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Question 1 of 10
1. Question
Which of the following refer to a security that is eligible for inclusion in the Consolidated Quotation Plan and reported to the Consolidated Tape in accordance with the Consolidated Tape Association Plan?
Correct
FINRA Rule 6220
“CQS security” is a security that is eligible for inclusion in the Consolidated Quotation Plan and reported to the Consolidated Tape in accordance with the Consolidated Tape Association Plan.
Incorrect
FINRA Rule 6220
“CQS security” is a security that is eligible for inclusion in the Consolidated Quotation Plan and reported to the Consolidated Tape in accordance with the Consolidated Tape Association Plan.
Question 2 of 10
2. Question
Which of the following information must be recorded by ADF Trading Centers for every order they receive from another broker-dealer via direct or indirect electronic access?
I. Stock Order
II. Unique Order Identifier
III. Order Entry Firm
IV. Order Side
Correct
FINRA Rule 6250. Quote and Order Access Requirement
ADF Trading Centers must record the following information for every order they receive from another broker-dealer via direct or indirect electronic access:
(A) Unique Order Identifier
(B) Order Entry Firm
(C) Order Side
Incorrect
FINRA Rule 6250. Quote and Order Access Requirement
ADF Trading Centers must record the following information for every order they receive from another broker-dealer via direct or indirect electronic access:
(A) Unique Order Identifier
(B) Order Entry Firm
(C) Order Side
Question 3 of 10
3. 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 4 of 10
4. 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 5 of 10
5. Question
For each security in which an ADF Trading Center displays a bid and offer (for Registered Reporting ADF Market Makers), or a bid or offer (for Registered Reporting ADF ECNs), in the ADF, it must:
I. Provide other ADF Trading Centers direct electronic access
II. Provide a level and cost of access to its quotations in an NMS stock displayed in the ADF that is substantially equivalent to the level and cost of access to quotations displayed by SRO trading facilities in that NMS stock
III. Demonstrate that it has sufficient technology to automatically update its quotations and immediately respond to orders for execution directly against the individual ADF Trading Center’s best bid or offer
IV. Ensure that it does not impose unfairly discriminatory terms that prevent or inhibit any person, through a registered broker-dealer, from obtaining efficient access to such quotations
Correct
FINRA Rule 6250. Quote and Order Access Requirements
For each security in which an ADF Trading Center displays a bid and offer (for Registered Reporting ADF Market Makers), or a bid or offer (for Registered Reporting ADF ECNs), in the ADF, it must:
I. Provide other ADF Trading Centers direct electronic access
II. Provide a level and cost of access to its quotations in an NMS stock displayed in the ADF that is substantially equivalent to the level and cost of access to quotations displayed by SRO trading facilities in that NMS stock
III. Demonstrate that it has sufficient technology to automatically update its quotations and immediately respond to orders for execution directly against the individual ADF Trading Center’s best bid or offer
IV. Ensure that it does not impose unfairly discriminatory terms that prevent or inhibit any person, through a registered broker-dealer, from obtaining efficient access to such quotations
Incorrect
FINRA Rule 6250. Quote and Order Access Requirements
For each security in which an ADF Trading Center displays a bid and offer (for Registered Reporting ADF Market Makers), or a bid or offer (for Registered Reporting ADF ECNs), in the ADF, it must:
I. Provide other ADF Trading Centers direct electronic access
II. Provide a level and cost of access to its quotations in an NMS stock displayed in the ADF that is substantially equivalent to the level and cost of access to quotations displayed by SRO trading facilities in that NMS stock
III. Demonstrate that it has sufficient technology to automatically update its quotations and immediately respond to orders for execution directly against the individual ADF Trading Center’s best bid or offer
IV. Ensure that it does not impose unfairly discriminatory terms that prevent or inhibit any person, through a registered broker-dealer, from obtaining efficient access to such quotations
Question 6 of 10
6. Question
Each confirmation or comparison covering a contract in a “when, as and if issued” or “when, as and if distributed” security shall, at a minimum, contain which of the following?
