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Question 1 of 10
1. Question
According to FINRA Rule 6732 ‘Exemption from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System’, what action will be taken by ATS in failure to report data relating to exempted trade to FINRA, in addition to constituting a violation of FINRA rules?
Correct
the ATS acknowledges that failure to report such data relating to each exempted trade occurring on the ATS’s system pursuant to this Rule 6732 to FINRA, in addition to constituting a violation of FINRA rules, will result in revocation of any exemption granted pursuant to this Rule.
Incorrect
the ATS acknowledges that failure to report such data relating to each exempted trade occurring on the ATS’s system pursuant to this Rule 6732 to FINRA, in addition to constituting a violation of FINRA rules, will result in revocation of any exemption granted pursuant to this Rule.
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Question 2 of 10
2. Question
What does ATS not exchange on behalf of the subscribers according to FINRA Rule 6732 ‘Exemption from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System’?
Correct
TRACE-Eligible Securities or funds are nonexchangeable by ATS on the behalf of subscribers.
Incorrect
TRACE-Eligible Securities or funds are nonexchangeable by ATS on the behalf of subscribers.
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Question 3 of 10
3. Question
According to FINRA Rule 6760 ‘Obligation To Provide Notice’, what can be submitted to complete the information criteria if CUSIP number is not available?
Correct
if a CUSIP number is not available, a similar numeric identifier like a mortgage pool number.
Incorrect
if a CUSIP number is not available, a similar numeric identifier like a mortgage pool number.
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Question 4 of 10
4. Question
According to FINRA Rule 6622 ‘Transaction Reporting’, at what time after execution, transactions transmitted to the OTC Reporting Facility shall be designated as late?
Correct
OTC Reporting Facility Participants shall transmit transactions to OTC Reporting Facility within 10 seconds after execution.
Incorrect
OTC Reporting Facility Participants shall transmit transactions to OTC Reporting Facility within 10 seconds after execution.
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Question 5 of 10
5. Question
According to FINRA Rule 6622 ‘Transaction Reporting’, who shall report the transaction if it’s in between two members?
Correct
The executing party must report the transaction happening between two members.
Incorrect
The executing party must report the transaction happening between two members.
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Question 6 of 10
6. Question
According to FINRA Rule 6622 ‘Transaction Reporting’ of Rule 6600 ‘OTC Reporting Facility’, which of the following is not required in last sale report?
Correct
Following are all the requirements needed for last sale report;
(1) Symbol of the OTC Equity Security or Restricted Equity Security;
(2) Number of shares;
(3) Price of the transaction
(4) A symbol indicating whether the transaction is a buy, sell or cross, and if applicable, sell short;
(5) The time of execution expressed in hours, minutes, and seconds based on Eastern Time, unless another provision of FINRA rules requires that a different time must be included on the report.Incorrect
Following are all the requirements needed for last sale report;
(1) Symbol of the OTC Equity Security or Restricted Equity Security;
(2) Number of shares;
(3) Price of the transaction
(4) A symbol indicating whether the transaction is a buy, sell or cross, and if applicable, sell short;
(5) The time of execution expressed in hours, minutes, and seconds based on Eastern Time, unless another provision of FINRA rules requires that a different time must be included on the report. -
Question 7 of 10
7. Question
According to FINRA Rule 6622 ‘Transaction Reporting’ in Rule Series 6600 ‘OTC Reporting Facility’, which of the following shall not be reported to the OTC Reporting Facility?
Correct
For certain transactions and transfer of securities, transactions that are being reported on or through an exchange shall not be reported to OTC Reporting Facility.
Incorrect
For certain transactions and transfer of securities, transactions that are being reported on or through an exchange shall not be reported to OTC Reporting Facility.
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Question 8 of 10
8. Question
According to FINRA Rule 6622 ‘Transaction Reporting’ in Series 6600 ‘OTC Reporting Facility’, in which of the following case, transactions in foreign equity shall not be reported to the OTC Reporting Facility?
Correct
Transactions in foreign equity securities shall be reported to the OTC Reporting Facility unless:
a) the transaction is executed on and reported to a foreign securities exchange; or
b) the transaction is executed over the counter in a foreign country and is reported to the regulator of securities markets for that country.Incorrect
Transactions in foreign equity securities shall be reported to the OTC Reporting Facility unless:
a) the transaction is executed on and reported to a foreign securities exchange; or
b) the transaction is executed over the counter in a foreign country and is reported to the regulator of securities markets for that country. -
Question 9 of 10
9. Question
According to FINRA Rule 4511 ‘General Requirements’, for how long the members must preserve the books and records of FINRA for which there is no specified period under the FINRA rules or applicable Exchange Act rules?
Correct
FINRA books and records must be preserved for at least six years, when there is no specified period under the FINRA rules or applicable Exchange Act rules.
Incorrect
FINRA books and records must be preserved for at least six years, when there is no specified period under the FINRA rules or applicable Exchange Act rules.
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Question 10 of 10
10. Question
Which of the following information must be maintained for an account by member as per FINRA Rule 4512 ‘Customer Account Information’?
Correct
It is very important to check if the customer’s age is legal as required for the completion of account’s information.
Incorrect
It is very important to check if the customer’s age is legal as required for the completion of account’s information.