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Question 1 of 10
1. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), which of the following action should be taken by member within no more than 60 days after the lapse or exhaustion or waiver of appeal, If an application for approval of a change in ownership lapses, or is denied and all appeals are exhausted or waived?
Correct
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), If an application for approval of a change in ownership lapses, or is denied and all appeals are exhausted or waived. The member should take the following action within no more than 60 days after the lapse or exhaustion or waiver of appeal.
Incorrect
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), If an application for approval of a change in ownership lapses, or is denied and all appeals are exhausted or waived. The member should take the following action within no more than 60 days after the lapse or exhaustion or waiver of appeal.
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Question 2 of 10
2. Question
In the FINRA Rule 4110 (Capital Compliance), which of the following authority is required to issue a notice pursuant to Rule 9557 at any time with respect to a particular carrying or clearing member for the protection of investors or in the public interest?
Correct
When necessary for the protection of investors or in the public interest, FINRA may, at any time or from time to time with respect to a particular carrying or clearing member or all carrying or clearing members, pursuant to the authority exercised by FINRA’s Executive Vice President charged with oversight for financial responsibility, or his or her written officer delegate, prescribe greater net capital or net worth requirements than those otherwise applicable, including more stringent treatment of items in computing net capital or net worth, or require such member to restore or increase its net capital or net worth. In any such instance, FINRA shall issue a notice pursuant to Rule 9557.
Incorrect
When necessary for the protection of investors or in the public interest, FINRA may, at any time or from time to time with respect to a particular carrying or clearing member or all carrying or clearing members, pursuant to the authority exercised by FINRA’s Executive Vice President charged with oversight for financial responsibility, or his or her written officer delegate, prescribe greater net capital or net worth requirements than those otherwise applicable, including more stringent treatment of items in computing net capital or net worth, or require such member to restore or increase its net capital or net worth. In any such instance, FINRA shall issue a notice pursuant to Rule 9557.
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Question 3 of 10
3. Question
In the FINRA Rule 4110 (Capital Compliance), a member shall suspend all business operations during any period in which it is not in compliance with applicable net capital requirements set forth in SEA Rule 15c3-1 unless otherwise permitted by which of the following authority?
Correct
In the FINRA Rule 4110 (Capital Compliance), unless otherwise permitted by FINRA, a member shall suspend all business operations during any period in which it is not in compliance with applicable net capital requirements set forth in SEA Rule 15c3-1.
Incorrect
In the FINRA Rule 4110 (Capital Compliance), unless otherwise permitted by FINRA, a member shall suspend all business operations during any period in which it is not in compliance with applicable net capital requirements set forth in SEA Rule 15c3-1.
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Question 4 of 10
4. Question
In the FINRA Rule 4110 (Capital Compliance), which of the following authority may issue a notice pursuant to Rule 9557 directing a member that is not in compliance with applicable net capital requirements set forth in SEA Rule 15c3-1 to suspend all or a portion of its business?
Correct
FINRA may issue a notice pursuant to Rule 9557 directing a member that is not in compliance with applicable net capital requirements set forth in SEA Rule 15c3-1 to suspend all or a portion of its business.
Incorrect
FINRA may issue a notice pursuant to Rule 9557 directing a member that is not in compliance with applicable net capital requirements set forth in SEA Rule 15c3-1 to suspend all or a portion of its business.
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Question 5 of 10
5. Question
In the FINRA Rule 4110 (Capital Compliance), for a period of how much time from the date equity capital is contributed, no equity capital of a member may be withdrawn unless otherwise permitted by FINRA in writing?
Correct
In the FINRA Rule 4110 (Capital Compliance), no equity capital of a member may be withdrawn for a period of one year from the date such equity capital is contributed, unless otherwise permitted by FINRA in writing.
Incorrect
In the FINRA Rule 4110 (Capital Compliance), no equity capital of a member may be withdrawn for a period of one year from the date such equity capital is contributed, unless otherwise permitted by FINRA in writing.
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Question 6 of 10
6. Question
In the FINRA Rule 4110 (Capital Compliance), no equity capital of a member may be withdrawn for a period of one year from the date such equity capital is contributed, unless otherwise permitted by which of the following authority?
