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Question 1 of 10
1. Question
Which of the following should not be done by a member in terms of an inventory position in a security or a derivative of such security based on non-public advance knowledge of the content or timing of a research report in that security?
I. Establish
II. Increase
III. Sell
IV. Liquidate
Correct
FINRA Rule 5280. Trading Ahead of Research Reports
(a) No member shall establish, increase, decrease or liquidate an inventory position in a security or a derivative of such security based on non-public advance knowledge of the content or timing of a research report in that security.
Incorrect
FINRA Rule 5280. Trading Ahead of Research Reports
(a) No member shall establish, increase, decrease or liquidate an inventory position in a security or a derivative of such security based on non-public advance knowledge of the content or timing of a research report in that security.
Question 2 of 10
2. Question
Which of the following refers to directly or indirectly providing more than 25% of a person’s income in the prior calendar year. Persons living in the same household are deemed to be providing each other with material support?
Correct
FINRA Rule 5131. New Issue Allocations and Distributions
“Material support” means directly or indirectly providing more than 25% of a person’s income in the prior calendar year. Persons living in the same household are deemed to be providing each other with material support.
Incorrect
FINRA Rule 5131. New Issue Allocations and Distributions
“Material support” means directly or indirectly providing more than 25% of a person’s income in the prior calendar year. Persons living in the same household are deemed to be providing each other with material support.
Question 3 of 10
3. Question
Which of the following refer to a Registered Reporting ADF Market Maker or Registered Reporting ADF ECN?
Correct
FINRA Alternative Display Facility (ADF) Rule 6200 Series
6220. Definitions
Registered Reporting ADF Market Maker or Registered Reporting ADF ECN.
Incorrect
FINRA Alternative Display Facility (ADF) Rule 6200 Series
6220. Definitions
Registered Reporting ADF Market Maker or Registered Reporting ADF ECN.
Question 4 of 10
4. Question
Which of the following information must be provided for each transaction that is reported to the System. Unless the contra side will have an opportunity to provide its own trade information, the Reporting Member is responsible for the complete and accurate submission of information for both sides of the trade?
I. Demographic information of the Board
II. Security identification symbol of the eligible security (SECID)
III. Number of shares
IV. Unit price, excluding commissions, mark-ups or mark-downs
Correct
FINRA Rule 7300 — OTC Reporting Facility
7330. Trade Report Input
(d) Trade Information To Be Input
The information listed below must be provided for each transaction that is reported to the System. Unless the contra side will have an opportunity to provide its own trade information, the Reporting Member is responsible for the complete and accurate submission of information for both sides of the trade.
(1) Security identification symbol of the eligible security (SECID);
(2) Number of shares;
(3) Unit price, excluding commissions, mark-ups or mark-downs
Incorrect
FINRA Rule 7300 — OTC Reporting Facility
7330. Trade Report Input
(d) Trade Information To Be Input
The information listed below must be provided for each transaction that is reported to the System. Unless the contra side will have an opportunity to provide its own trade information, the Reporting Member is responsible for the complete and accurate submission of information for both sides of the trade.
(1) Security identification symbol of the eligible security (SECID);
(2) Number of shares;
(3) Unit price, excluding commissions, mark-ups or mark-downs
Question 5 of 10
5. Question
Which of the following refer any equity security that meets the definition of “restricted security” as contained in Securities Act Rule 144(a)(3)?
Correct
FINRA Rule 6400 Series — Quoting and Trading in OTC Equity Securities
6420. Definitions
“Restricted Equity Security” means any equity security that meets the definition of “restricted security” as contained in Securities Act Rule 144(a)(3).
Incorrect
FINRA Rule 6400 Series — Quoting and Trading in OTC Equity Securities
6420. Definitions
“Restricted Equity Security” means any equity security that meets the definition of “restricted security” as contained in Securities Act Rule 144(a)(3).
