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Question 1 of 10
1. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), which of the following authority may not reject (“DK”) a fail contract, including a Receive/Deliver Instruction generated by an automated customer account transfer system?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), A carrying member may not reject (“DK”) a fail contract, including a Receive/Deliver Instruction generated by an automated customer account transfer system, in connection with assets in an account that has been transferred but which assets have not been delivered to the receiving member.
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), A carrying member may not reject (“DK”) a fail contract, including a Receive/Deliver Instruction generated by an automated customer account transfer system, in connection with assets in an account that has been transferred but which assets have not been delivered to the receiving member.
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Question 2 of 10
2. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), within how many days from the receipt of a claim, the member must resolve the claim notice relating to securities account asset transfer?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), when a member receives a claim notice relating to securities account asset transfer, the member must resolve the claim within five (5) business days from receipt of such claim or take exception to the claiming member by setting forth specific reasons for denying the claim.
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), when a member receives a claim notice relating to securities account asset transfer, the member must resolve the claim within five (5) business days from receipt of such claim or take exception to the claiming member by setting forth specific reasons for denying the claim.
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Question 3 of 10
3. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), within how many days following the date of delivery was due a valued fail contract in a security may be closed for which there are no established close-out procedures and which has not been completed by the carrying member?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), a valued fail contract in a security, for which there are no established close-out procedures, and which has not been completed by the carrying member, may be closed by the receiving member not sooner than the third business day following the date delivery was due.
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), a valued fail contract in a security, for which there are no established close-out procedures, and which has not been completed by the carrying member, may be closed by the receiving member not sooner than the third business day following the date delivery was due.
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Question 4 of 10
4. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), at what time a written notice should be delivered to the carrying member at its office, two business days preceding the execution of the proposed “close-out”?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), written notice shall be delivered to the carrying member at its office not later than 12:00 noon, Eastern Time (ET), two business days preceding the execution of the proposed “close-out.”
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), written notice shall be delivered to the carrying member at its office not later than 12:00 noon, Eastern Time (ET), two business days preceding the execution of the proposed “close-out.”
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Question 5 of 10
5. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), every notice of “close-out” shall state the settlement date, the quantity and contract price of the securities covered by the said contract, and shall state further that unless delivery is effected at or before which of the following certain specified time?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), every notice of “close-out” shall state the settlement date, the quantity and contract price of the securities covered by the said contract, and shall state further that unless delivery is effected at or before a certain specified time, which may not be prior to 3:00 p.m. ET, the security may be “closed-out” on the date specified for the account of the carrying member.
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), every notice of “close-out” shall state the settlement date, the quantity and contract price of the securities covered by the said contract, and shall state further that unless delivery is effected at or before a certain specified time, which may not be prior to 3:00 p.m. ET, the security may be “closed-out” on the date specified for the account of the carrying member.
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Question 6 of 10
6. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), what is the time a re-transmitted notice must be delivered to subsequent members at one business day preceding the original date of execution of the proposed close-out?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), a re-transmitted notice must be delivered to subsequent members not later than 12:00 noon ET one business day preceding the original date of execution of the proposed close-out.
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), a re-transmitted notice must be delivered to subsequent members not later than 12:00 noon ET one business day preceding the original date of execution of the proposed close-out.
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Question 7 of 10
7. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), which of the following manner a notice may be redelivered immediately to another member from whom the securities involved are due?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), notice may be redelivered immediately to another member from whom the securities involved are due in the form of a re-transmitted notice.
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), notice may be redelivered immediately to another member from whom the securities involved are due in the form of a re-transmitted notice.
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Question 8 of 10
8. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), which of the following cases re-transmitted notices may be issued regardless of its origin?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), re-transmitted notices may be issued against a fail contract regardless of its origin.
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), re-transmitted notices may be issued against a fail contract regardless of its origin.
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Question 9 of 10
9. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), at what time the party executing the “close-out” should immediately upon execution notify the member for whose account the securities were bought as to the quantity purchased and the price paid?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), The party executing the “close-out” shall immediately upon execution, but not later than 6:00 p.m. ET on the date of the execution of such “close-out,” notify the member for whose account the securities were bought as to the quantity purchased and the price paid. Such notification shall be in written or electronic form having immediate receipt capabilities.
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), The party executing the “close-out” shall immediately upon execution, but not later than 6:00 p.m. ET on the date of the execution of such “close-out,” notify the member for whose account the securities were bought as to the quantity purchased and the price paid. Such notification shall be in written or electronic form having immediate receipt capabilities.
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Question 10 of 10
10. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), what is the format of the notification that is generated by the party executing the “close-out upon execution to the member for whose account the securities were bought as to the quantity purchased and the price paid?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), The party executing the “close-out” shall immediately upon execution, but not later than 6:00 p.m. ET on the date of the execution of such “close-out,” notify the member for whose account the securities were bought as to the quantity purchased and the price paid. Such notification shall be in written or electronic form having immediate receipt capabilities.
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), The party executing the “close-out” shall immediately upon execution, but not later than 6:00 p.m. ET on the date of the execution of such “close-out,” notify the member for whose account the securities were bought as to the quantity purchased and the price paid. Such notification shall be in written or electronic form having immediate receipt capabilities.