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Question 1 of 10
1. Question
A copy of a member’s written supervisory procedures, or the relevant portions thereof shall be kept and maintained in which of the following and at each location where supervisory activities are conducted on behalf of the member?
Correct
copy of a member’s written supervisory procedures, or the relevant portions need to be kept at every OSJ.
Incorrect
copy of a member’s written supervisory procedures, or the relevant portions need to be kept at every OSJ.
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Question 2 of 10
2. Question
Each member shall conduct a review, at least after how much period of the businesses in which it engages. The review shall be reasonably designed to assist the member in detecting and preventing violations of, and achieving compliance with, applicable securities laws and regulations, and with applicable FINRA rules?
Correct
Review of the business in order to detect and prevent violations of, and achieving compliance with, applicable securities laws and regulations shall be conducted Annually.
Incorrect
Review of the business in order to detect and prevent violations of, and achieving compliance with, applicable securities laws and regulations shall be conducted Annually.
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Question 3 of 10
3. Question
The location’s written inspection report must include, without limitation, the testing and verification of the member’s policies and procedures, including supervisory policies and procedures in the following areas except:
Correct
the testing and verification of the member’s policies and procedures do not contain requirement regarding Calculation of risk
Incorrect
the testing and verification of the member’s policies and procedures do not contain requirement regarding Calculation of risk
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Question 4 of 10
4. Question
Each member must conduct promptly which of the following into any such trade to determine whether a violation of laws or rules has occurred?
Correct
an internal investigation is required of each member.
Incorrect
an internal investigation is required of each member.
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Question 5 of 10
5. Question
A member engaging in which of the following must file with FINRA, written reports, signed by a senior officer of the member, at such times and, without limitation?
Correct
written reports need to be filed with FINRA by member engaged in investment banking services
Incorrect
written reports need to be filed with FINRA by member engaged in investment banking services
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Question 6 of 10
6. Question
Each member shall ascertain by investigation the good character, business reputation, qualifications and experience of an applicant before the member applies to register that applicant with which of the following and before making a representation to that effect on the application for registration?
Correct
Registration of Application is required to be made with FINRA.
Incorrect
Registration of Application is required to be made with FINRA.
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Question 7 of 10
7. Question
If the applicant previously has been registered with FINRA or another self-regulatory organization, the member shall review a copy which forms of the applicant’s?
Correct
Form U5 is used for the review of the applicant’s by Member.
Incorrect
Form U5 is used for the review of the applicant’s by Member.
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Question 8 of 10
8. Question
The member shall also review an applicant’s employment experience to determine if the applicant has been recently employed by a Futures Commission Merchant or which of the following that is notice-registered with the SEC pursuant to Section 15(b)(11) of the Exchange Act?
Correct
an applicant who has been employed by Introducing Broker, it is necessary that a member shall also review an applicant’s employment experience.
Incorrect
an applicant who has been employed by Introducing Broker, it is necessary that a member shall also review an applicant’s employment experience.
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Question 9 of 10
9. Question
Each member shall establish and implement written procedures reasonably designed to verify the accuracy and completeness of the information contained in an applicant’s initial or transfer which of the following no later than 30 calendar days after the form is filed with FINRA?
Correct
Form U4 is used for Transfer purposes and the same need to be reviewed by the member
Incorrect
Form U4 is used for Transfer purposes and the same need to be reviewed by the member
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Question 10 of 10
10. Question
Each member shall have its which of the following (or equivalent officer(s)) certify annually, that the member has in place processes to establish, maintain, review, test and modify written compliance policies and written supervisory procedures reasonably designed to achieve compliance with applicable FINRA rule?
Correct
Chief executive officer is responsible to certify annually, that the member has in place processes to establish, maintain, review, test and modify written compliance policies.
Incorrect
Chief executive officer is responsible to certify annually, that the member has in place processes to establish, maintain, review, test and modify written compliance policies.