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Question 1 of 10
1. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price is greater than $50.00 than what should be the transaction’s % difference from the reference price that is calculated in outside normal market hours numerical guidelines?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price is greater than $50.00 than the transaction’s % difference from the reference price should be 6% that is calculated in outside normal market hours numerical guidelines.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price is greater than $50.00 than the transaction’s % difference from the reference price should be 6% that is calculated in outside normal market hours numerical guidelines.
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Question 2 of 10
2. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving five or more, but less than twenty, securities whose executions occurred within a period of five minutes or less than what should be the transaction’s % difference from the reference price that is calculated in outside normal market hours numerical guidelines?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving five or more, but less than twenty, securities whose executions occurred within a period of five minutes or less than the transaction’s % difference from the reference price should be 10% that is calculated in outside normal market hours numerical guidelines.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving five or more, but less than twenty, securities whose executions occurred within a period of five minutes or less than the transaction’s % difference from the reference price should be 10% that is calculated in outside normal market hours numerical guidelines.
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Question 3 of 10
3. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving twenty or more securities whose executions occurred within a period of five minutes or less than what should be the transaction’s % difference from the reference price that is calculated in outside normal market hours numerical guidelines?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving twenty or more securities whose executions occurred within a period of five minutes or less than the transaction’s % difference from the reference price should be 30% that is calculated in outside normal market hours numerical guidelines.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), if the reference price for any events involving twenty or more securities whose executions occurred within a period of five minutes or less than the transaction’s % difference from the reference price should be 30% that is calculated in outside normal market hours numerical guidelines.
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Question 4 of 10
4. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), which of the following authority will nullify as clearly erroneous all transactions that are at prices equal to or greater than 30% away from the Reference Price in each affected security during the review period selected by FINRA?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), FINRA will nullify as clearly erroneous all transactions that are at prices equal to or greater than 30% away from the Reference Price in each affected security during the review period selected by FINRA.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), FINRA will nullify as clearly erroneous all transactions that are at prices equal to or greater than 30% away from the Reference Price in each affected security during the review period selected by FINRA.
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Question 5 of 10
5. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), a series of transactions in a particular security on one or more trading days viewed by which of the following condition, if all such transactions were effected based on the same fundamentally incorrect or grossly misinterpreted issuance information resulting in a severe valuation error for all such transactions (the “Event”)?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), a series of transactions in a particular security on one or more trading days may be viewed as one event if all such transactions were effected based on the same fundamentally incorrect or grossly misinterpreted issuance information resulting in a severe valuation error for all such transactions (the “Event”).
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), a series of transactions in a particular security on one or more trading days may be viewed as one event if all such transactions were effected based on the same fundamentally incorrect or grossly misinterpreted issuance information resulting in a severe valuation error for all such transactions (the “Event”).
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Question 6 of 10
6. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), at what time a FINRA officer, acting on his or her own motion, should take action to declare all transactions that occurred during the Event null and void?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), a FINRA officer, acting on his or her own motion, shall take action to declare all transactions that occurred during the Event null and void not later than the start of trading on the day following the last transaction in the Event.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), a FINRA officer, acting on his or her own motion, shall take action to declare all transactions that occurred during the Event null and void not later than the start of trading on the day following the last transaction in the Event.
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Question 7 of 10
7. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), which of the following authority should take action to declare all transactions that occurred during the Event null and void prior to the resumption of trading, if trading in the security is halted before the valuation error is corrected?
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), If trading in the security is halted before the valuation error is corrected, a FINRA officer shall take action to declare all transactions that occurred during the Event null and void prior to the resumption of trading.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), If trading in the security is halted before the valuation error is corrected, a FINRA officer shall take action to declare all transactions that occurred during the Event null and void prior to the resumption of trading.
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Question 8 of 10
8. Question
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), which of the following authority believes that coordinating with other self-regulatory organizations with the goal of having consistency and transparency regarding the clearly erroneous process is important to the marketplace and to investors.
Correct
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), FINRA believes that coordinating with other self-regulatory organizations with the goal of having consistency and transparency regarding the clearly erroneous process is important to the marketplace and to investors.
Incorrect
In the FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities), FINRA believes that coordinating with other self-regulatory organizations with the goal of having consistency and transparency regarding the clearly erroneous process is important to the marketplace and to investors.
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Question 9 of 10
9. Question
In the FINRA Rule 11891 (General), which of the following statement(s) is/are correct for the terms of a transaction that are “clearly erroneous”?
Correct
In the FINRA Rule 11891 (General), the terms of a transaction are “clearly erroneous” when there is an obvious error in any term, such as price, number of shares or other units of trading, or identification of the security.
Incorrect
In the FINRA Rule 11891 (General), the terms of a transaction are “clearly erroneous” when there is an obvious error in any term, such as price, number of shares or other units of trading, or identification of the security.
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Question 10 of 10
10. Question
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $0.9999 and under, then what should be the transaction’s % difference from the reference price that is calculated in numerical guidelines?
Correct
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $0.9999 and under, then the transaction’s % difference from the reference price should be 20% that is calculated in numerical guidelines.
Incorrect
In the FINRA Rule 11893 (Clearly Erroneous Transactions in OTC Equity Securities), if the reference price is $0.9999 and under, then the transaction’s % difference from the reference price should be 20% that is calculated in numerical guidelines.