FINRA Series 31 - Quiz 10 - Pauline.new
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Question 1 of 10
1. Question
Who of the following are required to store legible, true, accurate, and complete copies of their books and records?
Correct
In maintaining such books and records, the firms are essential to keep understandable, precise, factual, and complete books and records’ copies. They are also required to protect the books and records’ integrity from when the books and records are done and when it was received during the appropriate retention period. There are violations that are serious in such books and records, these include alteration, falsification, and destruction.
Incorrect
In maintaining such books and records, the firms are essential to keep understandable, precise, factual, and complete books and records’ copies. They are also required to protect the books and records’ integrity from when the books and records are done and when it was received during the appropriate retention period. There are violations that are serious in such books and records, these include alteration, falsification, and destruction.
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Question 2 of 10
2. Question
When is the retention period for firms’ books and records?
Correct
For the records and books of the firm, there is a retention period. The retention period of such books and records of the firm varies. Policies and procedures regarding the obligation in keeping of records must be stated by the firm, this also includes such retention periods. An individual must know and follow the records and books requirements of FINRA and SEC and the individual policies of the firm, and this will require a much longer retention period.
Incorrect
For the records and books of the firm, there is a retention period. The retention period of such books and records of the firm varies. Policies and procedures regarding the obligation in keeping of records must be stated by the firm, this also includes such retention periods. An individual must know and follow the records and books requirements of FINRA and SEC and the individual policies of the firm, and this will require a much longer retention period.
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Question 3 of 10
3. Question
How many days shall the broker-dealer notify its Designated Examining Authority (DEA)?
Correct
Under the conditions of the Electronics Storage Media, there is the Firm Notification. Under the firm notification, it is stated that the broker-dealer must notify its Designated Examining Authority (DEA), if the ESM will be used for the first time. If such broker-dealer decided to use the ESM that is not optical disk technology, under this rule they should notify its DEA at least 90 days before the first use of such storage media.
Incorrect
Under the conditions of the Electronics Storage Media, there is the Firm Notification. Under the firm notification, it is stated that the broker-dealer must notify its Designated Examining Authority (DEA), if the ESM will be used for the first time. If such broker-dealer decided to use the ESM that is not optical disk technology, under this rule they should notify its DEA at least 90 days before the first use of such storage media.
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Question 4 of 10
4. Question
Which of the following conditions under the Electronics Storage Media identifies when the original and duplicated records are input on the storage medium?
Correct
An audit system is a system that a broker-dealer must have. This audit system identifies when the records, original and duplicated, have been inserted on to the storage medium. This also shows when specific changes to existing records are made. The ones that must examine the results of the audit system are the SEC and SRO staff. Lastly, the audit results must be retained by the broker-dealer that shows the same amount of time required for such records that are audited.
Incorrect
An audit system is a system that a broker-dealer must have. This audit system identifies when the records, original and duplicated, have been inserted on to the storage medium. This also shows when specific changes to existing records are made. The ones that must examine the results of the audit system are the SEC and SRO staff. Lastly, the audit results must be retained by the broker-dealer that shows the same amount of time required for such records that are audited.
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Question 5 of 10
5. Question
Which of the following conditions in Electronics Storage Media that a broker-dealer must have with its DEA shows that such individuals may have access to records stored on the broker-dealers ESM?
Correct
Under the Electronic Storage Media’s conditions, third-party access representation is stated. This shows that if the broker-dealer stored some or all its required records exclusively on Electronic Storage Media, they should have a third-party file that its DEA must also have. It only shows that the third-party may have access to the records that are stored by the broker-dealer in the Electronic Storage Media.
Incorrect
Under the Electronic Storage Media’s conditions, third-party access representation is stated. This shows that if the broker-dealer stored some or all its required records exclusively on Electronic Storage Media, they should have a third-party file that its DEA must also have. It only shows that the third-party may have access to the records that are stored by the broker-dealer in the Electronic Storage Media.
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Question 6 of 10
6. Question
Which of the following exemption from the account record information and furnishing requirements ensure that there is a record documenting that the firm has complied and adopted the policies and procedures?
