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Question 1 of 10
1. 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. Unique Order Identifier
II. Order Entry Firm
III. Order Side
IV. Stock Order
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 2 of 10
2. Question
Which of the following is correct on the “Designated Percentage”?
I. 8% for Designated Stocks (except that between 9:30 a.m. and 9:45 a.m. and between 3:35 p.m. and the close of trading, the Designated Percentage for Designated Stocks shall be 20%)
II. 28% for Other NMS Stocks with a price equal to or greater than $1
III. 30% for Other NMS Stocks with a price less than $1
IV. 31.5% for Other NMS Stocks with a price less than $1.
Correct
FINRA Rule 6272. Character of Quotations
(B) the “Designated Percentage” shall be:
(i) 8% for Designated Stocks (except that between 9:30 a.m. and 9:45 a.m. and between 3:35 p.m. and the close of trading, the Designated Percentage for Designated Stocks shall be 20%);
(ii) 28% for Other NMS Stocks with a price equal to or greater than $1; and
(iii) 30% for Other NMS Stocks with a price less than $1.
Incorrect
FINRA Rule 6272. Character of Quotations
(B) the “Designated Percentage” shall be:
(i) 8% for Designated Stocks (except that between 9:30 a.m. and 9:45 a.m. and between 3:35 p.m. and the close of trading, the Designated Percentage for Designated Stocks shall be 20%);
(ii) 28% for Other NMS Stocks with a price equal to or greater than $1; and
(iii) 30% for Other NMS Stocks with a price less than $1.
Question 3 of 10
3. Question
No member or person associated with a member shall:
I. Set unilaterally its own bid or ask in any security, the prices at which it is willing to buy or sell any security, and the quantity of shares of any security that it is willing to buy or sell;
II. 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
III. Direct or request another member to alter a price (including a quotation)
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
(a) No member or person associated with a member shall:
(1) 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;
(2) direct or request another member to alter a price (including a quotation); or
(3) 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
(a) No member or person associated with a member shall:
(1) 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;
(2) direct or request another member to alter a price (including a quotation); or
(3) 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
Under the Securities Act Rule 144A — Private Resales of Securities to Institutions, the requirement that the information be reasonably current will be presumed to be satisfied if:
I. The statement of the nature of the issuer’s business and its products and services offered is as of a date within 12 months prior to the date of resale
II. With regard to foreign private issuers, the required information meets the timing requirements of the issuer’s home country or principal trading markets
III. Offers and sales of securities pursuant to this section shall be deemed not to affect the availability of any exemption or safe harbor relating to any previous or subsequent offer or sale of such securities by the issuer or any prior or subsequent holder thereof
IV. The securities are sold only to a qualified institutional buyer or to a purchaser that the seller and any person acting on behalf of the seller reasonably believe is a qualified institutional buyer
Correct
Securities Act Rule 144A — Private Resales of Securities to Institutions
The requirement that the information be reasonably current will be presumed to be satisfied if:
(A) The balance sheet is as of a date less than 16 months before the date of resale, the statements of profit and loss and retained earnings are for the 12 months preceding the date of such balance sheet, and if such balance sheet is not as of a date less than 6 months before the date of resale, it shall be accompanied by additional statements of profit and loss and retained earnings for the period from the date of such balance sheet to a date less than 6 months before the date of resale; and
(B) The statement of the nature of the issuer’s business and its products and services offered is as of a date within 12 months prior to the date of resale; or
(C) With regard to foreign private issuers, the required information meets the timing requirements of the issuer’s home country or principal trading markets.
(e) Offers and sales of securities pursuant to this section shall be deemed not to affect the availability of any exemption or safe harbor relating to any previous or subsequent offer or sale of such securities by the issuer or any prior or subsequent holder thereof.
Incorrect
Securities Act Rule 144A — Private Resales of Securities to Institutions
The requirement that the information be reasonably current will be presumed to be satisfied if:
(A) The balance sheet is as of a date less than 16 months before the date of resale, the statements of profit and loss and retained earnings are for the 12 months preceding the date of such balance sheet, and if such balance sheet is not as of a date less than 6 months before the date of resale, it shall be accompanied by additional statements of profit and loss and retained earnings for the period from the date of such balance sheet to a date less than 6 months before the date of resale; and
(B) The statement of the nature of the issuer’s business and its products and services offered is as of a date within 12 months prior to the date of resale; or
(C) With regard to foreign private issuers, the required information meets the timing requirements of the issuer’s home country or principal trading markets.
(e) Offers and sales of securities pursuant to this section shall be deemed not to affect the availability of any exemption or safe harbor relating to any previous or subsequent offer or sale of such securities by the issuer or any prior or subsequent holder thereof.
