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Question 1 of 10
1. Question
How does an investigation matter (“INVs”) be classified by National Futures Association?
Correct
For investigation matters (“INVs”), inquiries commenced based on the information given by various sources are required for the documentation in the National Futures Association’s FACTS system. Some resources include customer complaints, complaints from members, and other cases that discovers a routine audit process, whether doubtful or not.
Incorrect
For investigation matters (“INVs”), inquiries commenced based on the information given by various sources are required for the documentation in the National Futures Association’s FACTS system. Some resources include customer complaints, complaints from members, and other cases that discovers a routine audit process, whether doubtful or not.
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Question 2 of 10
2. Question
Which of the following are sources for documentation of investigation matters?
I. Customer complaints
II. Referrals from federal regulators
III. Referrals from state regulators
IV. The directors’ complaintsCorrect
Customer complaints, referrals from federal regulators and state regulators, complaints from Members, and other SROs are some of the sources needed in investigating the routine audit process. Some of these complaints are received by the NFA Compliance Department through a “phone duty”.
Incorrect
Customer complaints, referrals from federal regulators and state regulators, complaints from Members, and other SROs are some of the sources needed in investigating the routine audit process. Some of these complaints are received by the NFA Compliance Department through a “phone duty”.
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Question 3 of 10
3. Question
Under the Investigation Matters of National Futures Association, where do the complaints be transmitted?
Correct
The customer complaints are received, through a phone call, by the National Futures Association Information Center. The call would be referred to the Compliance Department after gathering up some information. The complaints from the customers are assisted by any Compliance Department team who is on the phone duty.
Incorrect
The customer complaints are received, through a phone call, by the National Futures Association Information Center. The call would be referred to the Compliance Department after gathering up some information. The complaints from the customers are assisted by any Compliance Department team who is on the phone duty.
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Question 4 of 10
4. Question
For the Compliance Department who assists the complaints of the customers through a phone call, how shall the shifting of teams be made?
Correct
A rotating basis fo two weeks at a time is followed in switching team members to answer phone calls regarding the customer complaints. This member is the specific member firm who forwards the complaints to the audit team to which the firm is assigned. It is necessary to have a rotational basis for phone calls to maintain the integrity and objectivity in the workplace.
Incorrect
A rotating basis fo two weeks at a time is followed in switching team members to answer phone calls regarding the customer complaints. This member is the specific member firm who forwards the complaints to the audit team to which the firm is assigned. It is necessary to have a rotational basis for phone calls to maintain the integrity and objectivity in the workplace.
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Question 5 of 10
5. Question
For investigation matters, who shall review and assess what further work is necessary based on a customer complaint?
Correct
In assessing what further work is necessary and reviewing the matter in the investigation, the Team Member is assigned for these. The Team Member would review how the matter shall be treated and what actions must be done. He is responsible for assisting customer complaints without any unnecessary actions done. Reviewing the matters first shall be done before assessing what further work is necessary to respond with the complaint.
Incorrect
In assessing what further work is necessary and reviewing the matter in the investigation, the Team Member is assigned for these. The Team Member would review how the matter shall be treated and what actions must be done. He is responsible for assisting customer complaints without any unnecessary actions done. Reviewing the matters first shall be done before assessing what further work is necessary to respond with the complaint.
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Question 6 of 10
6. Question
How shall the Compliance staff respond to customer complaints made anonymously?
Correct
Complaints made anonymously by the customers must be reviewed and assessed by the Compliance staff if it contains serious or credible allegation. Many phone calls are unnecessary or made to make fun of the staff in charge. It must be assessed whether the complaint came from, or if it is a serious matter before taking any actions to it. That is the importance of having a reliable source or evidence on making complaints.
Incorrect
Complaints made anonymously by the customers must be reviewed and assessed by the Compliance staff if it contains serious or credible allegation. Many phone calls are unnecessary or made to make fun of the staff in charge. It must be assessed whether the complaint came from, or if it is a serious matter before taking any actions to it. That is the importance of having a reliable source or evidence on making complaints.
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Question 7 of 10
7. Question
What are the other basis of information commenced to the Investigation Matters (“INVs”)?
I. The information referred by the Commission
II. The information referred by the National Futures Association
III. The information referred by the Securities and Exchange Commission
IV. The information referred by state regulatory agenciesCorrect
All information referred by the Commission, Securities and Exchange Commission, other federal and state regulatory agencies, and other futures and securities SROs may be commenced to the Investigation Matters (“INVs”). The review process for information through these referrals may be used in evaluating complaints received from customers or Members.
Incorrect
All information referred by the Commission, Securities and Exchange Commission, other federal and state regulatory agencies, and other futures and securities SROs may be commenced to the Investigation Matters (“INVs”). The review process for information through these referrals may be used in evaluating complaints received from customers or Members.
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Question 8 of 10
8. Question
Which of the following statements are correct regarding the investigation matters (“INVs”)?
I. The review process referred by the Commission is the process used in evaluating complaints.
II. Complaints made by customers or members shall not be made anonymously.
III. Examinations of promotional material submitted by Members are classified as INVs.
IV. Promotional materials are subject to review.Correct
Complaints by customers or members may be made anonymously as long as it is subject to review if it contains serious or credible allegations. Examinations of promotional material are classified as INVs if it is submitted by Members. It may also be voluntarily reviewed pursuant to NFA’s pre-review program. It may be filed after first use as a requirement imposed by the Compliance Department.
Incorrect
Complaints by customers or members may be made anonymously as long as it is subject to review if it contains serious or credible allegations. Examinations of promotional material are classified as INVs if it is submitted by Members. It may also be voluntarily reviewed pursuant to NFA’s pre-review program. It may be filed after first use as a requirement imposed by the Compliance Department.
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Question 9 of 10
9. Question
Which of the following must be kept and preserved by each member of supervisory jurisdiction?
I. Complaints outside the scope of FINRA Rule 4513
II. Complaints related to activities supervised from that office
III. A separate file for all written customer complaints and actions taken by the member
IV. A separate record of clear reference to files containing correspondence with such complaintsCorrect
Under FINRA Rule 4513, complaints related to activities supervised from the office must be kept and preserved. A separate file for written complaints and actions taken by any member regarding it shall be provided. The clear reference of correspondence with such complaints shall be provided with a separate record together with the complaints itself.
Incorrect
Under FINRA Rule 4513, complaints related to activities supervised from the office must be kept and preserved. A separate file for written complaints and actions taken by any member regarding it shall be provided. The clear reference of correspondence with such complaints shall be provided with a separate record together with the complaints itself.
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Question 10 of 10
10. Question
Which of the following may a member also do rather than keeping and preserving the customer complaint records required under the FINRA Rule 4513?
Correct
Under FINRA Rule 4513, a member may choose to make the records of customer complaints promptly available at the office and be preserved for a period of at least four years. Preserving these complaints shall not be disposed of for a period of four years for recording purposes. It may also be used as evidence whether the member has taken any actions regarding such, or not.
Incorrect
Under FINRA Rule 4513, a member may choose to make the records of customer complaints promptly available at the office and be preserved for a period of at least four years. Preserving these complaints shall not be disposed of for a period of four years for recording purposes. It may also be used as evidence whether the member has taken any actions regarding such, or not.