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Question 1 of 10
1. 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. A symbol indicating whether the trade is as principal, riskless principal, or agent
II. Reporting side Clearing Broker (if other than normal Clearing Broker)
III. Number of employees
IV. Contra side executing broker
Correct
FINRA Rule 7330. Trade Report 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.
I. A symbol indicating whether the trade is as principal, riskless principal, or agent
II. Reporting side Clearing Broker (if other than normal Clearing Broker)
III. Contra side executing broker
Incorrect
FINRA Rule 7330. Trade Report 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.
I. A symbol indicating whether the trade is as principal, riskless principal, or agent
II. Reporting side Clearing Broker (if other than normal Clearing Broker)
III. Contra side executing broker
Question 2 of 10
2. Question
What is the information should be included in each last sale report?
I. Demographic information of the directors
II. Stock symbol of the designated security
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 3 of 10
3. Question
Members shall append the applicable trade report modifiers as specified by FINRA to all last sale reports, including reports of “as/of” trades:
I. If the trade is executed during normal market hours and it is reported later than 10 seconds after execution;
II. If the trade is a Seller’s Option Trade, denoting the number of days for delivery;
III. If the trade is a Cash Trade;
IV. If the trade is a Next Day Trade;
Correct
FINRA Rule 6622. Transaction Reporting
Members also shall append the applicable trade report modifiers as specified by FINRA to all last sale reports, including reports of “as/of” trades:
(A) if the trade is executed during normal market hours and it is reported later than 10 seconds after execution;
(B) if the trade is a Seller’s Option Trade, denoting the number of days for delivery;
(C) if the trade is a Cash Trade;
(D) if the trade is a Next Day Trade;
Incorrect
FINRA Rule 6622. Transaction Reporting
Members also shall append the applicable trade report modifiers as specified by FINRA to all last sale reports, including reports of “as/of” trades:
(A) if the trade is executed during normal market hours and it is reported later than 10 seconds after execution;
(B) if the trade is a Seller’s Option Trade, denoting the number of days for delivery;
(C) if the trade is a Cash Trade;
(D) if the trade is a Next Day Trade;
Question 4 of 10
4. 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 5 of 10
5. Question
Disruptive quoting and trading activity shall include a frequent pattern in which the following facts are present:
(1) Disruptive Quoting and Trading Activity Type 1:
I. A party enters multiple limit orders on one side of the market at various price levels (the “Displayed Orders”)
II. The party enters one or more orders on the opposite side of the market of the Displayed Orders (the “Contra-Side Orders”) that are subsequently executed
III. Following the entry of the Displayed Orders, the level of supply and demand for the security changes
IV. A party narrows the spread for a security by placing an order inside the national best bid and national best offer (“NBBO”)
Correct
FINRA Rule 5210. Publication of Transactions and Quotations
Disruptive quoting and trading activity shall include a frequent pattern in which the following facts are present:
(1) Disruptive Quoting and Trading Activity Type 1:
(A) a party enters multiple limit orders on one side of the market at various price levels (the “Displayed Orders”); and
(B) following the entry of the Displayed Orders, the level of supply and demand for the security changes; and
(C) the party enters one or more orders on the opposite side of the market of the Displayed Orders (the “Contra-Side Orders”) that are subsequently executed; and
(D) following the execution of the Contra-Side Orders, the party cancels the Displayed Orders.
Incorrect
FINRA Rule 5210. Publication of Transactions and Quotations
Disruptive quoting and trading activity shall include a frequent pattern in which the following facts are present:
(1) Disruptive Quoting and Trading Activity Type 1:
(A) a party enters multiple limit orders on one side of the market at various price levels (the “Displayed Orders”); and
(B) following the entry of the Displayed Orders, the level of supply and demand for the security changes; and
(C) the party enters one or more orders on the opposite side of the market of the Displayed Orders (the “Contra-Side Orders”) that are subsequently executed; and
(D) following the execution of the Contra-Side Orders, the party cancels the Displayed Orders.
Question 6 of 10
6. 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 7 of 10
7. 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.
