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Question 1 of 10
1. Question
What is the information should be included in each last sale report?
I. Stock symbol of the designated security
II. Demographic information of the directors
III. A symbol indicating whether the transaction is a buy, sell or cross, and if applicable, sell short or sell short exempt
IV. The time of execution expressed in hours, minutes and seconds based on Eastern Time in military format, unless another provision of FINRA rules requires that a different time be included in the report
Correct
FINRA Rule 6280
6282. Transactions Reported by Members to the ADF
(c) Information To Be Reported
Each last sale report shall contain the following information:
(1) Stock symbol of the designated security;
(2) Number of shares or bonds;
(3) Price of the transaction as required by paragraph (d) below;
(4) A symbol indicating whether the transaction is a buy, sell or cross, and if applicable, sell short or sell short exempt
(5)The time of execution expressed in hours, minutes and seconds based on Eastern Time in military format, unless another provision of FINRA rules requires that a different time be included in the report
Incorrect
FINRA Rule 6280
6282. Transactions Reported by Members to the ADF
(c) Information To Be Reported
Each last sale report shall contain the following information:
(1) Stock symbol of the designated security;
(2) Number of shares or bonds;
(3) Price of the transaction as required by paragraph (d) below;
(4) A symbol indicating whether the transaction is a buy, sell or cross, and if applicable, sell short or sell short exempt
(5)The time of execution expressed in hours, minutes and seconds based on Eastern Time in military format, unless another provision of FINRA rules requires that a different time be included in the report
Question 2 of 10
2. Question
Which of the following refer to the process of withholding amounts from an employee’s disposable pay and the paying of those amounts to a creditor in satisfaction of a withholding order?
Correct
PART 204—RULES RELATING TO DEBT COLLECTION
204.62 Definitions.
Garnishment means the process of withholding amounts from an employee’s disposable pay and the paying of those amounts to a creditor in satisfaction of a withholding order.
Incorrect
PART 204—RULES RELATING TO DEBT COLLECTION
204.62 Definitions.
Garnishment means the process of withholding amounts from an employee’s disposable pay and the paying of those amounts to a creditor in satisfaction of a withholding order.
Question 3 of 10
3. 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 4 of 10
4. Question
Which of the following shall not be reported to the ADF?
I. Transactions reported on or through an exchange
II. The acquisition of securities by a member as principal in anticipation of making an immediate exchange distribution or exchange offering on an exchange
III. Purchases of securities off the floor of an exchange pursuant to a tender offer
IV. Transactions where the buyer and seller have agreed to trade at a price substantially unrelated to the current market for the security
Correct
FINRA Rule 6280
6282. Transactions Reported by Members to the ADF
(f) Reporting Requirements For Certain Transactions and Transfers of Securities
(1) The following shall not be reported to the ADF:
I. Transactions reported on or through an exchange
II. The acquisition of securities by a member as principal in anticipation of making an immediate exchange distribution or exchange offering on an exchange
III. Purchases of securities off the floor of an exchange pursuant to a tender offer
IV. Transactions where the buyer and seller have agreed to trade at a price substantially unrelated to the current market for the security
Incorrect
FINRA Rule 6280
6282. Transactions Reported by Members to the ADF
(f) Reporting Requirements For Certain Transactions and Transfers of Securities
(1) The following shall not be reported to the ADF:
I. Transactions reported on or through an exchange
II. The acquisition of securities by a member as principal in anticipation of making an immediate exchange distribution or exchange offering on an exchange
III. Purchases of securities off the floor of an exchange pursuant to a tender offer
IV. Transactions where the buyer and seller have agreed to trade at a price substantially unrelated to the current market for the security
Question 5 of 10
5. Question
Pursuant to the Rule 9600 Series, the staff, for good cause shown after taking into consideration all relevant factors, may exempt, subject to specified terms and conditions, a member from the recording and order data transmission requirements of Rules 7440 and 7450, respectively, for manual orders, if such exemption is consistent with the protection of investors and the public interest, and the member meets which of the following criteria?
I. The member and current control affiliates and associated persons of the member have not been subject within the last five years to any final disciplinary action, and within the last ten years to any disciplinary action involving fraud
II. The member has annual revenues of more than $2 million
III. The member does not conduct any market making activities in NMS stocks or OTC equity securities
IV. The member does not execute principal transactions with its customers (with limited exception for principal transactions executed pursuant to error corrections)
Correct
FINRA Rule 7470. Exemption to the Order Recording and Data Transmission Requirements
Pursuant to the Rule 9600 Series, the staff, for good cause shown after taking into consideration all relevant factors, may exempt, subject to specified terms and conditions, a member from the recording and order data transmission requirements of Rules 7440 and 7450, respectively, for manual orders, if such exemption is consistent with the protection of investors and the public interest, and the member meets the following criteria:
(1) the member and current control affiliates and associated persons of the member have not been subject within the last five years to any final disciplinary action, and within the last ten years to any disciplinary action involving fraud;
(2) the member has annual revenues of less than $2 million;
(3) the member does not conduct any market making activities in NMS stocks or OTC equity securities;
(4) the member does not execute principal transactions with its customers (with limited exception for principal transactions executed pursuant to error corrections);
Incorrect
FINRA Rule 7470. Exemption to the Order Recording and Data Transmission Requirements
Pursuant to the Rule 9600 Series, the staff, for good cause shown after taking into consideration all relevant factors, may exempt, subject to specified terms and conditions, a member from the recording and order data transmission requirements of Rules 7440 and 7450, respectively, for manual orders, if such exemption is consistent with the protection of investors and the public interest, and the member meets the following criteria:
(1) the member and current control affiliates and associated persons of the member have not been subject within the last five years to any final disciplinary action, and within the last ten years to any disciplinary action involving fraud;
(2) the member has annual revenues of less than $2 million;
(3) the member does not conduct any market making activities in NMS stocks or OTC equity securities;
(4) the member does not execute principal transactions with its customers (with limited exception for principal transactions executed pursuant to error corrections);
Question 6 of 10
6. Question
Which of the following Published Trading Information will be presented on FINRA’s web site?
