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Question 1 of 10
1. Question
In the FINRA Rule 1017, in rendering a decision on an application requesting the modification or removal of a membership agreement restriction, the Department shall consider whether maintenance of the restriction is appropriate in light of which of the following statement?
Correct
In the FINRA Rule 1017, in rendering a decision on an application requesting the modification or removal of a membership agreement restriction, the Department shall consider whether maintenance of the restriction is appropriate in light of the following:-
(a) In light of the standards set forth in Rule 1014.
(b) In light of the circumstances that gave rise to the imposition of the restriction.
(c) In light of the Applicant’s operations since the restriction was imposed.
(d) In light of any change in ownership or control or supervisors and principals.
(e) In light of any new evidence submitted in connection with the application.Incorrect
In the FINRA Rule 1017, in rendering a decision on an application requesting the modification or removal of a membership agreement restriction, the Department shall consider whether maintenance of the restriction is appropriate in light of the following:-
(a) In light of the standards set forth in Rule 1014.
(b) In light of the circumstances that gave rise to the imposition of the restriction.
(c) In light of the Applicant’s operations since the restriction was imposed.
(d) In light of any change in ownership or control or supervisors and principals.
(e) In light of any new evidence submitted in connection with the application. -
Question 2 of 10
2. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), within how many days the Department shall serve a written decision on the application after the conclusion of the membership interview?
Correct
The Department shall serve a written decision on the application within 30 days after the conclusion of the membership interview or the filing of additional information or documents, whichever is later.
Incorrect
The Department shall serve a written decision on the application within 30 days after the conclusion of the membership interview or the filing of additional information or documents, whichever is later.
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Question 3 of 10
3. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), within how many days after the filing of the application the Department shall serve a written decision, If the Department does not require the Applicant to participate in a membership interview or request additional information or documents?
Correct
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), if the Department does not require the Applicant to participate in a membership interview or request additional information or documents, the Department shall serve a written decision within 45 days after the filing of the application.
Incorrect
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), if the Department does not require the Applicant to participate in a membership interview or request additional information or documents, the Department shall serve a written decision within 45 days after the filing of the application.
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Question 4 of 10
4. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), which of the following case the Department shall serve a written decision within 45 days after the filing of the application?
Correct
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), if the Department does not require the Applicant to participate in a membership interview or request additional information or documents, the Department shall serve a written decision within 45 days after the filing of the application.
Incorrect
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), if the Department does not require the Applicant to participate in a membership interview or request additional information or documents, the Department shall serve a written decision within 45 days after the filing of the application.
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Question 5 of 10
5. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), within how many days after filing of an application the Department fails to serve a decision, the applicant may file a written request with the FINRA Board requesting that the FINRA Board direct the Department to issue a decision?
Correct
If the Department fails to serve a decision within 180 days after the filing of an application or such later date as the Department and the Applicant have agreed in writing, the Applicant may file a written request with the FINRA Board requesting that the FINRA Board direct the Department to issue a decision.
Incorrect
If the Department fails to serve a decision within 180 days after the filing of an application or such later date as the Department and the Applicant have agreed in writing, the Applicant may file a written request with the FINRA Board requesting that the FINRA Board direct the Department to issue a decision.
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Question 6 of 10
6. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), which of the following authority the applicant may file a written request to direct the Department to issue a decision, If the Department fails to serve a decision within 180 days after filing of an application?
Correct
If the Department fails to serve a decision within 180 days after the filing of an application or such later date as the Department and the Applicant have agreed in writing, the Applicant may file a written request with the FINRA Board requesting that the FINRA Board direct the Department to issue a decision.
Incorrect
If the Department fails to serve a decision within 180 days after the filing of an application or such later date as the Department and the Applicant have agreed in writing, the Applicant may file a written request with the FINRA Board requesting that the FINRA Board direct the Department to issue a decision.
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Question 7 of 10
7. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), within how many days after the filing of a written request by the applicant to the FINRA Board, the FINRA Board should direct the Department to issue a written decision immediately or to show good cause for an extension of time?
Correct
Within seven days after the filing of a written request by the applicant to the FINRA Board, the FINRA Board shall direct the Department to issue a written decision immediately or to show good cause for an extension of time.
Incorrect
Within seven days after the filing of a written request by the applicant to the FINRA Board, the FINRA Board shall direct the Department to issue a written decision immediately or to show good cause for an extension of time.
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Question 8 of 10
8. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), what is the time limit the FINRA Board may extend for issuing a decision by the Department if the Department shows good cause for an extension of time?
Correct
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), If the Department shows good cause for an extension of time, the FINRA Board may extend the time limit for issuing a decision by not more than 30 days.
Incorrect
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), If the Department shows good cause for an extension of time, the FINRA Board may extend the time limit for issuing a decision by not more than 30 days.
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Question 9 of 10
9. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), which of the following authority, an applicant may file a written request for review of the Department’s decision pursuant to FINRA Rule 1015?
Correct
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), an Applicant may file a written request for review of the Department’s decision with the National Adjudicatory Council pursuant to Rule 1015.
Incorrect
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), an Applicant may file a written request for review of the Department’s decision with the National Adjudicatory Council pursuant to Rule 1015.
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Question 10 of 10
10. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), within how many days the member should submit a new application, 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:-
(a) The member should submit a new application under this Rule and fee pursuant to Schedule A to the FINRA By-Laws.
(b) The member should unwind the transaction.
(c) The member should file a Form BDW.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:-
(a) The member should submit a new application under this Rule and fee pursuant to Schedule A to the FINRA By-Laws.
(b) The member should unwind the transaction.
(c) The member should file a Form BDW.