Question 8 of 10
8. Question
Unless otherwise indicated, which of the following order information must be recorded under this Rule when an order is received or originated? For purposes of this Rule, the order origination or receipt time is the time the order is received from the customer.
I. Handling fees, specified by FINRA for purposes of this Rule
II. Any limit or stop price prescribed in the order;
III. The date on which the order expires, and, if the time in force is less than one day, the time when the order expires
IV. The time limit during which the order is in force
Correct
FINRA Rule 7440. Recording of Order Information
Unless otherwise indicated, the following order information must be recorded under this Rule when an order is received or originated. For purposes of this Rule, the order origination or receipt time is the time the order is received from the customer.
I. Any limit or stop price prescribed in the order;
II. The date on which the order expires, and, if the time in force is less than one day, the time when the order expires
III. The time limit during which the order is in force
Incorrect
FINRA Rule 7440. Recording of Order Information
Unless otherwise indicated, the following order information must be recorded under this Rule when an order is received or originated. For purposes of this Rule, the order origination or receipt time is the time the order is received from the customer.
I. Any limit or stop price prescribed in the order;
II. The date on which the order expires, and, if the time in force is less than one day, the time when the order expires
III. The time limit during which the order is in force
Question 9 of 10
9. Question
Which of the following refers to the total number of shares of common stock outstanding without regard to class, whether voting or non-voting, convertible or non-convertible, exchangeable or non-exchangeable, redeemable or non-redeemable, as reflected on the consolidated financial statements of the company?
Correct
FINRA Rule 5121. Public Offerings of Securities With Conflicts of Interest
The term “common equity” means the total number of shares of common stock outstanding without regard to class, whether voting or non-voting, convertible or non-convertible, exchangeable or non-exchangeable, redeemable or non-redeemable, as reflected on the consolidated financial statements of the company.
Incorrect
FINRA Rule 5121. Public Offerings of Securities With Conflicts of Interest
The term “common equity” means the total number of shares of common stock outstanding without regard to class, whether voting or non-voting, convertible or non-convertible, exchangeable or non-exchangeable, redeemable or non-redeemable, as reflected on the consolidated financial statements of the company.
Question 10 of 10
10. Question
Which of the following correctly describe the the term “control”?
I. Beneficial ownership of 20 percent or more of the outstanding common equity of an entity, including any right to receive such securities within 60 days of the member’s participation in the public offering
II. The right to 10 percent or more of the distributable profits or losses of an entity that is a partnership, including any right to receive an interest in such distributable profits or losses within 60 days of the member’s participation in the public offering
III. Beneficial ownership of 10 percent or more of the outstanding preferred equity of an entity, including any right to receive such preferred equity within 60 days of the member’s participation in the public offering
IV. The power to direct or cause the direction of the management or policies of an entity
Correct
FINRA Rule 5121. Public Offerings of Securities With Conflicts of Interest
(6) Control
(A) The term “control” means:
(i) beneficial ownership of 10 percent or more of the outstanding common equity of an entity, including any right to receive such securities within 60 days of the member’s participation in the public offering;
(ii) the right to 10 percent or more of the distributable profits or losses of an entity that is a partnership, including any right to receive an interest in such distributable profits or losses within 60 days of the member’s participation in the public offering;
(iii) beneficial ownership of 10 percent or more of the outstanding preferred equity of an entity, including any right to receive such preferred equity within 60 days of the member’s participation in the public offering; or
(iv) the power to direct or cause the direction of the management or policies of an entity.
Incorrect
FINRA Rule 5121. Public Offerings of Securities With Conflicts of Interest
(6) Control
(A) The term “control” means:
(i) beneficial ownership of 10 percent or more of the outstanding common equity of an entity, including any right to receive such securities within 60 days of the member’s participation in the public offering;
(ii) the right to 10 percent or more of the distributable profits or losses of an entity that is a partnership, including any right to receive an interest in such distributable profits or losses within 60 days of the member’s participation in the public offering;
(iii) beneficial ownership of 10 percent or more of the outstanding preferred equity of an entity, including any right to receive such preferred equity within 60 days of the member’s participation in the public offering; or
(iv) the power to direct or cause the direction of the management or policies of an entity.
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