Question 6 of 10
6. Question
No member or person associated with a member shall:
I. Coordinate the prices (including quotations), trades or trade reports of such member with any other member or person associated with a member, or any other person
II. Direct or request another member to alter a price (including a quotation)
III. Engage in any underwriting (or any syndicate for the underwriting) of securities to the extent permitted by the federal securities laws
IV. Engage, directly or indirectly, in any conduct that threatens, harasses, coerces, intimidates or otherwise attempts improperly to influence another member, a person associated with a member, or any other person
Correct
FINRA Rule 5240. Anti-Intimidation/Coordination
No member or person associated with a member shall:
I. Coordinate the prices (including quotations), trades or trade reports of such member with any other member or person associated with a member, or any other person
II. Direct or request another member to alter a price (including a quotation)
III. Engage, directly or indirectly, in any conduct that threatens, harasses, coerces, intimidates or otherwise attempts improperly to influence another member, a person associated with a member, or any other person
Incorrect
FINRA Rule 5240. Anti-Intimidation/Coordination
No member or person associated with a member shall:
I. Coordinate the prices (including quotations), trades or trade reports of such member with any other member or person associated with a member, or any other person
II. Direct or request another member to alter a price (including a quotation)
III. Engage, directly or indirectly, in any conduct that threatens, harasses, coerces, intimidates or otherwise attempts improperly to influence another member, a person associated with a member, or any other person
Question 7 of 10
7. Question
Which of the following refer to any oral, written, or electronic instruction to effect a transaction in an NMS stock or an OTC equity security that is received by a member from another person for handling or execution, or that is originated by a department of a member for execution by the same or another member, other than any such instruction to effect a proprietary transaction originated by a trading desk in the ordinary course of a member’s market making activities?
Correct
FINRA Rule 7410. Definitions
“Order” shall mean any oral, written, or electronic instruction to effect a transaction in an NMS stock or an OTC equity security that is received by a member from another person for handling or execution, or that is originated by a department of a member for execution by the same or another member, other than any such instruction to effect a proprietary transaction originated by a trading desk in the ordinary course of a member’s market making activities.
Incorrect
FINRA Rule 7410. Definitions
“Order” shall mean any oral, written, or electronic instruction to effect a transaction in an NMS stock or an OTC equity security that is received by a member from another person for handling or execution, or that is originated by a department of a member for execution by the same or another member, other than any such instruction to effect a proprietary transaction originated by a trading desk in the ordinary course of a member’s market making activities.
Question 8 of 10
8. Question
Which of the information listed below must be provided for each transaction that is reported to the System. Unless the contra side will have an opportunity to provide its own trade information, the Reporting Member is responsible for the complete and accurate submission of information for both sides of the trade?
I. A symbol indicating whether the trade is as principal, riskless principal, or agent
II. Reporting side Clearing Broker (if other than normal Clearing Broker)
III. Transactions effected pursuant to the exercise of an OTC option
IV. Contra side executing broker
Correct
FINRA Rule 7330. Trade Report Input
The information listed below must be provided for each transaction that is reported to the System. Unless the contra side will have an opportunity to provide its own trade information, the Reporting Member is responsible for the complete and accurate submission of information for both sides of the trade.
I. A symbol indicating whether the trade is as principal, riskless principal, or agent;
II. Reporting side Clearing Broker (if other than normal Clearing Broker);
III. Reporting side executing broker as “give-up” (if any);
IV. Contra side executing broker;
Incorrect
FINRA Rule 7330. Trade Report Input
The information listed below must be provided for each transaction that is reported to the System. Unless the contra side will have an opportunity to provide its own trade information, the Reporting Member is responsible for the complete and accurate submission of information for both sides of the trade.
I. A symbol indicating whether the trade is as principal, riskless principal, or agent;
II. Reporting side Clearing Broker (if other than normal Clearing Broker);
III. Reporting side executing broker as “give-up” (if any);
IV. Contra side executing broker;
Question 9 of 10
9. Question
Participation in the System shall be conditioned upon the initial and continuing compliance with which the following requirements?
