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Question 1 of 10
1. Question
In excess of what percentage a carrying or clearing member shall not make any unsecured advance or loan to a stockholder, partner, sole proprietor, employee or affiliate, where such withdrawals, payments, reductions, advances or loans in the aggregate, in any 35 rolling calendar day period, on a net basis?
Correct
Carrying or clearing member shall not make any unsecured advance or loan to a stockholder, partner, sole proprietor, employee or affiliate, more than 10% of its excess net capital.
Incorrect
Carrying or clearing member shall not make any unsecured advance or loan to a stockholder, partner, sole proprietor, employee or affiliate, more than 10% of its excess net capital.
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Question 2 of 10
2. Question
Which of the following regulates the secondary market?
Correct
The securities exchange Act 1934 regulates the secondary market.
Incorrect
The securities exchange Act 1934 regulates the secondary market.
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Question 3 of 10
3. Question
Which of the following created the Federal Deposit Insurance Corporation (FDIC)?
Correct
Banking Act of 1933 created the FDIC.
Incorrect
Banking Act of 1933 created the FDIC.
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Question 4 of 10
4. Question
Under section 217 of Investment Advisers Act of 1940, Any person who willfully violates any provision of this title, or any rule, regulation, or order promulgated by the Commission under authority thereof, shall, upon conviction, be fined;
Correct
A person shall be fined not more than $10,000 and imprisoned for not more than five years.
Incorrect
A person shall be fined not more than $10,000 and imprisoned for not more than five years.
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Question 5 of 10
5. Question
Under SEC. 218 (HIRING AND LEASING AUTHORITY OF THE COMMISSION) Investment Advisers Act of 1940, The provisions of section 4(b) of the Securities Exchange Act of 1934 shall be applicable with respect to the power of the Commission;
Correct
To appoint and fix the compensation of such other employees & to lease and allocate such real property as may be necessary for carrying.
Incorrect
To appoint and fix the compensation of such other employees & to lease and allocate such real property as may be necessary for carrying.
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Question 6 of 10
6. Question
A member shall suspend all business operations during any period in which it is not in compliance with which of the following applicable requirement set forth in SEA Rule 15c3-1?
Correct
Net Capital requirement must be fulfilled by a member in order to carry out business operations
Incorrect
Net Capital requirement must be fulfilled by a member in order to carry out business operations
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Question 7 of 10
7. Question
Under SEC. 206A (EXEMPTIONS) Investment Advisers Act of 1940, The Commission, by rules and regulations, upon its own motion, or by order upon application, may conditionally or unconditionally exempt any person or transaction, or any class or classes of persons, or transactions, from any provision or provisions of this title or of any rule or regulation if;
Correct
If it is necessary to protect the public interest, consistent with investor protection.
Incorrect
If it is necessary to protect the public interest, consistent with investor protection.
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Question 8 of 10
8. Question
No registered investment company organized after the date of enactment of this title, and no principal underwriter for such a company, shall make a public offering of securities of which such company is the issuer, unless;
Correct
A company can only make a public offering if it has a net worth of at least $100,000
Incorrect
A company can only make a public offering if it has a net worth of at least $100,000
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Question 9 of 10
9. Question
It shall be unlawful for any registered investment company to pay any dividend, or to make any distribution in the nature of a dividend payment, wholly or partly from any source other than;
Correct
Such a company’s accumulated undistributed net income determined in accordance with good accounting practice and not including realized profit and losses.
Incorrect
Such a company’s accumulated undistributed net income determined in accordance with good accounting practice and not including realized profit and losses.
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Question 10 of 10
10. Question
Any person who willfully violates any provision of ‘‘Investment Company Act of 1940’’ be fined with;
Correct
A person is fined not more than $10,000 or imprisoned not more than five years, or both.
Incorrect
A person is fined not more than $10,000 or imprisoned not more than five years, or both.