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Question 1 of 10
1. Question
Under the NFA Rule 3-14, which of the following are types of penalties for violators?
I. Retake of the qualifying examination
II. Censure
III. Reprimand
IV. Order to cease and desistCorrect
Under the Compliance Procedures of NFA, censure, reprimand, and order to cease and desists are the penalties for violators of the rule. The retake of the qualifying examination is not included in the said penalties. These penalties may be concluded at the disciplinary meeting of the Business Conduct Committee.
Incorrect
Under the Compliance Procedures of NFA, censure, reprimand, and order to cease and desists are the penalties for violators of the rule. The retake of the qualifying examination is not included in the said penalties. These penalties may be concluded at the disciplinary meeting of the Business Conduct Committee.
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Question 2 of 10
2. Question
Who may appeal or review the imposition of the penalties at the conclusion of the disciplinary proceeding?
I. The Human Resources Panel
II. The BBC Panel
III. The Appeals Committee
IV. The Dealers CommitteeCorrect
Under the NFA Rule 3-14, the Business Conduct Committee, BBC Panel or Hearing Panel, or the Appeals Committee are responsible for the appealing and reviewing of the penalties under the same rule. The human resources panel and dealers committee are outside the scope of the NFA Rule 3-14. These committees are responsible for the imposition of penalties such as expulsion, suspension, or penalty fees.
Incorrect
Under the NFA Rule 3-14, the Business Conduct Committee, BBC Panel or Hearing Panel, or the Appeals Committee are responsible for the appealing and reviewing of the penalties under the same rule. The human resources panel and dealers committee are outside the scope of the NFA Rule 3-14. These committees are responsible for the imposition of penalties such as expulsion, suspension, or penalty fees.
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Question 3 of 10
3. Question
What is the required number of votes for the expulsion of a member under NFA Rule 3-14?
Correct
A requirement under NFA Rule 3-14 is to have votes from the two-thirds members of the Hearing Panel or the Appeals Committee agreeing for the expulsion of a member as a penalty for violating the rule. The votes must come from the members of the panel or committee present during the voting period.
Incorrect
A requirement under NFA Rule 3-14 is to have votes from the two-thirds members of the Hearing Panel or the Appeals Committee agreeing for the expulsion of a member as a penalty for violating the rule. The votes must come from the members of the panel or committee present during the voting period.
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Question 4 of 10
4. Question
If the members of the Hearing Panel or the Appeals Committee are 55, and 51 of them are present within the voting period, how many votes are required to proceed with the said expulsion?
Correct
To apply the voting requirements under NFA Rule 3-14, if 55 members of the Hearing Panel or Appeals Committee are present during the voting period, 34 votes shall be done to proceed with the expulsion of a member. As mentioned in the rule, the two-thirds vote from the present members of the committee must be received regarding the imposition of the penalties.
Incorrect
To apply the voting requirements under NFA Rule 3-14, if 55 members of the Hearing Panel or Appeals Committee are present during the voting period, 34 votes shall be done to proceed with the expulsion of a member. As mentioned in the rule, the two-thirds vote from the present members of the committee must be received regarding the imposition of the penalties.
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Question 5 of 10
5. Question
How much is the monetary fine for violators under the Compliance Procedure of NFA?
Correct
One of the penalties for NFA violators is an obligation to pay for a monetary fine. The monetary find would not exceed $500,000 per violation. Some other penalties, other than settling the monetary fine, are remedial actions not inconsistent with the NFA Rule 3-14.
Incorrect
One of the penalties for NFA violators is an obligation to pay for a monetary fine. The monetary find would not exceed $500,000 per violation. Some other penalties, other than settling the monetary fine, are remedial actions not inconsistent with the NFA Rule 3-14.
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Question 6 of 10
6. Question
How does a cease-and-desist order take effect as a penalty under NFA Rule 3-14?
Correct
A cease-and-desist order means to prohibit any violators from joining with the activities that are suspect. It is a permanent injunction only after the trial’s conclusion. It would firstly be temporary at the time of the trial and its outcome or permanent injunction shall be determined within the period of trial.
Incorrect
A cease-and-desist order means to prohibit any violators from joining with the activities that are suspect. It is a permanent injunction only after the trial’s conclusion. It would firstly be temporary at the time of the trial and its outcome or permanent injunction shall be determined within the period of trial.
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Question 7 of 10
7. Question
Who shall file the cease-and-desist order as a penalty under NFA Rule 3-14?
Correct
Anyone can provide a cease-and-desist order regardless if a company is well-funded or not. It can not only be filed by lawyers of any specializations. However, to avoid any misstatements and corrections, it may be reviewed and approved by the copyright lawyers before proceeding with the submission of the cease-and-desist order.
Incorrect
Anyone can provide a cease-and-desist order regardless if a company is well-funded or not. It can not only be filed by lawyers of any specializations. However, to avoid any misstatements and corrections, it may be reviewed and approved by the copyright lawyers before proceeding with the submission of the cease-and-desist order.
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Question 8 of 10
8. Question
When shall the monetary fine be paid after the imposition of the penalties?
I. It shall be paid within 30 days of the date of the decision.
II. It shall be paid for not less than a year from the date of the decision.
III. It shall be paid within the time prescribed in the decision.
IV. It shall be paid for less than 60 days from the date of the decision.Correct
Within 30 days of the date of the decision, a monetary fine of not less than $500,000 shall be settled. However, if there is an agreement on the date of settlement, the time prescribed in the decision shall be applied. Any fines which are not settled within the prescribed period shall be suspended from the membership.
Incorrect
Within 30 days of the date of the decision, a monetary fine of not less than $500,000 shall be settled. However, if there is an agreement on the date of settlement, the time prescribed in the decision shall be applied. Any fines which are not settled within the prescribed period shall be suspended from the membership.
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Question 9 of 10
9. Question
To whom shall the monetary fine of less than $500,00 be paid?
Correct
Under NFA Rule 3-14, the monetary fines of less than $500,000 shall be received by the NFA Treasurer within the prescribed period settled in the decision. If the monetary fine is failed to be settled, a seven-day period for written notice is given. If no payments are still made, the member shall be suspended from the membership by the order of the President until the fine is paid.
Incorrect
Under NFA Rule 3-14, the monetary fines of less than $500,000 shall be received by the NFA Treasurer within the prescribed period settled in the decision. If the monetary fine is failed to be settled, a seven-day period for written notice is given. If no payments are still made, the member shall be suspended from the membership by the order of the President until the fine is paid.
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Question 10 of 10
10. Question
Who has the authority to alter the penalty under the NFA Rule 3-14?
Correct
The penalties imposed by the Hearing Panel may be altered by the Appeals Committee as stated in NFA Rule 3-14. The Appeals Committee may increase, decrease, or even set aside the penalties. They may also impose other penalties such as when expulsion has been decided by the Hearing Panel, the Appeals Committee will alter it by settling the penalty through monetary fines.
Incorrect
The penalties imposed by the Hearing Panel may be altered by the Appeals Committee as stated in NFA Rule 3-14. The Appeals Committee may increase, decrease, or even set aside the penalties. They may also impose other penalties such as when expulsion has been decided by the Hearing Panel, the Appeals Committee will alter it by settling the penalty through monetary fines.