FINRA Series 54 - Pauline - Quiz 11.new
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Question 1 of 10
1. Question
What are the three (3) notifications that MSRB provided to its customers and municipal advisory clients?
Correct
As per MSRB Rule G-10, the MSRB regulated entities must provide three (3) notifications to their customers and municipal advisory clients. These notifications are the following: Notification of their registration with SEC and MSRB; The MSRB’s website address; and; The availability of informational brochures for customers and municipal advisory clients. These notifications may be in written form or these may be sent electronically to their clients. They can also post these notifications to their websites.
Incorrect
As per MSRB Rule G-10, the MSRB regulated entities must provide three (3) notifications to their customers and municipal advisory clients. These notifications are the following: Notification of their registration with SEC and MSRB; The MSRB’s website address; and; The availability of informational brochures for customers and municipal advisory clients. These notifications may be in written form or these may be sent electronically to their clients. They can also post these notifications to their websites.
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Question 2 of 10
2. Question
Which of the following statement/s is/are true about MSRB Rule G-20?
I. This prohibits dealers and municipal advisors from giving gifts and/or providing services in excess of $100 to a person related to the municipal securities activities of a person’s employer and limits the giving and acceptance of non-cash compensation by dealers, subject to exceptions.
II. This allows dealers and municipal advisors from giving gifts and/or providing services amounting more than $100 to a person related to the municipal securities activities of a person’s employer and it encourages the giving and the acceptance of non-cash compensation by dealers, subject to exception.
III. The purpose of this rule is to maintain the integrity of the municipal securities market and to preserve investor and public confidence in the municipal securities market.
IV. The purpose of this rule is to ban all non-abiding dealers and municipal advisors for non-compliance with the MSRB RulesCorrect
As per MSRB Rule G-20, dealers and municipal advisors are discouraged from giving gifts and/or providing services in excess of $100 to a person related to the municipal securities activities of a person’s employer and limits the giving and acceptance of non-cash compensation by dealers, subject to exceptions. The purpose of this rule is to maintain the integrity of the municipal securities market and to preserve investor and public confidence in the municipal securities market.
Incorrect
As per MSRB Rule G-20, dealers and municipal advisors are discouraged from giving gifts and/or providing services in excess of $100 to a person related to the municipal securities activities of a person’s employer and limits the giving and acceptance of non-cash compensation by dealers, subject to exceptions. The purpose of this rule is to maintain the integrity of the municipal securities market and to preserve investor and public confidence in the municipal securities market.
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Question 3 of 10
3. Question
What are the purposes of MSRB Rule G-37?
I. To ensure that the high standard and integrity of the municipal securities market are maintained.
II. To oversee brokers, dealers, municipal advisors, and municipal security dealers if they follow the standard rates.
III. To prevent fraudulent and manipulative acts and practices.
IV. To maintain peace and order among the regulated entities.Correct
As per MSRB Rule G-37, the purpose of this rule is to ensure that the high standards and integrity of the municipal securities are maintained and to prevent fraudulent and manipulative acts and practices. Also, to promote just and equitable principles of trade, to perfect a free and open market, and to protect investors, municipal entities, obligated persons, and the public interest by prohibiting brokers that engages in a municipal advisory business with municipal entities if there are certain political contributions have been made and requiring dealers and municipal advisors to disclose certain political contribution.
Incorrect
As per MSRB Rule G-37, the purpose of this rule is to ensure that the high standards and integrity of the municipal securities are maintained and to prevent fraudulent and manipulative acts and practices. Also, to promote just and equitable principles of trade, to perfect a free and open market, and to protect investors, municipal entities, obligated persons, and the public interest by prohibiting brokers that engages in a municipal advisory business with municipal entities if there are certain political contributions have been made and requiring dealers and municipal advisors to disclose certain political contribution.
