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Question 1 of 10
1. Question
Which of the following statements is true regarding Electronic filing requirements?
I. The enumerated uniform forms are filed electronically
II. A member is to identify a registered principal
III. The registered principal has authority over registration functions
IV. The registration functions are not liable for the supervision of the electronic filing of forms
Correct
Electronic filing requirements
The enumerated uniform forms are to be filed electronically. A member is to
identify a registered principal with authority over registration functions to be
responsible for the supervision of the electronic filing of forms.Incorrect
Electronic filing requirements
The enumerated uniform forms are to be filed electronically. A member is to
identify a registered principal with authority over registration functions to be
responsible for the supervision of the electronic filing of forms. -
Question 2 of 10
2. Question
Which of the following statements is false regarding Electronic filing requirements?
I. The electronic filing is based on a manually signed Form U4 by the person on whose behalf the form is being filed
II. Amendments to the Form can be filed electronically without a manually signed form needed
III. Fingerprint information is to be sent to FINRA after 30 days
IV. Initial filing and amendments of Form U5 are to be filed manually
Correct
Electronic filing requirements
The electronic filing of a Form U4 is to be based on a manually signed Form U4 by the person on whose behalf the form is being filed, though amendments to the Form can be filed electronically without a manually signed form needed. Fingerprint information is to be sent to FINRA within 30 days of the Form U4 filing, or the registration will be deemed inactive. Initial filing and amendments of Form U5 are to be filed electronically.
Incorrect
Electronic filing requirements
The electronic filing of a Form U4 is to be based on a manually signed Form U4 by the person on whose behalf the form is being filed, though amendments to the Form can be filed electronically without a manually signed form needed. Fingerprint information is to be sent to FINRA within 30 days of the Form U4 filing, or the registration will be deemed inactive. Initial filing and amendments of Form U5 are to be filed electronically.
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Question 3 of 10
3. Question
Which of the following statements is true regarding Filing of misleading information?
I. It belongs to the FINRA rule 1122
II. Not filing information is incomplete or accurate so as to be misleading
III. If it happens, let it go
IV. If it occurs, no need to corrected
Correct
Filing of misleading information as to membership or registration (FINRA
Rule 1122) – a member may not file information with FINRA having to do with
membership or registration that is incomplete or accurate so as to be misleading. If a member does so, it is to be immediately corrected.Incorrect
Filing of misleading information as to membership or registration (FINRA
Rule 1122) – a member may not file information with FINRA having to do with
membership or registration that is incomplete or accurate so as to be misleading. If a member does so, it is to be immediately corrected. -
Question 4 of 10
4. Question
Which of the following statements is true regarding Failure to register personnel?
I. An employee should be registered as representative
II. If a representative is not registered, it may be conduct inconsistent with just and equitable principles of trade
III. If a representative is not registered, it may be a good option for the him
IV. If a representative is not registered, it may be cause for disciplinary action
Correct
Failure to register personnel (NASD IM-1000-3) – if a member fails to register an employee as a registered representative who should be so registered it is found to be conduct inconsistent with just and equitable principles of trade, and may be cause for disciplinary action.
Incorrect
Failure to register personnel (NASD IM-1000-3) – if a member fails to register an employee as a registered representative who should be so registered it is found to be conduct inconsistent with just and equitable principles of trade, and may be cause for disciplinary action.
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Question 5 of 10
5. Question
Which of the following statements is true regarding Branch offices and offices of supervisory jurisdiction?
I. An employee is required to ensure that its membership application is kept current
II. If required, the main office is properly to be kept designated and registered
III. A member is required to designate offices of supervisory jurisdiction
IV. An employee must register the branch offices
Correct
Branch offices and offices of supervisory jurisdiction (NASD IM-1000-4) – a
member is required to ensure that its membership application is kept current by means of supplementary amendments and to ensure that the main office is properly designated and registered, if required. A member is required to designate offices of supervisory jurisdiction, and must register those branch offices.Incorrect
Branch offices and offices of supervisory jurisdiction (NASD IM-1000-4) – a
member is required to ensure that its membership application is kept current by means of supplementary amendments and to ensure that the main office is properly designated and registered, if required. A member is required to designate offices of supervisory jurisdiction, and must register those branch offices. -
Question 6 of 10
6. Question
Which of the following statements is true regarding Continuing education requirements?