Correct
In the FINRA Rule 4110 (Capital Compliance), no equity capital of a member may be withdrawn for a period of one year from the date such equity capital is contributed, unless otherwise permitted by FINRA in writing.
Incorrect
In the FINRA Rule 4110 (Capital Compliance), no equity capital of a member may be withdrawn for a period of one year from the date such equity capital is contributed, unless otherwise permitted by FINRA in writing.
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Question 7 of 10
7. Question
In the FINRA Rule 4110 (Capital Compliance), which of the following authority’s prior written approval is required for carrying or clearing member to withdraw capital, pay a dividend or effect a similar distribution that would reduce such member’s equity?
Correct
In the FINRA Rule 4110 (Capital Compliance), A carrying or clearing member shall not, without the prior written approval of FINRA, withdraw capital, pay a dividend or effect a similar distribution that would reduce such member’s equity, or make any unsecured advance or loan to a stockholder, partner, sole proprietor, employee or affiliate, where such withdrawals, payments, reductions, advances or loans in the aggregate, in any 35 rolling calendar day period, on a net basis, exceeds 10% of its excess net capital.
Incorrect
In the FINRA Rule 4110 (Capital Compliance), A carrying or clearing member shall not, without the prior written approval of FINRA, withdraw capital, pay a dividend or effect a similar distribution that would reduce such member’s equity, or make any unsecured advance or loan to a stockholder, partner, sole proprietor, employee or affiliate, where such withdrawals, payments, reductions, advances or loans in the aggregate, in any 35 rolling calendar day period, on a net basis, exceeds 10% of its excess net capital.
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Question 8 of 10
8. Question
In the FINRA Rule 4110 (Capital Compliance), no carrying or clearing member without the prior written approval of FINRA shall consummate a sale-and-leaseback arrangement with respect to any of its assets, where any such arrangement would increase the member’s tentative net capital by how much percentage?
Correct
In the FINRA Rule 4110 (Capital Compliance), no carrying or clearing member shall consummate a sale-and-leaseback arrangement with respect to any of its assets, or a sale, factoring, or financing arrangement with respect to any unsecured accounts receivable, where any such arrangement would increase the member’s tentative net capital by 10% or more, without the prior written authorization of FINRA.
Incorrect
In the FINRA Rule 4110 (Capital Compliance), no carrying or clearing member shall consummate a sale-and-leaseback arrangement with respect to any of its assets, or a sale, factoring, or financing arrangement with respect to any unsecured accounts receivable, where any such arrangement would increase the member’s tentative net capital by 10% or more, without the prior written authorization of FINRA.
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Question 9 of 10
9. Question
In the FINRA Rule 4110 (Capital Compliance), which of the following authority’s prior written approval is required for the carrying or clearing member to consummate a sale-and-leaseback arrangement with respect to any of its assets, where any such arrangement would increase the member’s tentative net capital by 10% or more?
Correct
In the FINRA Rule 4110 (Capital Compliance), no carrying or clearing member shall consummate a sale-and-leaseback arrangement with respect to any of its assets, or a sale, factoring, or financing arrangement with respect to any unsecured accounts receivable, where any such arrangement would increase the member’s tentative net capital by 10% or more, without the prior written authorization of FINRA.
Incorrect
In the FINRA Rule 4110 (Capital Compliance), no carrying or clearing member shall consummate a sale-and-leaseback arrangement with respect to any of its assets, or a sale, factoring, or financing arrangement with respect to any unsecured accounts receivable, where any such arrangement would increase the member’s tentative net capital by 10% or more, without the prior written authorization of FINRA.
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Question 10 of 10
10. Question
In the FINRA Rule 4110 (Capital Compliance), which of the following authority’s prior written authorization is required for a carrying member to consummate any arrangement concerning the sale or factoring of customer debit balances, irrespective of the amount?
Correct
In the FINRA Rule 4110 (Capital Compliance), no carrying member shall consummate any arrangement concerning the sale or factoring of customer debit balances, irrespective of the amount, without the prior written authorization of FINRA.
Incorrect
In the FINRA Rule 4110 (Capital Compliance), no carrying member shall consummate any arrangement concerning the sale or factoring of customer debit balances, irrespective of the amount, without the prior written authorization of FINRA.