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Question 1 of 10
1. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), how much fee should be retained by FINRA as processing fee, If an Applicant withdraws an application within 30 days after filing the application?
Correct
If an Applicant withdraws an application within 30 days after filing the application, FINRA shall refund the application fee, less $500, which shall be retained by FINRA as a processing fee.
Incorrect
If an Applicant withdraws an application within 30 days after filing the application, FINRA shall refund the application fee, less $500, which shall be retained by FINRA as a processing fee.
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Question 2 of 10
2. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), within how many days after the filing of the application, the Department may require the Applicant to participate in a membership interview?
Correct
The Department may require the Applicant to participate in a membership interview within 30 days after the filing of the application, or if the Department requests additional information or documents, within 30 days after the filing of the additional information or documents by the Applicant.
Incorrect
The Department may require the Applicant to participate in a membership interview within 30 days after the filing of the application, or if the Department requests additional information or documents, within 30 days after the filing of the additional information or documents by the Applicant.
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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), how many days before the membership interview, the Department shall serve on the Applicant a written notice that specifies the date and time of the interview and persons who are required to participate in the interview?
Correct
At least seven days before the membership interview, the Department shall serve on the Applicant a written notice that specifies the date and time of the interview and persons who are required to participate in the interview. The Department shall serve the notice by facsimile or overnight courier.
Incorrect
At least seven days before the membership interview, the Department shall serve on the Applicant a written notice that specifies the date and time of the interview and persons who are required to participate in the interview. The Department shall serve the notice by facsimile or overnight courier.
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Question 4 of 10
4. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), what method should be adopted by the Department to serve on the Applicant, that informs the date and time of the interview and persons who are required to participate in the membership interview?
Correct
At least seven days before the membership interview, the Department shall serve on the Applicant a written notice that specifies the date and time of the interview and persons who are required to participate in the interview. The Department shall serve the notice by facsimile or overnight courier.
Incorrect
At least seven days before the membership interview, the Department shall serve on the Applicant a written notice that specifies the date and time of the interview and persons who are required to participate in the interview. The Department shall serve the notice by facsimile or overnight courier.
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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 type information should be included on a written notice that served by the Department to the Applicant at least seven days before the membership interview?
Correct
At least seven days before the membership interview, the Department shall serve on the Applicant a written notice that specifies the date and time of the interview and persons who are required to participate in the interview. The Department shall serve the notice by facsimile or overnight courier.
Incorrect
At least seven days before the membership interview, the Department shall serve on the Applicant a written notice that specifies the date and time of the interview and persons who are required to participate in the interview. The Department shall serve the notice by facsimile or overnight courier.
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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), what type of courier method should be adopted by the Department to serve on the Applicant a written notice that specifies the date and time of the interview and persons who are required to participate in the interview?
Correct
At least seven days before the membership interview, the Department shall serve on the Applicant a written notice that specifies the date and time of the interview and persons who are required to participate in the interview. The Department shall serve the notice by facsimile or overnight courier.
Incorrect
At least seven days before the membership interview, the Department shall serve on the Applicant a written notice that specifies the date and time of the interview and persons who are required to participate in the interview. The Department shall serve the notice by facsimile or overnight courier.
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Question 7 of 10
7. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), which of the following location the membership interview should be conducted, unless the Department and the Applicant otherwise agree?
Correct
Unless the Department and the Applicant otherwise agree, the membership interview shall be conducted in the district office for the district in which the Applicant has its principal place of business.
Incorrect
Unless the Department and the Applicant otherwise agree, the membership interview shall be conducted in the district office for the district in which the Applicant has its principal place of business.
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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), wherefrom the Department obtains any information or document upon which the Department intends to base its decision?
Correct
The Department shall provide to the Applicant’s representative or representatives any information or document that the Department has obtained from the Central Registration Depository or a source other than the Applicant and upon which the Department intends to base its decision.
Incorrect
The Department shall provide to the Applicant’s representative or representatives any information or document that the Department has obtained from the Central Registration Depository or a source other than the Applicant and upon which the Department intends to base its decision.
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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), which of the following step should be taken by the Department, If the Department receives any information or document after the membership interview?
Correct
If the Department receives such information or document after the membership interview or decides to base its decision on such information after the membership interview, the Department shall promptly serve the information or document and an explanation thereof on the Applicant.
Incorrect
If the Department receives such information or document after the membership interview or decides to base its decision on such information after the membership interview, the Department shall promptly serve the information or document and an explanation thereof on the Applicant.
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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), which of the following should be considered by the Department upon which the Department intends to base its decision?
Correct
The Department shall consider the application, the membership interview, other information and documents provided by the Applicant or obtained by the Department, the public interest, and the protection of investors upon which the Department intends to base its decision.
Incorrect
The Department shall consider the application, the membership interview, other information and documents provided by the Applicant or obtained by the Department, the public interest, and the protection of investors upon which the Department intends to base its decision.