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Question 1 of 10
1. Question
Which of the following conditions in the FINRA Rule 1017, a member should file an application for the approval of any changes to its ownership, control, or business operations?
Correct
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, direct or indirect acquisitions or transfers of 25 percent or more in the aggregate of the member’s assets that generates revenues composing 25 percent or more in the aggregate of the member’s earnings measured on a rolling 36-month basis, unless both the seller and acquirer are members of the New York Stock Exchange, Inc.
Incorrect
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, direct or indirect acquisitions or transfers of 25 percent or more in the aggregate of the member’s assets that generates revenues composing 25 percent or more in the aggregate of the member’s earnings measured on a rolling 36-month basis, unless both the seller and acquirer are members of the New York Stock Exchange, Inc.
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Question 2 of 10
2. Question
In the FINRA Rule 1017, which of the following conditions a member should file an application for the approval of any changes to its ownership, control, or business operations?
Correct
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a change in the equity ownership or partnership capital of the member that results in one person or entity directly or indirectly owning or controlling 25 percent or more of the equity or partnership capital.
Incorrect
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a change in the equity ownership or partnership capital of the member that results in one person or entity directly or indirectly owning or controlling 25 percent or more of the equity or partnership capital.
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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), which of the following authority prescribed the manner for the filling of an application by the member to the Department?
Correct
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), the member shall file with the Department the application in the manner prescribed by the FINRA.
Incorrect
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), the member shall file with the Department the application in the manner prescribed by the FINRA.
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Question 4 of 10
4. Question
In the FINRA Rule 1017, which form should be included by the applicant during the submission of an application including a detailed description of the change in ownership, control, or business operations?
Correct
An applicant shall submit an application that includes a Form CMA including a detailed description of the change in ownership, control, or business operations.
Incorrect
An applicant shall submit an application that includes a Form CMA including a detailed description of the change in ownership, control, or business operations.
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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), which of the following type of information should be included in an application, if the application requests approval of a change in ownership or control?
Correct
If the application requests approval of a change in ownership or control, the application also shall include the names of the new owners, their percentage of ownership, and the sources of their funding for the purchase and recapitalization of the member.
Incorrect
If the application requests approval of a change in ownership or control, the application also shall include the names of the new owners, their percentage of ownership, and the sources of their funding for the purchase and recapitalization of the member.
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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 type of information should be included in an application, if the application requests the removal or modification of a membership agreement restriction?
Correct
The application requests the removal or modification of a membership agreement restriction on the following conditions:-
(a) The application shall present facts showing that the circumstances that gave rise to the restriction have changed.
(b) The application shall state with specificity why the restriction should be modified or removed in light of the standards set forth in Rule 1014 and the articulated rationale for the imposition of the restriction.Incorrect
The application requests the removal or modification of a membership agreement restriction on the following conditions:-
(a) The application shall present facts showing that the circumstances that gave rise to the restriction have changed.
(b) The application shall state with specificity why the restriction should be modified or removed in light of the standards set forth in Rule 1014 and the articulated rationale for the imposition of the restriction. -
Question 7 of 10
7. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), If the application requests approval of an increase in Associated Persons involved in sales, offices, or markets made, the application shall set forth the increases in such areas during the how many preceding months?
Correct
If the application requests approval of an increase in Associated Persons involved in sales, offices, or markets made, the application shall set forth the increases in such areas during the preceding 12 months.
Incorrect
If the application requests approval of an increase in Associated Persons involved in sales, offices, or markets made, the application shall set forth the increases in such areas during the preceding 12 months.
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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), how many days prior a member shall file an application for approval of a change in ownership or control?
Correct
A member shall file an application for approval of a change in ownership or control at least 30 days prior to such change. A member may affect a change in ownership or control prior to the conclusion of the proceeding, but the Department may place new interim restrictions on the member based on the standards in Rule 1014, pending final Department action.
Incorrect
A member shall file an application for approval of a change in ownership or control at least 30 days prior to such change. A member may affect a change in ownership or control prior to the conclusion of the proceeding, but the Department may place new interim restrictions on the member based on the standards in Rule 1014, pending final Department action.
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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), how many days prior a member may file an application to remove or modify a membership agreement restriction?
Correct
A member may file an application to remove or modify a membership agreement restriction at any time. An existing restriction shall remain in effect during the pendency of the proceeding.
Incorrect
A member may file an application to remove or modify a membership agreement restriction at any time. An existing restriction shall remain in effect during the pendency of the proceeding.
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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 many days prior a member may file an application for approval of a material change in business operations, other than the modification or removal of a restriction?
Correct
A member may file an application for approval of a material change in business operations, other than the modification or removal of a restriction, at any time, but the member may not effect such change until the conclusion of the proceeding unless the Department and the member otherwise agree.
Incorrect
A member may file an application for approval of a material change in business operations, other than the modification or removal of a restriction, at any time, but the member may not effect such change until the conclusion of the proceeding unless the Department and the member otherwise agree.