I. Trading Information will be aggregated for all Market Participant Identifiers (MPIDs) used by a single member (excluding, if applicable, any MPIDs used by the member for reporting trades executed in its alternative trading system)
II. Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day across all NMS stocks during the applicable Trading Information period
III. Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day in an NMS stock during the applicable Trading Information period
IV. Trading Information will be aggregated no earlier than one month following the end of the Trading Information month, aggregate volume totals across all NMS stocks
Correct
FINRA Rule 6110 — Trading Otherwise than on an Exchange
6110. Trading Otherwise than on an Exchange
(2) Published Trading Information will be presented on FINRA’s web site as follows:
(A) Trading Information will be aggregated for all Market Participant Identifiers (MPIDs) used by a single member (excluding, if applicable, any MPIDs used by the member for reporting trades executed in its alternative trading system).
(B) Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day across all NMS stocks during the applicable Trading Information period.
(C) Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day in an NMS stock during the applicable Trading Information period.
Incorrect
FINRA Rule 6110 — Trading Otherwise than on an Exchange
6110. Trading Otherwise than on an Exchange
(2) Published Trading Information will be presented on FINRA’s web site as follows:
(A) Trading Information will be aggregated for all Market Participant Identifiers (MPIDs) used by a single member (excluding, if applicable, any MPIDs used by the member for reporting trades executed in its alternative trading system).
(B) Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day across all NMS stocks during the applicable Trading Information period.
(C) Trading Information will be aggregated for members that have executed on average fewer than 200 transactions per day in an NMS stock during the applicable Trading Information period.
Question 7 of 10
7. 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, 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
IV. Engage in any underwriting (or any syndicate for the underwriting) of securities to the extent permitted by the federal securities laws
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 8 of 10
8. Question
Which of the following refer to an order captured by a member in an electronic order-routing or execution system?
Correct
FINRA Rule 7410. Definitions
“Electronic Order” shall mean an order captured by a member in an electronic order-routing or execution system.
Incorrect
FINRA Rule 7410. Definitions
“Electronic Order” shall mean an order captured by a member in an electronic order-routing or execution system.
Question 9 of 10
9. Question
The ATS demonstrates that:
I. The member subscribers are fully disclosed to one another at all times on the ATS
II. The system does not permit automatic execution, and a member subscriber must take affirmative steps beyond the submission of an order to agree to a trade with another member subscriber
III. The trade does not pass through any ATS account, and the ATS does not in any way hold itself out to be a party to the trade
IV. The ATS does not exchange shares or funds on behalf of the member subscribers, take either side of the trade for clearing or settlement purposes, including, but not limited to, at DTC or otherwise, or in any other way insert itself into the trade
Correct
The ATS demonstrates that:
I. The member subscribers are fully disclosed to one another at all times on the ATS
II. The system does not permit automatic execution, and a member subscriber must take affirmative steps beyond the submission of an order to agree to a trade with another member subscriber
III. The trade does not pass through any ATS account, and the ATS does not in any way hold itself out to be a party to the trade
IV. The ATS does not exchange shares or funds on behalf of the member subscribers, take either side of the trade for clearing or settlement purposes, including, but not limited to, at DTC or otherwise, or in any other way insert itself into the trade
Incorrect
The ATS demonstrates that:
I. The member subscribers are fully disclosed to one another at all times on the ATS
II. The system does not permit automatic execution, and a member subscriber must take affirmative steps beyond the submission of an order to agree to a trade with another member subscriber
III. The trade does not pass through any ATS account, and the ATS does not in any way hold itself out to be a party to the trade
IV. The ATS does not exchange shares or funds on behalf of the member subscribers, take either side of the trade for clearing or settlement purposes, including, but not limited to, at DTC or otherwise, or in any other way insert itself into the trade
Question 10 of 10
10. Question
Which of the following correctly define “ATS Trading Information”?
I. The number of shares of each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system
II. The number of trades in each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system
III. ATS Trading Information regarding NMS stocks in Tier 1 of the NMS Plan to Address Extraordinary Market Volatility
IV. ATS Trading Information regarding NMS stocks that are subject to FINRA trade reporting requirements and are not in Tier 1 of the NMS Plan to Address Extraordinary Market Volatility
Correct
FINRA Rule 6183. Exemption from Trade Reporting Obligation for Certain Alternative Trading Systems
“ATS Trading Information” means:
(A) the number of shares of each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system; and
(B) the number of trades in each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system.
Incorrect
FINRA Rule 6183. Exemption from Trade Reporting Obligation for Certain Alternative Trading Systems
“ATS Trading Information” means:
(A) the number of shares of each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system; and
(B) the number of trades in each NMS stock executed within the ATS or executed by the ATS’s member subscribers using the ATS’s system.
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