I. Execution of, and continuing compliance with, a Participant Application Agreement
II. Membership in, or maintenance of an effective clearing arrangement with a participant of, a clearing agency registered pursuant to the Exchange Act
III. Compliance with all applicable rules and operating procedures of FINRA and the SEC
IV. Maintenance of the physical security of the equipment located on the premises of the participant to prevent unauthorized entry of information into the System
Correct
FINRA Rule 7320. Trade Reporting Participation Requirements
Participation in the System shall be conditioned upon the initial and continuing compliance with the following requirements:
(A) execution of, and continuing compliance with, a Participant Application Agreement;
(B) membership in, or maintenance of an effective clearing arrangement with a participant of, a clearing agency registered pursuant to the Exchange Act;
(C) compliance with all applicable rules and operating procedures of FINRA and the SEC;
(D) maintenance of the physical security of the equipment located on the premises of the participant to prevent unauthorized entry of information into the System; and
Incorrect
FINRA Rule 7320. Trade Reporting Participation Requirements
Participation in the System shall be conditioned upon the initial and continuing compliance with the following requirements:
(A) execution of, and continuing compliance with, a Participant Application Agreement;
(B) membership in, or maintenance of an effective clearing arrangement with a participant of, a clearing agency registered pursuant to the Exchange Act;
(C) compliance with all applicable rules and operating procedures of FINRA and the SEC;
(D) maintenance of the physical security of the equipment located on the premises of the participant to prevent unauthorized entry of information into the System; and
Question 10 of 10
10. Question
Which of the following in regards to System Participant Obligations is correct?
I. If at any time a Participant fails to maintain a clearing arrangement,, it shall be removed from the System until such time as a clearing arrangement is reestablished, and notice of such arrangement, with an amended Participant Application Agreement, is filed with FINRA
II. A Participant that is a self-clearing firm shall be obligated to accept and clear each trade that the System identifies as having been effected by that Participant
III. A Participant that is an Introducing Broker or a Correspondent Executing Broker shall identify its Clearing Broker when it becomes a Participant and notify the System Operation Center if its Clearing Broker is to be changed; this will necessitate execution of a revised Participant Application Agreement
IV. Participants shall commence participation in the System by initially contacting the System Operation Center to verify authorization for submitting trade data to the System for Reportable Securities
Correct
FINRA Rule 7320. Trade Reporting Participation Requirements
(2) System Participant Obligations
(A) Participants shall commence participation in the System by initially contacting the System Operation Center to verify authorization for submitting trade data to the System for Reportable Securities.
(B) A Participant that is a self-clearing firm shall be obligated to accept and clear each trade that the System identifies as having been effected by that Participant.
(C) A Participant that is an Introducing Broker or a Correspondent Executing Broker shall identify its Clearing Broker when it becomes a Participant and notify the System Operation Center if its Clearing Broker is to be changed; this will necessitate execution of a revised Participant Application Agreement.
(D) If at any time a Participant fails to maintain a clearing arrangement, it shall be removed from the System until such time as a clearing arrangement is reestablished and notice of such arrangement, with an amended Reporting Participant Application Agreement, is filed with FINRA.
Incorrect
FINRA Rule 7320. Trade Reporting Participation Requirements
(2) System Participant Obligations
(A) Participants shall commence participation in the System by initially contacting the System Operation Center to verify authorization for submitting trade data to the System for Reportable Securities.
(B) A Participant that is a self-clearing firm shall be obligated to accept and clear each trade that the System identifies as having been effected by that Participant.
(C) A Participant that is an Introducing Broker or a Correspondent Executing Broker shall identify its Clearing Broker when it becomes a Participant and notify the System Operation Center if its Clearing Broker is to be changed; this will necessitate execution of a revised Participant Application Agreement.
(D) If at any time a Participant fails to maintain a clearing arrangement, it shall be removed from the System until such time as a clearing arrangement is reestablished and notice of such arrangement, with an amended Reporting Participant Application Agreement, is filed with FINRA.
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