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Question 1 of 10
1. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), wherefrom written approval should be taken by members of limited size and resources that have more than one associated person to assign primary and supervisory responsibility for each account to the same associated person?
Correct
Members of limited size and resources that have more than one associated person may seek FINRA’s prior written approval to assign primary and supervisory responsibility for each account to the same associated person.
Incorrect
Members of limited size and resources that have more than one associated person may seek FINRA’s prior written approval to assign primary and supervisory responsibility for each account to the same associated person.
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Question 2 of 10
2. Question
In the FINRA Rule 4524 (Supplemental FOCUS Information), which type of supplement information should be filled as FOCUS reports required pursuant to SEA Rule 17a-5 and FINRA Rule 2010 by each FINRA’s designated member for the protection of investors or in the public interest?
Correct
As a supplement to filing FOCUS reports required pursuant to SEA Rule 17a-5 and FINRA Rule 2010, each FINRA’s designated member shall file such additional financial or operational schedules or reports as FINRA may deem necessary or appropriate for the protection of investors or in the public interest.
Incorrect
As a supplement to filing FOCUS reports required pursuant to SEA Rule 17a-5 and FINRA Rule 2010, each FINRA’s designated member shall file such additional financial or operational schedules or reports as FINRA may deem necessary or appropriate for the protection of investors or in the public interest.
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Question 3 of 10
3. Question
In the FINRA Rule 4524 (Supplemental FOCUS Information), the content of financial or operational schedules or reports, their format, and the timing and the frequency of such supplemental filings shall be specified in which of the following?
Correct
The content of financial or operational schedules or reports, their format, and the timing and the frequency of such supplemental filings shall be specified in a Regulatory Notice (or similar communication) issued pursuant to this Rule.
Incorrect
The content of financial or operational schedules or reports, their format, and the timing and the frequency of such supplemental filings shall be specified in a Regulatory Notice (or similar communication) issued pursuant to this Rule.
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Question 4 of 10
4. Question
In the FINRA Rule 4524 (Supplemental FOCUS Information), which type of content should be specified in a Regulatory Notice (or similar communication) issued pursuant to this Rule?
Correct
The content of financial or operational schedules or reports, their format, and the timing and the frequency of such supplemental filings shall be specified in a Regulatory Notice (or similar communication) issued pursuant to this Rule.
Incorrect
The content of financial or operational schedules or reports, their format, and the timing and the frequency of such supplemental filings shall be specified in a Regulatory Notice (or similar communication) issued pursuant to this Rule.
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Question 5 of 10
5. Question
In the FINRA Rule 2261 (Disclosure of Financial Condition), which type of information should be made available by a member for inspection by a bona fide regular customer upon his request?
Correct
A member shall make available the information relative to such member’s financial condition as disclosed in its most recent balance sheet prepared either in accordance with such member’s usual practice or as required by any state or federal securities laws, or any rule or regulation thereunder to inspection by any bona fide regular customer upon request.
Incorrect
A member shall make available the information relative to such member’s financial condition as disclosed in its most recent balance sheet prepared either in accordance with such member’s usual practice or as required by any state or federal securities laws, or any rule or regulation thereunder to inspection by any bona fide regular customer upon request.
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Question 6 of 10
6. Question
In the FINRA Rule 2261 (Disclosure of Financial Condition), the information relative to such member’s financial condition as disclosed in its most recent balance sheet, what method is used by a member to deliver the balance sheet to the requesting bona fide regular customer?
Correct
In lieu of making such a balance sheet available to inspection, a member may deliver the balance sheet to the requesting bona fide regular customer in paper or electronic form; provided that with respect to electronic delivery, the customer must consent to receive the balance sheet in electronic form.
Incorrect
In lieu of making such a balance sheet available to inspection, a member may deliver the balance sheet to the requesting bona fide regular customer in paper or electronic form; provided that with respect to electronic delivery, the customer must consent to receive the balance sheet in electronic form.
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Question 7 of 10
7. Question
In the FINRA Rule 2261 (Disclosure of Financial Condition), which of the following person is recognized as bona fide regular customer?
Correct
The bona fide regular customer means any person who has cash or securities in the possession of such a member in the regular course of such member’s business.
Incorrect
The bona fide regular customer means any person who has cash or securities in the possession of such a member in the regular course of such member’s business.
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Question 8 of 10
8. Question
In the FINRA Rule 1017, which of the following conditions a member should file an application for approval of any changes to its ownership, control, or business operations?
Correct
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a merger of the member with another member unless both are members of the New York Stock Exchange, Inc. or the surviving entity will continue to be a member of the New York Stock Exchange, Inc.
Incorrect
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a merger of the member with another member unless both are members of the New York Stock Exchange, Inc. or the surviving entity will continue to be a member of the New York Stock Exchange, Inc.
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Question 9 of 10
9. Question
In the FINRA Rule 1017, which of the following conditions a member should file an application for approval of any changes to its ownership, control, or business operations?
Correct
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a direct or indirect acquisition by the member of another member unless the acquiring member is a member of the New York Stock Exchange, Inc.
Incorrect
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a direct or indirect acquisition by the member of another member unless the acquiring member is a member of the New York Stock Exchange, Inc.
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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), how many months rolling required to measure aggregate of the member’s earnings to file an application for direct or indirect acquisitions or transfers of 25 percent or more in the aggregate of the member’s assets that generates revenues composing 25 percent or more in the aggregate?
Correct
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, direct or indirect acquisitions or transfers of 25 percent or more in the aggregate of the member’s assets that generates revenues composing 25 percent or more in the aggregate of the member’s earnings measured on a rolling 36-month basis, unless both the seller and acquirer are members of the New York Stock Exchange, Inc.
Incorrect
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, direct or indirect acquisitions or transfers of 25 percent or more in the aggregate of the member’s assets that generates revenues composing 25 percent or more in the aggregate of the member’s earnings measured on a rolling 36-month basis, unless both the seller and acquirer are members of the New York Stock Exchange, Inc.