Correct
There are several exemptions from the account record information and furnishing requirements that an individual must know. One of these exemptions is the Communications Supervision Records, it is stated that this ensures that there is a record documented that the firm complied with or adopted with such policies and procedures that is designed to establish compliance, the requirements regarding the applicable federal and SRO where the firm is a member, it also requires approval of the principal regarding such advertisement, and lastly, other communications with public by the associated persons or the firm itself.
Incorrect
There are several exemptions from the account record information and furnishing requirements that an individual must know. One of these exemptions is the Communications Supervision Records, it is stated that this ensures that there is a record documented that the firm complied with or adopted with such policies and procedures that is designed to establish compliance, the requirements regarding the applicable federal and SRO where the firm is a member, it also requires approval of the principal regarding such advertisement, and lastly, other communications with public by the associated persons or the firm itself.
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Question 7 of 10
7. Question
Which of the following exemptions from the account record information and furnishing requirements ensure that there is a record involving such names or titles at that office?
Correct
Under the books and records requirements, there are exemptions that are stated regarding the account record information and furnishing requirements. An exemption regarding the contact person records ensures that there are records of all individuals for each office that are kept and listed. These records can explain and maintain the types of records at the office and the information that are given by the individuals.
Incorrect
Under the books and records requirements, there are exemptions that are stated regarding the account record information and furnishing requirements. An exemption regarding the contact person records ensures that there are records of all individuals for each office that are kept and listed. These records can explain and maintain the types of records at the office and the information that are given by the individuals.
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Question 8 of 10
8. Question
Which of the following exemptions from the account record information and furnishing requirements ensure that there is a record listing for each principal regarding the establishment of policies and procedures?
Correct
Under the requirements regarding the books and records, several exemptions are stated. Such exemptions include the responsible principal records, it is stated in this record that this ensures that there is a listed records for each responsible principal regarding the establishment of the policies and procedures that ensures that they complied with any applicable federal rules or requirements of the SRO, where the firm is a member of, and this also requires the acceptance or approval of the records by the principal.
Incorrect
Under the requirements regarding the books and records, several exemptions are stated. Such exemptions include the responsible principal records, it is stated in this record that this ensures that there is a listed records for each responsible principal regarding the establishment of the policies and procedures that ensures that they complied with any applicable federal rules or requirements of the SRO, where the firm is a member of, and this also requires the acceptance or approval of the records by the principal.
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Question 9 of 10
9. Question
Which of the following exemptions from the account record information and furnishing requirements ensures that the firm makes and keeps current certain books and records that reflect the activities of the firm?
Correct
One of the exemptions is regarding the office records. This ensures that the firms to each office shall make and keep current certain records and books that shows and reflect the activities of the firm or office. Records that are kept are order tickets, records of the customer accounts, records that are related and with respect to associated person, the complaints of customers, records of the persons that can explain the records of the broker-dealers, and the records of the principals responsible regarding the establishment of the compliance procedures of recordkeeping.
Incorrect
One of the exemptions is regarding the office records. This ensures that the firms to each office shall make and keep current certain records and books that shows and reflect the activities of the firm or office. Records that are kept are order tickets, records of the customer accounts, records that are related and with respect to associated person, the complaints of customers, records of the persons that can explain the records of the broker-dealers, and the records of the principals responsible regarding the establishment of the compliance procedures of recordkeeping.
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Question 10 of 10
10. Question
Which of the following under the records that needs to be preserved by the broker and dealers ensures that there are originals of all communications received and copies of all communications sent?
Correct
There are several records that must be preserved by the brokers and dealers, one of which is the communication with the public. This ensures that there are original copies of the received communications and the copies of the sent communications by the firm that is related to the business of the firms. It also includes the communications that are subject to SRO rules where the firm is a member of that is related to the public communications.
Incorrect
There are several records that must be preserved by the brokers and dealers, one of which is the communication with the public. This ensures that there are original copies of the received communications and the copies of the sent communications by the firm that is related to the business of the firms. It also includes the communications that are subject to SRO rules where the firm is a member of that is related to the public communications.