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Question 1 of 10
1. Question
Which of the following requirements are needed to be filed for individuals who are principals of an applicant or registrant firm?
I. Verification of the Form 7-R
II. Fingerprint Cards
III. A non-refundable Principal Application Fee of $100
IV. A completed online Form 7-RCorrect
Principals do not apply for registration but there are requirements that are needed to be filed. A completed online and verification of Form 8-R and the non-refundable Principal Application Fee of $85 are required to be filed for individuals who are principals of an applicant or registrant firm.
Incorrect
Principals do not apply for registration but there are requirements that are needed to be filed. A completed online and verification of Form 8-R and the non-refundable Principal Application Fee of $85 are required to be filed for individuals who are principals of an applicant or registrant firm.
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Question 2 of 10
2. Question
What are the requirements needed when registering as a non-natural person floor trader (FTF)?
I. Submit proof from a contract market or SEF that the FTF has been granted trading privileges. The contract market or SEF may provide proof after the application has been filed
II. Submit fingerprint cards
III. Complete online Form 8-R
IV. Pay a non-refundable application fee of $85Correct
When registering as a non-natural person floor trader (FTF), in order to obtain safe access to NFA ORS, they must designate a Security Manager. Online Form 7-R must be completed and a non-refundable application fee of $200 must be paid.
Incorrect
When registering as a non-natural person floor trader (FTF), in order to obtain safe access to NFA ORS, they must designate a Security Manager. Online Form 7-R must be completed and a non-refundable application fee of $200 must be paid.
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Question 3 of 10
3. Question
What are the following requirements that must be completed when registering as a Futures Commission Merchant (FCM)?
I. Designate a Security Manager in order to obtain secure access to NFA’s Online Registration System (ORS)
II. Pay a non-refundable FCM membership dues
III. Satisfy compliance requirements for FCM applicants
IV. Submit fingerprint cardsCorrect
When registering as a Futures Commission Merchant (FCM) and to become an NFA Member, the following requirements must be filed or completed. Additional requirements include an online Form 7-R, online NFA membership application, and an online Annual Questionnaire must be completed. Lastly, a non-refundable application fee of $500 must be paid.
Incorrect
When registering as a Futures Commission Merchant (FCM) and to become an NFA Member, the following requirements must be filed or completed. Additional requirements include an online Form 7-R, online NFA membership application, and an online Annual Questionnaire must be completed. Lastly, a non-refundable application fee of $500 must be paid.
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Question 4 of 10
4. Question
Which of the following best describes a “monetary sanctions”?
Correct
Under the Commodity Exchange Act, the monies deposited into a disorgement fund or other funds are called the “monetary sanctions”. These include penalties, disorgement, restitution, and interest ordered to be paid. These monetary sanctions are used for any judicial and administrative action.
Incorrect
Under the Commodity Exchange Act, the monies deposited into a disorgement fund or other funds are called the “monetary sanctions”. These include penalties, disorgement, restitution, and interest ordered to be paid. These monetary sanctions are used for any judicial and administrative action.
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Question 5 of 10
5. Question
Under the Commodity Exchange Act, which of the following best describes the “original information”?
Correct
The independent knowledge or analysis of a whistleblower is the “original information” as described in the Commodity Exchange Act. This information is not exclusively from an allegation made in a judicial or administrative hearing unless the whistleblower is the main source of the information.
Incorrect
The independent knowledge or analysis of a whistleblower is the “original information” as described in the Commodity Exchange Act. This information is not exclusively from an allegation made in a judicial or administrative hearing unless the whistleblower is the main source of the information.
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Question 6 of 10
6. Question
Which of the following best describes a “successful resolution” as defined in the Commodity Exchange Act?
Correct
As defined in the Commodity Exchange Act, the term “successful resolution” means the settlements of the action with respect to the judicial or administrative actions. This judicial or administrative actions were brought by the whistleblowers who provided original information which leads to a successful enforcement of such action.
Incorrect
As defined in the Commodity Exchange Act, the term “successful resolution” means the settlements of the action with respect to the judicial or administrative actions. This judicial or administrative actions were brought by the whistleblowers who provided original information which leads to a successful enforcement of such action.
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Question 7 of 10
7. Question
What amount shall the whistleblower receive as an award for providing original information that led to the successful enforcement of the judicial action?
I. In an amount not less than 10 percent of the imposed monetary sanctions
II. In an amount not less than 30 percent of the imposed monetary sanctions
III. In an amount not more than 10 percent of the imposed monetary sanctions
IV. In an amount not more than 30 percent of the imposed monetary sanctionsCorrect
The awards for the whistleblowers who provided original information to the judicial and administrative actions shall be not less than 10 percent and not more than 30 percent of the imposed monetary sanctions. This award shall be paid to one or more whistleblowers who contributed to giving original information for the successful enforcement of the covered judicial or administrative action.
Incorrect
The awards for the whistleblowers who provided original information to the judicial and administrative actions shall be not less than 10 percent and not more than 30 percent of the imposed monetary sanctions. This award shall be paid to one or more whistleblowers who contributed to giving original information for the successful enforcement of the covered judicial or administrative action.
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Question 8 of 10
8. Question
In determining the amount of an award for the whistleblowers, what shall be considered?
I. The degree of assistance provided by the whistleblower
II. The programmatic interest of the Commision in deterring violations
III. The irrelevant factors established by the Commission
IV. The significance of the information provided by the whistleblowerCorrect
The degree of assistance, programmatic interest, and significance of the information provided by the whistleblower shall be considered in determining the amount of an award to be given to them. The award to be received by the whistleblower shall not be less than 10 percent and not more than 30 percent of the monetary sanctions imposed by the Commission.
Incorrect
The degree of assistance, programmatic interest, and significance of the information provided by the whistleblower shall be considered in determining the amount of an award to be given to them. The award to be received by the whistleblower shall not be less than 10 percent and not more than 30 percent of the monetary sanctions imposed by the Commission.
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Question 9 of 10
9. Question
Which whistleblowers may be entitled in receving any awards from the Commission?
Correct
A whistleblower who is a member, officer, or employee of a registered entity, Department of Justice, a regulatory agency, a registered futures association, or a self-regulatory organization shall not be entitled to any awards imposed by the Commission based on the monetary sanctions. It shall also not be given to whistleblowers who convicted a criminal violation to administrative action.
Incorrect
A whistleblower who is a member, officer, or employee of a registered entity, Department of Justice, a regulatory agency, a registered futures association, or a self-regulatory organization shall not be entitled to any awards imposed by the Commission based on the monetary sanctions. It shall also not be given to whistleblowers who convicted a criminal violation to administrative action.
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Question 10 of 10
10. Question
Which of the following is correct in claiming the award by the whistleblower?
Correct
In claiming an award for the whistleblower, it may be claimed or represented by a counsel. However, the counsel shall provide the information regarding the claim as a basis for representing the whistleblower. It may be required by the Commission directly, or through the counsel of the whistleblower.
Incorrect
In claiming an award for the whistleblower, it may be claimed or represented by a counsel. However, the counsel shall provide the information regarding the claim as a basis for representing the whistleblower. It may be required by the Commission directly, or through the counsel of the whistleblower.