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Question 1 of 10
1. Question
Which of the following statements is true regarding NASD Rule 2340?
Correct
NASD Rule 2340 – Customer account statements – members are to send an account statement at least once a quarter to customers that contains a description of any positions, money balances, or account activity, unless there has been none in the quarter. The account statement is to include a statement advising customers to promptly report any inaccuracies in the account statement.
Incorrect
NASD Rule 2340 – Customer account statements – members are to send an account statement at least once a quarter to customers that contains a description of any positions, money balances, or account activity, unless there has been none in the quarter. The account statement is to include a statement advising customers to promptly report any inaccuracies in the account statement.
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Question 2 of 10
2. Question
Which of the following statements is true regarding FINRA Rule 8110?
Correct
Availability of manual to customers (FINRA Rule 8110) – a member is to make a current copy of the FIRNA Manual available to customers upon their request.
Incorrect
Availability of manual to customers (FINRA Rule 8110) – a member is to make a current copy of the FIRNA Manual available to customers upon their request.
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Question 3 of 10
3. Question
To what does the term “customer complaint” refer?
Correct
According to FINRA Rule 4513 Records of Written Customer Complaints, a customer complaint refers to any grievance by a customer or any person authorized to act on behalf of the customer involving the activities of the member or a person associated with the member in connection with the solicitation or execution of any transactions or the disposition of securities or funds of that customer.
Incorrect
According to FINRA Rule 4513 Records of Written Customer Complaints, a customer complaint refers to any grievance by a customer or any person authorized to act on behalf of the customer involving the activities of the member or a person associated with the member in connection with the solicitation or execution of any transactions or the disposition of securities or funds of that customer.
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Question 4 of 10
4. Question
Which of the following statements is true regarding Rule 14104?
Correct
Mediation under the Code (Rule 14104) – mediation is voluntary, and requires written agreement from all parties. Any matter that is eligible for arbitration may be mediated, if all parties agree.
Incorrect
Mediation under the Code (Rule 14104) – mediation is voluntary, and requires written agreement from all parties. Any matter that is eligible for arbitration may be mediated, if all parties agree.
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Question 5 of 10
5. Question
What is the purpose of the Code of procedure?
Correct
The Code of Procedure outlines the proceedings for disciplining a member or person associated; proceedings for regulating the activities of a member with financial or operational difficulties; proceedings for suspension, cancellation, bars, prohibitions, or limitations; and proceedings for obtaining relief from FINRA eligibility requirements.
Incorrect
The Code of Procedure outlines the proceedings for disciplining a member or person associated; proceedings for regulating the activities of a member with financial or operational difficulties; proceedings for suspension, cancellation, bars, prohibitions, or limitations; and proceedings for obtaining relief from FINRA eligibility requirements.
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Question 6 of 10
6. Question
What is the definition of an Adjudicator?
Correct
Definitions (Rule 9120)
A.Adjudicator – a person or group that presides over a proceeding and renders a decision or recommendation.
B.Chief Hearing Officer – designated by the CEO of FINRA to manage the Office of Hearing Officers.
C.Counsel to the National Adjudicatory Council – an attorney of the Office of the General Counsel of FINRA responsible for advising the National Adjudicatory Council.
D.Extended Hearing Panel – an adjudicator that conducts an extended hearing.
E.Extended Proceeding Committee – an appellate adjudicator that participates in the National Adjudicatory Council’s consideration of an extended proceeding.Incorrect
Definitions (Rule 9120)
A.Adjudicator – a person or group that presides over a proceeding and renders a decision or recommendation.
B.Chief Hearing Officer – designated by the CEO of FINRA to manage the Office of Hearing Officers.
C.Counsel to the National Adjudicatory Council – an attorney of the Office of the General Counsel of FINRA responsible for advising the National Adjudicatory Council.
D.Extended Hearing Panel – an adjudicator that conducts an extended hearing.
E.Extended Proceeding Committee – an appellate adjudicator that participates in the National Adjudicatory Council’s consideration of an extended proceeding. -
Question 7 of 10
7. Question
Which of the following statements is true regarding Rule IM-12000?
Correct
Failure to act under provisions of Code of Arbitration procedure for customer/industry disputes (IM-12000 and IM-13000) – it may be deemed inconsistent with just and equitable principles of trade, and a violation of FINRA rules, to fail to comply with the Code of Arbitration Procedure for Customer/Industry Disputes.
Incorrect
Failure to act under provisions of Code of Arbitration procedure for customer/industry disputes (IM-12000 and IM-13000) – it may be deemed inconsistent with just and equitable principles of trade, and a violation of FINRA rules, to fail to comply with the Code of Arbitration Procedure for Customer/Industry Disputes.
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Question 8 of 10
8. Question
Which person has no authority to make decisions regarding mediation?
Correct
Mediation ground rules (Rule 14109) – mediation is voluntary, and a party may withdrawal. The mediator is to be a neutral 3rd party and does not have authority to make decisions. All parties are to initially meet with the mediator to determine to course of the proceedings. The parties agree in good faith to come to a settlement. Mediation is private and confidential.
Incorrect
Mediation ground rules (Rule 14109) – mediation is voluntary, and a party may withdrawal. The mediator is to be a neutral 3rd party and does not have authority to make decisions. All parties are to initially meet with the mediator to determine to course of the proceedings. The parties agree in good faith to come to a settlement. Mediation is private and confidential.
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Question 9 of 10
9. Question
What is the effect of mediation on arbitration proceedings?
Correct
Effect of mediation on arbitration proceedings (Rule 14105) – unless the parties agree, a mediation will not delay an arbitration pending FINRA.
Incorrect
Effect of mediation on arbitration proceedings (Rule 14105) – unless the parties agree, a mediation will not delay an arbitration pending FINRA.
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Question 10 of 10
10. Question
Which of the following statements is true regarding Rule 14109?
Correct
Mediation ground rules (Rule 14109) – mediation is voluntary, and a party may withdrawal. The mediator is to be a neutral 3rd party and does not have authority to make decisions. All parties are to initially meet with the mediator to determine to course of the proceedings. The parties agree in good faith to come to a settlement. Mediation is private and confidential.
Incorrect
Mediation ground rules (Rule 14109) – mediation is voluntary, and a party may withdrawal. The mediator is to be a neutral 3rd party and does not have authority to make decisions. All parties are to initially meet with the mediator to determine to course of the proceedings. The parties agree in good faith to come to a settlement. Mediation is private and confidential.