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Question 1 of 10
1. Question
Which of the following statements is true regarding Qualification examinations and waiver of requirements?
I. They belong to the NASD Rule 7010
II. They are a series of questions based on topic outlines from the Association
III. Results are given to the member firms
IV. Results are given to the employees and owners
Correct
Qualification examinations and waiver of requirements (NASD Rule 1070) –
Qualification Examinations are a series of questions based on topic outlines from the Association. Results from such examinations are given to the member firms.Incorrect
Qualification examinations and waiver of requirements (NASD Rule 1070) –
Qualification Examinations are a series of questions based on topic outlines from the Association. Results from such examinations are given to the member firms. -
Question 2 of 10
2. Question
Which of the following statements is true regarding Qualification examinations and waiver of requirements?
I. If a person fails the examination, he may take it again after 30 days
II. If a person fails the examination, he may take it again within 30 days
III. If a person fails the examination, he can participate not more than 3 times
IV. If a person fails the examination, he must wait a period of 180 days
Correct
Qualification examinations and waiver of requirements
In certain cases, NASD may waive the requirement of a Qualification Examination in lieu of other standard acceptable as proof of qualification. If a person fails the examination, he may take it again after 30 days, unless he has failed three times, in which case he must wait a period of 180 days.
Incorrect
Qualification examinations and waiver of requirements
In certain cases, NASD may waive the requirement of a Qualification Examination in lieu of other standard acceptable as proof of qualification. If a person fails the examination, he may take it again after 30 days, unless he has failed three times, in which case he must wait a period of 180 days.
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Question 3 of 10
3. Question
Which of the following statements is true regarding Confidentiality of examinations?
I. According to NASD Rule 1080, the Qualification
Examinations are confidentialII. An exam is needed to be removed from the examination center
III. Any reproduction, disclosure, or receipt of any portion of the exam is allowed
IV. No reproduction, disclosure, or receipt of any portion of the exam is prohibited
Correct
Confidentiality of examinations (NASD Rule 1080) – the Qualification
Examinations are confidential. An exam is not to be removed from the examination center, and any reproduction, disclosure, or receipt of any portion of the exam is prohibited.Incorrect
Confidentiality of examinations (NASD Rule 1080) – the Qualification
Examinations are confidential. An exam is not to be removed from the examination center, and any reproduction, disclosure, or receipt of any portion of the exam is prohibited. -
Question 4 of 10
4. Question
Which of the following statements is true regarding Confidentiality of examinations?
I. Important guidance around the confidentiality of NASD examinations are provided by NASD Rule 1080
II. Candidates sitting for exams should receive assistance when taking the exam
III. Candidates must certify that they didn’t receive any type of assistance
IV. Candidates must certify that they didn’t provide any type of assistance
Correct
NASD Rule 1080 provides important guidance around the confidentiality of NASD examinations. Actions that are considered to violate this confidentiality and are thus prohibited include removal of the exam from the exam center, reproduction of the exam, and receiving from or providing to anyone else any information contained in the exam. Candidates who sit for exams must not receive any assistance when taking the exam and must certify that they neither received nor provided any type of assistance.
Incorrect
NASD Rule 1080 provides important guidance around the confidentiality of NASD examinations. Actions that are considered to violate this confidentiality and are thus prohibited include removal of the exam from the exam center, reproduction of the exam, and receiving from or providing to anyone else any information contained in the exam. Candidates who sit for exams must not receive any assistance when taking the exam and must certify that they neither received nor provided any type of assistance.
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Question 5 of 10
5. Question
Which of the following statements is true regarding Confidentiality of examinations?
I. The confidentiality of the exams is taken very seriously
II. It is critically important to their mission of protecting investors and maintaining a secure and efficient securities market
III. It is to have knowledgeable and competent representatives
throughout the securities industryIV. Violation of the confidentiality of the exams increases the quality and efficacy of this regulation
Correct
The NASD takes confidentiality of the exams very seriously as it is critically
important to their mission of protecting investors and maintaining a secure and efficient securities market to have knowledgeable and competent representatives throughout the securities industry who are well versed in the rules and regulations surrounding their actions. Any violation of the confidentiality of the exams threatens to undermine the quality and efficacy of this regulation.Incorrect
The NASD takes confidentiality of the exams very seriously as it is critically
important to their mission of protecting investors and maintaining a secure and efficient securities market to have knowledgeable and competent representatives throughout the securities industry who are well versed in the rules and regulations surrounding their actions. Any violation of the confidentiality of the exams threatens to undermine the quality and efficacy of this regulation. -
Question 6 of 10
6. Question
Which of the following statements is true regarding Supervision ?
Correct
NASD Rule 3010 Supervision provides specific guidance for member firms with respect to the supervisory systems and written procedures that must be
maintained. A member’s supervisory system must provide for the establishment and maintenance of written procedures –Incorrect
NASD Rule 3010 Supervision provides specific guidance for member firms with respect to the supervisory systems and written procedures that must be
maintained. A member’s supervisory system must provide for the establishment and maintenance of written procedures – -
Question 7 of 10
7. Question
Which of the following statements is false regarding Designation of offices of supervisory jurisdiction?
Correct
Designation of offices of supervisory jurisdiction (OSJ), considering
whether registered persons at the location engage in retail sales or other
interaction with public customers, whether a substantial number of
registered persons conduct business from that location, whether the location
is separated geographically from another OSJ, whether the member’s
registered persons are geographically dispersed, and whether the securities
at the location are complex and/or diverse.Incorrect
Designation of offices of supervisory jurisdiction (OSJ), considering
whether registered persons at the location engage in retail sales or other
interaction with public customers, whether a substantial number of
registered persons conduct business from that location, whether the location
is separated geographically from another OSJ, whether the member’s
registered persons are geographically dispersed, and whether the securities
at the location are complex and/or diverse. -
Question 8 of 10
8. Question
Which of the following statements is true regarding Supervision?
Correct
Each registered person must be assigned to a registered
representative or principal who will be responsible for supervising that person’s activities, the member firm must make reasonable efforts to ensure that all supervisory personnel are qualified to carry out their duties, and each registered representative and registered principal must take part in a meeting to discuss relevant compliance matters at least once annually.Incorrect
Each registered person must be assigned to a registered
representative or principal who will be responsible for supervising that person’s activities, the member firm must make reasonable efforts to ensure that all supervisory personnel are qualified to carry out their duties, and each registered representative and registered principal must take part in a meeting to discuss relevant compliance matters at least once annually. -
Question 9 of 10
9. Question
Which of the following statements is true regarding Internal investigations?
Correct
Internal investigations
Pursuant to NASD Rule 3010 Supervision, “Each member shall conduct a review, at least annually, of the businesses in which it engages, which review shall be reasonably designed to assist in detecting and preventing violations of, and achieving compliance with, applicable securities laws and regulations, and with applicable NASD rules.”Incorrect
Internal investigations
Pursuant to NASD Rule 3010 Supervision, “Each member shall conduct a review, at least annually, of the businesses in which it engages, which review shall be reasonably designed to assist in detecting and preventing violations of, and achieving compliance with, applicable securities laws and regulations, and with applicable NASD rules.” -
Question 10 of 10
10. Question
Which of the following statements is true regarding Internal investigations?
Correct
During each investigation, member firms should review the
activities of each office of supervisory jurisdiction and any branch office that
supervises one or more non-branch locations. The topics that must be covered in the written report of the internal investigationIncorrect
During each investigation, member firms should review the
activities of each office of supervisory jurisdiction and any branch office that
supervises one or more non-branch locations. The topics that must be covered in the written report of the internal investigation