Question 5 of 10
5. Question
FINRA Rule 5270. Front Running of Block Transactions
Rule 5270 does not preclude transactions that the member can demonstrate are unrelated to the material, non-public market information received in connection with the customer order. These types of transactions may include:
I. Transactions where the member has information barriers established to prevent internal disclosure of such information
II. Transactions in the same security related to a prior customer order in that security
III. Transactions to correct bona fide errors
IV. Transactions to offset odd-lot orders
Correct
Rule 5270 does not preclude transactions that the member can demonstrate are unrelated to the material, non-public market information received in connection with the customer order. These types of transactions may include:
(1) transactions where the member has information barriers established to prevent internal disclosure of such information;
(2) transactions in the same security related to a prior customer order in that security;
(3) transactions to correct bona fide errors; or
(4) transactions to offset odd-lot orders.
Incorrect
Rule 5270 does not preclude transactions that the member can demonstrate are unrelated to the material, non-public market information received in connection with the customer order. These types of transactions may include:
(1) transactions where the member has information barriers established to prevent internal disclosure of such information;
(2) transactions in the same security related to a prior customer order in that security;
(3) transactions to correct bona fide errors; or
(4) transactions to offset odd-lot orders.
Question 6 of 10
6. Question
Which of the following term refer to any member of FINRA in good standing that uses the System?
Correct
The term “Participant” shall mean any member of FINRA in good standing that uses the System.
Incorrect
The term “Participant” shall mean any member of FINRA in good standing that uses the System.
Question 7 of 10
7. Question
Which of the following refer any equity security that is not an “NMS stock” as that term is defined in Rule 600(b)(47) of SEC Regulation NMS; provided, however, that the term “OTC Equity Security” shall not include any Restricted Equity Security?
Correct
FINRA Rule 6400 Series — Quoting and Trading in OTC Equity Securities
6420. Definitions
“OTC Equity Security” means any equity security that is not an “NMS stock” as that term is defined in Rule 600(b)(47) of SEC Regulation NMS; provided, however, that the term “OTC Equity Security” shall not include any Restricted Equity Security.
Incorrect
FINRA Rule 6400 Series — Quoting and Trading in OTC Equity Securities
6420. Definitions
“OTC Equity Security” means any equity security that is not an “NMS stock” as that term is defined in Rule 600(b)(47) of SEC Regulation NMS; provided, however, that the term “OTC Equity Security” shall not include any Restricted Equity Security.
Question 8 of 10
8. Question
Which of the following is correct in regards to Method and Timing of Transmitting Data?
I. Order information shall be transmitted in electronic form, as may be prescribed by FINRA from time to time, to a receiving location designated by FINRA.
II. The Reporting Member must transmit reports of all order events occurring on an OATS Business Day by 8:00 a.m. Eastern Time on the calendar day following the end of the OATS Business Day
III. If any item of information required to be reported is not available by the time the report must be transmitted, then the report shall be transmitted on the next day that all such items of information become available
IV. An “OATS Business Day” begins at 4:00:01 p.m. Eastern Time on one market day and ends at 4:00:00 p.m. Eastern Time on the next market day
Correct
FINRA Rule 7450. Order Data Transmission Requirements
Method and Timing of Transmitting Data
(1) Order information shall be transmitted in electronic form, as may be prescribed by FINRA from time to time, to a receiving location designated by FINRA.
(2) Each Reporting Member shall transmit to the Order Audit Trail System a report containing each applicable item of order information identified in Rule 7440(b), (c), and (d) whenever an order is originated, received, transmitted to another department within the member or to another member, modified, canceled, or executed. The Reporting Member must transmit reports of all order events occurring on an OATS Business Day by 8:00 a.m. Eastern Time on the calendar day following the end of the OATS Business Day; provided, however, that if any item of information required to be reported is not available by the time the report must be transmitted, then the report shall be transmitted on the day that all such items of information become available.
(3) For purposes of this paragraph, an “OATS Business Day” begins at 4:00:01 p.m. Eastern Time on one market day and ends at 4:00:00 p.m. Eastern Time on the next market day.
Incorrect
FINRA Rule 7450. Order Data Transmission Requirements
Method and Timing of Transmitting Data
(1) Order information shall be transmitted in electronic form, as may be prescribed by FINRA from time to time, to a receiving location designated by FINRA.
(2) Each Reporting Member shall transmit to the Order Audit Trail System a report containing each applicable item of order information identified in Rule 7440(b), (c), and (d) whenever an order is originated, received, transmitted to another department within the member or to another member, modified, canceled, or executed. The Reporting Member must transmit reports of all order events occurring on an OATS Business Day by 8:00 a.m. Eastern Time on the calendar day following the end of the OATS Business Day; provided, however, that if any item of information required to be reported is not available by the time the report must be transmitted, then the report shall be transmitted on the day that all such items of information become available.
(3) For purposes of this paragraph, an “OATS Business Day” begins at 4:00:01 p.m. Eastern Time on one market day and ends at 4:00:00 p.m. Eastern Time on the next market day.
Question 9 of 10
9. 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 10 of 10
10. Question
What is the information should be included in each last sale report?
I. Stock symbol of the designated security
II. Number of shares or bonds
III. A symbol indicating whether the transaction is a buy, sell or cross, and if applicable, sell short or sell short exempt
IV. Number of employees
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;
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;
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