Correct
FINRA Rule 1250 establishes the need for continuing education for a FINRA
licensed broker. Unless otherwise instructed, individuals must complete their
continuing education requirements within 120 days of the second anniversary of holding their license. Failure to complete the continuing education requirements results in having one’s license put into inactive status until brought up to date. The continuing education may be provided by the firm that the broker works for, provided that certain elements are in place.Incorrect
FINRA Rule 1250 establishes the need for continuing education for a FINRA
licensed broker. Unless otherwise instructed, individuals must complete their
continuing education requirements within 120 days of the second anniversary of holding their license. Failure to complete the continuing education requirements results in having one’s license put into inactive status until brought up to date. The continuing education may be provided by the firm that the broker works for, provided that certain elements are in place. -
Question 7 of 10
7. Question
Which of the following statements is not included in the Continuing education requirements?
Correct
Continuing education requirements include the following:
1. The firm has a designated principal or officer in charge
2. The delivery takes place at a site under the control of the firm
3. The continuing education is supervised by a proctor
4. The sites are made available to FINRA for examination
5. A letter of attestation is sent to the designated examining authority (DEA)
detailing items 1-4 aboveIncorrect
Continuing education requirements include the following:
1. The firm has a designated principal or officer in charge
2. The delivery takes place at a site under the control of the firm
3. The continuing education is supervised by a proctor
4. The sites are made available to FINRA for examination
5. A letter of attestation is sent to the designated examining authority (DEA)
detailing items 1-4 above -
Question 8 of 10
8. Question
Which of the following statements is false regarding Arbitration disclosure to associated persons signing or acknowledging form U4?
Correct
Form U4 contains a pre-dispute arbitration clause in item five of Section 15A. It states that most or all disputes must be resolved in arbitration if no agreement is reached in the less binding mediation. When registered representatives sign their Form U4, under item five of Section 15A, they relinquish the right to sue another legal person unless the arbitration declares that they may.
Incorrect
Form U4 contains a pre-dispute arbitration clause in item five of Section 15A. It states that most or all disputes must be resolved in arbitration if no agreement is reached in the less binding mediation. When registered representatives sign their Form U4, under item five of Section 15A, they relinquish the right to sue another legal person unless the arbitration declares that they may.
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Question 9 of 10
9. Question
Which of the following statements is true regarding Arbitration disclosure to associated persons signing or acknowledging form U4?
Correct
Item five further states that alleged discrimination is not covered under the arbitration rules of FINRA, and legal resolution may be sought in another manner. Similarly to discrimination, whistleblowers that have a dispute with their employer are not required to settle the matter under arbitration. Further, the arbitrator’s decision is final, with limited opportunity to appeal, and arbitrators are not required to explain the reasoning behind their decisions.
Incorrect
Item five further states that alleged discrimination is not covered under the arbitration rules of FINRA, and legal resolution may be sought in another manner. Similarly to discrimination, whistleblowers that have a dispute with their employer are not required to settle the matter under arbitration. Further, the arbitrator’s decision is final, with limited opportunity to appeal, and arbitrators are not required to explain the reasoning behind their decisions.
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Question 10 of 10
10. Question
Which of the following statements is true regarding Arbitration disclosure to associated persons signing or acknowledging form U4?
Correct
In addition to registered individuals being subject to pre-dispute clauses, many
FINRA members now require their customers to sign pre-dispute clauses as part of the application process. This allows all customer disputes to be settled in arbitration.Incorrect
In addition to registered individuals being subject to pre-dispute clauses, many
FINRA members now require their customers to sign pre-dispute clauses as part of the application process. This allows all customer disputes to be settled in arbitration.