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Question 1 of 10
1. Question
As mentioned in FINRA Rule 4560 ‘Short-Interest Reporting’, what is the maximum time of receiving the reports by FINRA after the corporation designate the reporting settlement date?
Correct
FINRA must receive the reports in no later than second business day after it designates the reporting settlement date.
Incorrect
FINRA must receive the reports in no later than second business day after it designates the reporting settlement date.
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Question 2 of 10
2. Question
With reference to FINRA Rule 4110 ‘Capital Compliance’, till how long after the date when equity capital contributes, it can not be withdrawn by the member?
Correct
For a period of one year after the date when equity capital contributes, it can not be withdrawn by the member.
Incorrect
For a period of one year after the date when equity capital contributes, it can not be withdrawn by the member.
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Question 3 of 10
3. Question
As stated in FINRA Rule 4110 ‘Capital Compliance’, through what procedure does FINRA permit a member to withdraw the equity capital before the ordered time?
Correct
FINRA will only permit a member to withdraw equity capital before ordered time in writing.
Incorrect
FINRA will only permit a member to withdraw equity capital before ordered time in writing.
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Question 4 of 10
4. Question
As mentioned in FINRA Rule 4110 ‘Capital Compliance’, what a signed copy of the loan agreement must have?
Correct
The loan agreement’s signed copy must have at least a duration of a year.
Incorrect
The loan agreement’s signed copy must have at least a duration of a year.
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Question 5 of 10
5. Question
As mentioned in FINRA Rule 4120 ‘Regulatory Notification and Business Curtailment’, how can a member inform FINRA if net capital falls below the already declared percentages?
Correct
The member can notify FINRA in writing about the fall in net capital below certain percentages.
Incorrect
The member can notify FINRA in writing about the fall in net capital below certain percentages.
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Question 6 of 10
6. Question
According to FINRA Rule 4120 ‘Regulatory Notification and Business Curtailment’, till when can member notify FINRA about the fall in net capital below certain declared percentages?
Correct
The member must notify FINRA about net capital fall below certain percentages as mentioned in this Rule, within 24 hours.
Incorrect
The member must notify FINRA about net capital fall below certain percentages as mentioned in this Rule, within 24 hours.
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Question 7 of 10
7. Question
Through FINRA Rule 4120 ‘Regulatory Notification and Business Curtailment’, we get to know that term “expansion of business” may include all except?
Correct
“Expansion of business” includes net increase in the number of registered representatives.
Incorrect
“Expansion of business” includes net increase in the number of registered representatives.
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Question 8 of 10
8. Question
As already informed in FINRA Rule 4120 ‘Regulatory Notification and Business Curtailment’, after how many days of keep running business under the conditions notified by FINRA, it is obligated for a member to reduce its business to a point enabling its available capital to exceed the standards?
Correct
It is obligated to reduce its business if a member keeps running it for consecutive 15 days in the conditions mentioned by FINRA in this rule.
Incorrect
It is obligated to reduce its business if a member keeps running it for consecutive 15 days in the conditions mentioned by FINRA in this rule.
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Question 9 of 10
9. Question
What minimum percent of its minimum dollar net capital is required to save a member’s net capital from reduction of business as mentioned in FINRA Rule 4120 ‘Regulatory Notification and Business Curtailment’?
Correct
If member’s net capital is less than 125% of minimum dollar net capital requirement for more than 15 days, then the member must have to face reduction in business.
Incorrect
If member’s net capital is less than 125% of minimum dollar net capital requirement for more than 15 days, then the member must have to face reduction in business.
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Question 10 of 10
10. Question
As described in FINRA Rule 4120 ‘Regulatory Notification and Business Curtailment’, which term means to eliminate business’s parts of a member so that amount of capital can be depleted?
Correct
Business reduction is the term used to reduce or eliminate parts of business to lessen the amount of capital required.
Incorrect
Business reduction is the term used to reduce or eliminate parts of business to lessen the amount of capital required.