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Question 1 of 10
1. Question
Day trading of security futures is subject to the minimum requirements of Margin Requirements. What is the amount of equity required to be maintained by the customer if deemed a pattern day trader?
Correct
$25,000 equity is necessary for a pattern day trader.
Incorrect
$25,000 equity is necessary for a pattern day trader.
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Question 2 of 10
2. Question
This risk analysis methodology must be filed with which of the following, or the member’s designated examining authority (“DEA”) and submitted to the SEC prior to the implementation of portfolio margining?
Correct
risk analysis methodology need to be filed with FINRA and be submitted to SEC
Incorrect
risk analysis methodology need to be filed with FINRA and be submitted to SEC
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Question 3 of 10
3. Question
Members must notify and receive approval from which of the following, or the member’s DEA, prior to establishing a portfolio margin methodology for eligible participants?
Correct
Prior to establishing a portfolio margin methodology for the eligible participant, FINRA approval is required.
Incorrect
Prior to establishing a portfolio margin methodology for the eligible participant, FINRA approval is required.
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Question 4 of 10
4. Question
Only eligible participants that have been approved to engage in which of the following pursuant to Rule 2360, or the rules of the member’s DEA if other than FINRA, are permitted to utilize a portfolio margin account?
Correct
eligible participants engage in uncovered short option contracts that are permitted to utilize a portfolio margin account.
Incorrect
eligible participants engage in uncovered short option contracts that are permitted to utilize a portfolio margin account.
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Question 5 of 10
5. Question
No member or person associated with a member shall make which of the following use of a customer’s securities or funds?
Correct
improper use of customer’s securities or funds by member or person associated with a member.
Incorrect
improper use of customer’s securities or funds by member or person associated with a member.
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Question 6 of 10
6. Question
No member or person associated with a member shall guarantee a customer against which of the following in connection with any securities transaction or in any securities account of such a customer?
Correct
Guarantee against loss cannot be provided by a member of its associate
Incorrect
Guarantee against loss cannot be provided by a member of its associate
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Question 7 of 10
7. Question
Member or person associated with a member may share in the profits or losses in such an account if:
Correct
such person associated with a member obtains prior written authorization from the member employing the associated person;
Incorrect
such person associated with a member obtains prior written authorization from the member employing the associated person;
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Question 8 of 10
8. Question
Each member shall establish and maintain a which of the following to supervise the activities of each associated person that is reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable FINRA rules?
Correct
system to supervise the activities of each associated person need to be established by the Member
Incorrect
system to supervise the activities of each associated person need to be established by the Member
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Question 9 of 10
9. Question
A member’s supervisory system shall provide, at a minimum, for the following except:
Correct
A member’s supervisory system has no requirement to fit the provision of personal data of the Member and associated person as specified in the rules.
Incorrect
A member’s supervisory system has no requirement to fit the provision of personal data of the Member and associated person as specified in the rules.
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Question 10 of 10
10. Question
Each member shall establish, maintain, and enforce which of the following to supervise the types of business in which it engages and the activities of its associated persons that are reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable what rules?
Correct
written procedures should exist supervise the types of business in which Member engages along with FINRA rules
Incorrect
written procedures should exist supervise the types of business in which Member engages along with FINRA rules