schedules or reports, their format, and the timing and the frequency of such supplemental filings shall be specified in a Regulatory Notice (or similar communication) issued pursuant to this Rule.
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Question 24 of 30
24. Question
In the FINRA Rule 4524 (Supplemental FOCUS Information), which type of content should be specified in a Regulatory Notice (or similar communication) issued pursuant to this Rule?
Correct
The content of financial or operational schedules or reports, their format, and the timing and the frequency of such supplemental filings shall be specified in a Regulatory Notice (or similar communication) issued pursuant to this Rule.
Incorrect
The content of financial or operational schedules or reports, their format, and the timing and the frequency of such supplemental filings shall be specified in a Regulatory Notice (or similar communication) issued pursuant to this Rule.
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Question 25 of 30
25. Question
In the FINRA Rule 2261 (Disclosure of Financial Condition), which type of information should be made available by a member for inspection by a bona fide regular customer upon his request?
Correct
A member shall make available the information relative to such member’s financial condition as disclosed in its most recent balance sheet prepared either in accordance with such member’s usual practice or as required by any state or federal securities laws, or any rule or regulation thereunder to inspection by any bona fide regular customer upon request.
Incorrect
A member shall make available the information relative to such member’s financial condition as disclosed in its most recent balance sheet prepared either in accordance with such member’s usual practice or as required by any state or federal securities laws, or any rule or regulation thereunder to inspection by any bona fide regular customer upon request.
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Question 26 of 30
26. Question
In the FINRA Rule 2261 (Disclosure of Financial Condition), the information relative to such member’s financial condition as disclosed in its most recent balance sheet, what method is used by a member to deliver the balance sheet to the requesting bona fide regular customer?
Correct
In lieu of making such a balance sheet available to inspection, a member may deliver the balance sheet to the requesting bona fide regular customer in paper or electronic form; provided that with respect to electronic delivery, the customer must consent to receive the balance sheet in electronic form.
Incorrect
In lieu of making such a balance sheet available to inspection, a member may deliver the balance sheet to the requesting bona fide regular customer in paper or electronic form; provided that with respect to electronic delivery, the customer must consent to receive the balance sheet in electronic form.
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Question 27 of 30
27. Question
In the FINRA Rule 2261 (Disclosure of Financial Condition), which of the following person is recognized as bona fide regular customer?
Correct
The bona fide regular customer means any person who has cash or securities in the possession of such a member in the regular course of such member’s business.
Incorrect
The bona fide regular customer means any person who has cash or securities in the possession of such a member in the regular course of such member’s business.
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Question 28 of 30
28. Question
In the FINRA Rule 1017, which of the following conditions a member should file an application for approval of any changes to its ownership, control, or business operations?
Correct
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a merger of the member with another member unless both are members of the New York Stock Exchange, Inc. or the surviving entity will continue to be a member of the New York Stock Exchange, Inc.
Incorrect
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a merger of the member with another member unless both are members of the New York Stock Exchange, Inc. or the surviving entity will continue to be a member of the New York Stock Exchange, Inc.
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Question 29 of 30
29. Question
In the FINRA Rule 1017, which of the following conditions a member should file an application for approval of any changes to its ownership, control, or business operations?
Correct
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a direct or indirect acquisition by the member of another member unless the acquiring member is a member of the New York Stock Exchange, Inc.
Incorrect
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a direct or indirect acquisition by the member of another member unless the acquiring member is a member of the New York Stock Exchange, Inc.
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Question 30 of 30
30. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), how many months rolling required to measure aggregate of the member’s earnings to file an application for direct or indirect acquisitions or transfers of 25 percent or more in the aggregate of the member’s assets that generates revenues composing 25 percent or more in the aggregate?
Correct
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, direct or indirect acquisitions or transfers of 25 percent or more in the aggregate of the member’s assets that generates revenues composing 25 percent or more in the aggregate of the member’s earnings measured on a rolling 36-month basis, unless both the seller and acquirer are members of the New York Stock Exchange, Inc.
Incorrect
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, direct or indirect acquisitions or transfers of 25 percent or more in the aggregate of the member’s assets that generates revenues composing 25 percent or more in the aggregate of the member’s earnings measured on a rolling 36-month basis, unless both the seller and acquirer are members of the New York Stock Exchange, Inc.