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Question 4 of 10
4. Question
If a municipal security dealer engaged in a municipal securities business with a municipal entity within two (2) years after contribution to an official of a municipal entity made by a political action committee under the influence of the dealer selection, how long does the ban of operations will be imposed on the institution?
Correct
As per MSRB Rule G-37, a two (2) year ban will be imposed on the institution that engaged in a municipal securities business with a municipal entity within two (2) years after contribution to an official of a municipal entity with dealer selection influence These engagements are made by either a dealer, a municipal finance professional of the dealer, or a political action committee controlled by either the dealer or a municipal finance professional of the dealer.
Incorrect
As per MSRB Rule G-37, a two (2) year ban will be imposed on the institution that engaged in a municipal securities business with a municipal entity within two (2) years after contribution to an official of a municipal entity with dealer selection influence These engagements are made by either a dealer, a municipal finance professional of the dealer, or a political action committee controlled by either the dealer or a municipal finance professional of the dealer.
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Question 5 of 10
5. Question
What is the contribution made by a municipal finance professional or a municipal advisor professional who is entitled to vote for the office of the municipal entity?
Correct
According to MSRB Rule G-37, De Minimis Contribution or also known as Voting Rights is a contribution made by a municipal finance professional or a municipal advisor who is entitled to vote for the office of the municipal entity. The contribution made to the official municipal entity by such person per election does not exceed $250.
Incorrect
According to MSRB Rule G-37, De Minimis Contribution or also known as Voting Rights is a contribution made by a municipal finance professional or a municipal advisor who is entitled to vote for the office of the municipal entity. The contribution made to the official municipal entity by such person per election does not exceed $250.
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Question 6 of 10
6. Question
Which statements are true about Contributions Made Before Becoming a Dealer Solicitor or Municipal Advisor Solicitor?
I. The contribution is made by a natural person who was associated with the dealer solicitor or with the municipal advisor solicitor.
II. The contribution is made by a natural person who became and is a municipal finance professional, or municipal advisor professional, or both dealer solicitor and/or municipal advisor solicitor.
III. The contribution is made by a natural person who was not a municipal finance professional or municipal advisor professional at the time of contribution.
IV. The contribution is made by a natural person who was appointed by the dealer solicitor or the municipal advisor solicitor to give the payments.Correct
In MSRB Rule G-37, the Contributions Made Before Becoming a Dealer Solicitor or a Municipal Advisor Solicitor is made by a natural person who: (a) was not a municipal finance professional or a municipal advisor professional at the time of the contribution; (b) became and is a municipal finance professional or a municipal advisor professional, or both, solely on the basis of being a dealer solicitor and/or municipal advisor; and; (c) since becoming a municipal finance professional and/or municipal advisor professional has not solicited the municipal entity, however, that this non-solicitation condition is not required for this exclusion after two (2) years have elapsed since the making of the contribution.
Incorrect
In MSRB Rule G-37, the Contributions Made Before Becoming a Dealer Solicitor or a Municipal Advisor Solicitor is made by a natural person who: (a) was not a municipal finance professional or a municipal advisor professional at the time of the contribution; (b) became and is a municipal finance professional or a municipal advisor professional, or both, solely on the basis of being a dealer solicitor and/or municipal advisor; and; (c) since becoming a municipal finance professional and/or municipal advisor professional has not solicited the municipal entity, however, that this non-solicitation condition is not required for this exclusion after two (2) years have elapsed since the making of the contribution.
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Question 7 of 10
7. Question
Which is true about the Contributions Made by Certain Persons More Than Six (6) Months Before a Municipal Finance Professional or Municipal Advisor Professional?
I. The contribution made by a person who is a municipal finance principal was made more than six (6) months before becoming a municipal professional.
II. The contribution made by a person who is a municipal advisor supervisory chain person was made more than six (6) months before becoming a municipal advisor professional.
III. The contribution made by a person who is a dealer supervisory chain person was made more than one (1) year before becoming a municipal professional.
