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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), within how many days after the filing of an application that is not substantially complete, the Department shall reject the application and deem it not to have been filed?
Correct
If the Department determines within 30 days after the filing of an application that the application is not substantially complete, the Department shall reject the application and deem it not to have been filed.
Incorrect
If the Department determines within 30 days after the filing of an application that the application is not substantially complete, the Department shall reject the application and deem it not to have been filed.
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Question 2 of 10
2. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), which of the following condition the Department determines within 30 days after the filing of an application, the Department shall reject the application and deem it not to have been filed?
Correct
If the Department determines within 30 days after the filing of an application that the application is not substantially complete, the Department shall reject the application and deem it not to have been filed.
Incorrect
If the Department determines within 30 days after the filing of an application that the application is not substantially complete, the Department shall reject the application and deem it not to have been filed.
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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 the Department shall serve a written notice on the applicant of the Department’s determination and the reasons therefor?
Correct
Within the 30 days period, the Department shall serve a written notice on the Applicant of the Department’s determination and the reasons therefor.
Incorrect
Within the 30 days period, the Department shall serve a written notice on the Applicant of the Department’s determination and the reasons therefor.
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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), how much fee should be retained by FINRA as processing fee on rejection of an application that is not substantially complete?
Correct
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), FINRA shall refund the application fee, less $500, which shall be retained by FINRA as a processing fee on the rejection of an application that is not substantially complete.
Incorrect
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), FINRA shall refund the application fee, less $500, which shall be retained by FINRA as a processing fee on the rejection of an application that is not substantially complete.
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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), how much fee should be refunded by FINRA to the applicant on the rejection of an application that is not substantially complete?
Correct
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), FINRA shall refund the application fee, less $500, which shall be retained by FINRA as a processing fee on the rejection of an application that is not substantially complete.
Incorrect
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), FINRA shall refund the application fee, less $500, which shall be retained by FINRA as a processing fee on the rejection of an application that is not substantially complete.
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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), within how many days after the filing of an application, the Department shall serve a request for any additional information or documents necessary to render a decision on the application?
Correct
Within 30 days after the filing of an application, the Department shall serve a request for any additional information or documents necessary to render a decision on the application. The Department may request additional information or documents at any time during the application process. Unless otherwise agreed to by the Department and the Applicant, the Applicant shall file such additional information or documents with the Department within 30 days after the Department’s request.
Incorrect
Within 30 days after the filing of an application, the Department shall serve a request for any additional information or documents necessary to render a decision on the application. The Department may request additional information or documents at any time during the application process. Unless otherwise agreed to by the Department and the Applicant, the Applicant shall file such additional information or documents with the Department within 30 days after the Department’s request.
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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), at what time the Department may request additional information or documents during the application process?
Correct
Within 30 days after the filing of an application, the Department shall serve a request for any additional information or documents necessary to render a decision on the application. The Department may request additional information or documents at any time during the application process. Unless otherwise agreed to by the Department and the Applicant, the Applicant shall file such additional information or documents with the Department within 30 days after the Department’s request.
Incorrect
Within 30 days after the filing of an application, the Department shall serve a request for any additional information or documents necessary to render a decision on the application. The Department may request additional information or documents at any time during the application process. Unless otherwise agreed to by the Department and the Applicant, the Applicant shall file such additional information or documents with the Department within 30 days after the Department’s request.
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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), within how many days after the Department’s request, the Applicant shall file such additional information or documents with the Department, unless otherwise agreed to by the Department and the Applicant?
Correct
Unless otherwise agreed to by the Department and the Applicant, the Applicant shall file such additional information or documents with the Department within 30 days after the Department’s request.
Incorrect
Unless otherwise agreed to by the Department and the Applicant, the Applicant shall file such additional information or documents with the Department within 30 days after the Department’s request.
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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), within how many days after filing the application if an applicant withdraws his application, FINRA shall refund the application fee, less $500, which shall be retained by FINRA as a processing fee?
Correct
If an Applicant withdraws an application within 30 days after filing the application, FINRA shall refund the application fee, less $500, which shall be retained by FINRA as a processing fee.
Incorrect
If an Applicant withdraws an application within 30 days after filing the application, FINRA shall refund the application fee, less $500, which shall be retained by FINRA as a processing fee.
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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), how much fee should be refunded by FINRA to the applicant, If an Applicant withdraws an application within 30 days after filing the application?
Correct
If an Applicant withdraws an application within 30 days after filing the application, FINRA shall refund the application fee, less $500, which shall be retained by FINRA as a processing fee.
Incorrect
If an Applicant withdraws an application within 30 days after filing the application, FINRA shall refund the application fee, less $500, which shall be retained by FINRA as a processing fee.