I. An adequate description of the security and the plan, if any, under which the security is proposed to be issued or distributed
II. Designation of FINRA as the authority which shall rule upon the performance of the contract
III. Provision for marking the contract to the market
IV. Changes in the dollar value of securities to be issued or distributed
Correct
FINRA 11130. When, As and If Issued/Distributed Contracts
Each confirmation or comparison covering a contract in a “when, as and if issued” or “when, as and if distributed” security shall, at a minimum, contain:
(A) an adequate description of the security and the plan, if any, under which the security is proposed to be issued or distributed;
(B) designation of FINRA as the authority which shall rule upon the performance of the contract; and
(C) provision for marking the contract to the market.
Incorrect
FINRA 11130. When, As and If Issued/Distributed Contracts
Each confirmation or comparison covering a contract in a “when, as and if issued” or “when, as and if distributed” security shall, at a minimum, contain:
(A) an adequate description of the security and the plan, if any, under which the security is proposed to be issued or distributed;
(B) designation of FINRA as the authority which shall rule upon the performance of the contract; and
(C) provision for marking the contract to the market.
Question 7 of 10
7. 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 8 of 10
8. Question
Which of the following refer any money, funds or property that has been determined to be owed to the Commission by an individual that has not been paid by the date specified in the demand or order for payment, or applicable agreement?
Correct
PART 204—RULES RELATING TO DEBT COLLECTION
204.62 Definitions.
Debt or delinquent nontax debt means any money, funds or property that has been determined to be owed to the Commission by an individual that has not been paid by the date specified in the demand or order for payment, or applicable agreement.
Incorrect
PART 204—RULES RELATING TO DEBT COLLECTION
204.62 Definitions.
Debt or delinquent nontax debt means any money, funds or property that has been determined to be owed to the Commission by an individual that has not been paid by the date specified in the demand or order for payment, or applicable agreement.
Question 9 of 10
9. 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.
Question 10 of 10
10. Question
Indirect Beneficial Owners. For the purposes of Rule 5131(b), a member may rely upon a written representation obtained within the prior 12 months from a person authorized to represent an account that does not look through to the beneficial owners of any unaffiliated private fund invested in the account, except for beneficial owners that are control persons of the investment adviser to such private fund, that such unaffiliated private fund:
I. is managed by an investment adviser
II. has assets greater than $50 million
III. owns less than 25% of the account and is not a fund in which a single investor has a beneficial interest of 25% or more
IV. was not formed for the specific purpose of investing in the account
Correct
FINRA Rule 5131 — New Issue Allocations and Distributions
5131. New Issue Allocations and Distributions
Indirect Beneficial Owners. For the purposes of Rule 5131(b), a member may rely upon a written representation obtained within the prior 12 months from a person authorized to represent an account that does not look through to the beneficial owners of any unaffiliated private fund invested in the account, except for beneficial owners that are control persons of the investment adviser to such private fund, that such unaffiliated private fund:
(1) is managed by an investment adviser;
(2) has assets greater than $50 million;
(3) owns less than 25% of the account and is not a fund in which a single investor has a beneficial interest of 25% or more; and
(4) was not formed for the specific purpose of investing in the account.
Incorrect
FINRA Rule 5131 — New Issue Allocations and Distributions
5131. New Issue Allocations and Distributions
Indirect Beneficial Owners. For the purposes of Rule 5131(b), a member may rely upon a written representation obtained within the prior 12 months from a person authorized to represent an account that does not look through to the beneficial owners of any unaffiliated private fund invested in the account, except for beneficial owners that are control persons of the investment adviser to such private fund, that such unaffiliated private fund:
(1) is managed by an investment adviser;
(2) has assets greater than $50 million;
(3) owns less than 25% of the account and is not a fund in which a single investor has a beneficial interest of 25% or more; and
(4) was not formed for the specific purpose of investing in the account.
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