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Question 1 of 10
1. Question
No member or person associated with a member shall, directly or indirectly, give or permit to be given anything of value, including gratuities, in excess of what form per individual per year to any person, principal, proprietor, employee, agent or representative of another person where such payment or gratuity is in relation to the business of the employer of the recipient of the payment or gratuity?
Correct
give or permit to be given anything of value, including gratuities, in excess of 100 dollars per individual per year to any person, principal, proprietor, employee, agent or representative of another person
Incorrect
give or permit to be given anything of value, including gratuities, in excess of 100 dollars per individual per year to any person, principal, proprietor, employee, agent or representative of another person
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Question 2 of 10
2. Question
As per FINCA rule 3220. Influencing or Rewarding Employees of Others a gift of any kind is considered what?
Correct
Influencing or Rewarding Employees of Others a gift of any kind is termed as Gratuity.
Incorrect
Influencing or Rewarding Employees of Others a gift of any kind is termed as Gratuity.
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Question 3 of 10
3. Question
FINRA Rule of 3220, Influencing or Rewarding Employees of Others shall not apply to contracts of which of the following with or to compensation for services rendered by persons?
Correct
contracts of employment are not influenced by FINRA Rule of 3220, Influencing or Rewarding Employees of Others.
Incorrect
contracts of employment are not influenced by FINRA Rule of 3220, Influencing or Rewarding Employees of Others.
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Question 4 of 10
4. Question
A member shall not enter into an agreement for the carrying, on which of the following, of any customer account in which securities transactions can be affected (“customer account” or “account”), unless such agreement is with a carrying firm that is a FINRA member?
Correct
omnibus or fully disclosed basis terms are prohibited in any agreement of customer account in which securities transactions can be affected.
Incorrect
omnibus or fully disclosed basis terms are prohibited in any agreement of customer account in which securities transactions can be affected.
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Question 5 of 10
5. Question
As early as possible, but not later than how many days, prior to the carrying of any accounts of a new introducing firm (including the accounts of any introducing firm(s) for which a new or existing introducing firm is acting as an intermediary in obtaining clearing services from the carrying firm) the carrying firm shall submit to FINRA a notice identifying each such introducing firm by name and CRD number and shall include such additional information as FINRA may require?
Correct
notice identifying each such introducing firm by name and CRD number shall be filed within 10 business days
Incorrect
notice identifying each such introducing firm by name and CRD number shall be filed within 10 business days
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Question 6 of 10
6. Question
Each carrying firm shall conduct appropriate what procedure with respect to any new introducing firm relationship to assess the financial, operational, credit and reputational risk that such an arrangement will have upon the carrying firm?
Correct
due diligence is required to assess the financial, operational, credit and reputational risk that such an arrangement will have upon the carrying firm.
Incorrect
due diligence is required to assess the financial, operational, credit and reputational risk that such an arrangement will have upon the carrying firm.
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Question 7 of 10
7. Question
The carrying firm shall maintain a record, in accordance with the timeframes prescribed by SEA Rule 17a-4(b), of the which of the following conducted for each new introducing firm?
Correct
the due diligence record needs to be maintained as per SEA Rule 17a-4(b)
Incorrect
the due diligence record needs to be maintained as per SEA Rule 17a-4(b)
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Question 8 of 10
8. Question
Each of the following accounts are to be carried on a fully disclosed basis shall expressly allocate to the carrying firm the responsibility for the safeguarding of funds and securities for the purposes of SEA Rule 15c3-3 and for preparing and transmitting statements of account to customers?
Correct
carrying agreement involve accounts which are to be carried on a fully disclosed basis shall expressly allocate to the carrying firm the responsibility for the safeguarding of funds and securities
Incorrect
carrying agreement involve accounts which are to be carried on a fully disclosed basis shall expressly allocate to the carrying firm the responsibility for the safeguarding of funds and securities
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Question 9 of 10
9. Question
Whose account is introduced on a fully disclosed basis shall be notified in writing upon the opening of the account of the existence of the carrying agreement and the responsibilities allocated to each respective party?
Correct
The customer shall be notified in writing of the account of the existence of the carrying agreement and the responsibilities allocated to each respective party.
Incorrect
The customer shall be notified in writing of the account of the existence of the carrying agreement and the responsibilities allocated to each respective party.
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Question 10 of 10
10. Question
A carrying agreement may authorize an introducing firm to issue what form directly to its customers on the carrying firm’s behalf, using instruments for which the carrying firm is the maker or drawer, provided that the parties comply with SEA Rule 15c3-3?
Correct
negotiable instruments can be issued directly to customers on the carrying firm’s behalf
Incorrect
negotiable instruments can be issued directly to customers on the carrying firm’s behalf