IV. The contribution made by a person who is a municipal advisor executive officer was made more than one (1) year before becoming a municipal professional.Correct
As per MSRB Rule G-37, Contributions Made by Certain Persons More Than Six (6) Months Before Becoming a Municipal Finance Personal or Municipal Advisor Professional was made by a person who is either or both of the following: (a) a municipal finance professional solely based on the activities as a municipal finance principal, dealer supervisory chain person, or dealer executive officer; and/or; (b) a municipal advisor professional solely based on activities as a municipal advisor principal, municipal advisor supervisory chain person, or municipal advisor executive officer. These persons must have made their contributions more than six (6) months before becoming either a municipal finance professional or a municipal advisory professional.
Incorrect
As per MSRB Rule G-37, Contributions Made by Certain Persons More Than Six (6) Months Before Becoming a Municipal Finance Personal or Municipal Advisor Professional was made by a person who is either or both of the following: (a) a municipal finance professional solely based on the activities as a municipal finance principal, dealer supervisory chain person, or dealer executive officer; and/or; (b) a municipal advisor professional solely based on activities as a municipal advisor principal, municipal advisor supervisory chain person, or municipal advisor executive officer. These persons must have made their contributions more than six (6) months before becoming either a municipal finance professional or a municipal advisory professional.
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Question 8 of 10
8. Question
What are the procedures and other information that must include in a supervisory system?
I. Head of Finance
II. Appropriate Principal
III. Written Supervisory Procedures
IV. Credit Approval ProceduresCorrect
In accordance with MSRB Rule G-44, a supervisory system must provide the following: (1) Written Supervisory Procedures that contains the establishment, implementation, maintenance, and enforcements of supervisory procedures that are designed to ensure that the conduct of the municipal advisory activities of the municipal advisor and associated persons are following the rules; and ; (2) The appropriate principal is the designated one (1) or more municipal advisor principals who are responsible for the supervision required by this rule.
Incorrect
In accordance with MSRB Rule G-44, a supervisory system must provide the following: (1) Written Supervisory Procedures that contains the establishment, implementation, maintenance, and enforcements of supervisory procedures that are designed to ensure that the conduct of the municipal advisory activities of the municipal advisor and associated persons are following the rules; and ; (2) The appropriate principal is the designated one (1) or more municipal advisor principals who are responsible for the supervision required by this rule.
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Question 9 of 10
9. Question
What kind of system must each municipal advisor establish, implement, and maintain a system to supervise the activities of the municipal advisors and its associated persons?
Correct
Under the MSRB Rule G-44, a municipal advisor must establish, implement and maintain a supervisory system to supervise the municipal activities of the municipal advisors and its associated persons that achieve compliance with security laws and regulations and even the applicable Board rule. A supervisory system shall provide the following: a written supervisory procedure and compliance process.
Incorrect
Under the MSRB Rule G-44, a municipal advisor must establish, implement and maintain a supervisory system to supervise the municipal activities of the municipal advisors and its associated persons that achieve compliance with security laws and regulations and even the applicable Board rule. A supervisory system shall provide the following: a written supervisory procedure and compliance process.
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Question 10 of 10
10. Question
What kind of process must each municipal advisor have in place in order to establish, maintain, review, test, and modify written compliance policies and written supervisory procedures?
Correct
In MSRB Rule G-44, a municipal advisory must have compliance processes in order to establish, maintain, review, test, and modify written compliance policies and written supervisory procedures. These processes make sure that the compliance policies and written supervisory procedures are designed to achieve compliance with the applicable rules and must conduct a review of the compliance policies and supervisory procedures.
Incorrect
In MSRB Rule G-44, a municipal advisory must have compliance processes in order to establish, maintain, review, test, and modify written compliance policies and written supervisory procedures. These processes make sure that the compliance policies and written supervisory procedures are designed to achieve compliance with the applicable rules and must conduct a review of the compliance policies and supervisory procedures.