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Question 1 of 10
1. Question
According to FINRA Rule 2360, which of the following information is not needed by a member for diligence on account opening of a customer?
Correct
Estimated Net worth, age, number of dependents (martial status), income and objective for investment are required by a member to be known of a customer for opening account.
Incorrect
Estimated Net worth, age, number of dependents (martial status), income and objective for investment are required by a member to be known of a customer for opening account.
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Question 2 of 10
2. Question
When the customer account has been approved for options trading, a member shall obtain a written agreement of him aware and bound of which rules?
Correct
When the customer account has been approved for options trading, a member shall obtain a written agreement of him aware and bound of FINRA Rules, according to Rule 2360.
Incorrect
When the customer account has been approved for options trading, a member shall obtain a written agreement of him aware and bound of FINRA Rules, according to Rule 2360.
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Question 3 of 10
3. Question
Under Rule 2360, what is the time period of a central file to be located after receiving the complaint from the branch office?
Correct
Each option-related complaint received by a member’s branch office shall be forwarded to the office where the separate central file is located by the branch office that is the subject of the complaint no later than 30 days after receipt. A copy of any complaint related to options shall also be kept at the complaint’s branch office.
Incorrect
Each option-related complaint received by a member’s branch office shall be forwarded to the office where the separate central file is located by the branch office that is the subject of the complaint no later than 30 days after receipt. A copy of any complaint related to options shall also be kept at the complaint’s branch office.
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Question 4 of 10
4. Question
As being mentioned in FINRA Rule 3210, who can establish an account effecting security transaction without the written consent?
Correct
No individual connected with a member (‘ employer member ‘) shall open or otherwise create a member other than the employer member (‘ executing member ‘) or any other financial institution, without the member’s prior written permission, any account in which securities transactions can be carried out and in which the related individual has a beneficial interest.
Incorrect
No individual connected with a member (‘ employer member ‘) shall open or otherwise create a member other than the employer member (‘ executing member ‘) or any other financial institution, without the member’s prior written permission, any account in which securities transactions can be carried out and in which the related individual has a beneficial interest.
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Question 5 of 10
5. Question
How can an executing member transmit copies of statements and confirmations under Rule 3210?
Correct
An executing member can transmit the copies upon the request of the employer member in writing.
Incorrect
An executing member can transmit the copies upon the request of the employer member in writing.
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Question 6 of 10
6. Question
As mentioned in FINRA Rule 3250, what is necessary on an account to be designated?
Correct
No member shall carry an account on his books in the name of a person other than the customer’s, except that an account may be designated by a number or symbol, provided that the member has a written statement signed by the customer attesting ownership of such account in the file.
Incorrect
No member shall carry an account on his books in the name of a person other than the customer’s, except that an account may be designated by a number or symbol, provided that the member has a written statement signed by the customer attesting ownership of such account in the file.
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Question 7 of 10
7. Question
As per Rule 3250, the member has a written declaration signed on the file for attestation by:
Correct
The member has a written declaration signed by the client on file.
Incorrect
The member has a written declaration signed by the client on file.
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Question 8 of 10
8. Question
As mentioned in Rule 3260, how long after the date the letter was mailed, the adverse reaction function will not be triggered?
Correct
Only 30 days after the date the letter was mailed, the adverse reaction function will not be triggered.
Incorrect
Only 30 days after the date the letter was mailed, the adverse reaction function will not be triggered.
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Question 9 of 10
9. Question
As per in FINRA Rule 3260, no member or registered representative shall exercise any discretion in the account of a client unless:
Correct
No member or registered representative shall exercise any discretion in the account of a client unless that client has provided prior written authorization to a specified person.
Incorrect
No member or registered representative shall exercise any discretion in the account of a client unless that client has provided prior written authorization to a specified person.
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Question 10 of 10
10. Question
Under Transfering accomplished Ex-Clearing in Rule 11870, what is the minimum time period for a member to transfer all credit balances, after the transfer of the assets of the securities account in full?
Correct
Minimum 6 months after the transfer of the assets of the securities account in full, each member shall transfer its all credit balances.
Incorrect
Minimum 6 months after the transfer of the assets of the securities account in full, each member shall transfer its all credit balances.