Series 24: dates/numbers
Under Code of Procedure, prehearing conference must be held within how many days of receipt of the
respondent's answer to the complaint? - correct answer ✔✔21
Under the Code of Arbitration, a respondent must answer within how many days after receiving a
statement of claim? - correct answer ✔✔45
If not appealed to the NAC, Department of Enforcement findings under the Code of Procedure, other
than barring/expulsion, become effective.. - correct answer ✔✔no earlier than 30 days from the date of
the decision
Within how many days of decision date must an appeal be made? (Code of Procedure) - correct answer
✔✔25
Under the Code of Arbitration, all monetary awards must be paid within how many days of the decision
date? - correct answer ✔✔30
A client of your firms requests a copy of the predispute arbitration signed when the acct was opened
years ago. Under FINRA rules, your firm must respond within how many business days of the request? -
correct answer ✔✔10
Under Code of Procedure, a respondent has 25 days to respond to a compliant from the Dept of
Enforcement. If respondent doesn't answer within 25 days, the dept will send a second notice requiring
an answer within.. - correct answer ✔✔14 days
If a member wishes to appeal an adverse decision in a Code of Procedure hearing, the member first must
appeal to the NAC within how many days of the decision date? - correct answer ✔✔25
Minimum maintenance call for short accounts - correct answer ✔✔30%
, Maintenance call formula for short account - correct answer ✔✔credit balance / 1.3 = SMV at
maintenance
Minimum maintenance call for long accounts - correct answer ✔✔25%
(a) Pattern day trader executes 4+ trades within a 5-business-day period. Minimum equity requirement
for pattern day traders is? (b) Buying power for day traders is how many times the maintenance call
margin? (c) minimum maintenance requirement for pattern day traders? - correct answer ✔✔$25,000 ;
4x ; 25%
minimum requirements for portfolio margin accounts:
- customers of firms that have real-time intraday monitoring systems
- customers of firms that don't have real-time intraday monitoring systems
- prime broker customers/introduced account customers where trades may be executed away from
clearing firm - correct answer ✔✔$100,000; 150,000; 500,000
Long margin account formula - correct answer ✔✔LMV-DR=EQ
LMV^EQ^ creates SMA
LMVvEQv SMA stays same
Borrowing power + Buying power of SMA in Long Margin Account - correct answer ✔✔1x (1:1) ; 2:1 (2x)
Restricted long margin account occurs when? Minimum maintenance call? - correct answer ✔✔<50%;
25%
Maintenance call formula for long margin account - correct answer ✔✔DR/.75=LMVat maintenance
Short margin account formula - correct answer ✔✔CR-SMV=EQ
SMVv = EQ^ = increased SMA
SMV^ = EQv
Under Code of Procedure, prehearing conference must be held within how many days of receipt of the
respondent's answer to the complaint? - correct answer ✔✔21
Under the Code of Arbitration, a respondent must answer within how many days after receiving a
statement of claim? - correct answer ✔✔45
If not appealed to the NAC, Department of Enforcement findings under the Code of Procedure, other
than barring/expulsion, become effective.. - correct answer ✔✔no earlier than 30 days from the date of
the decision
Within how many days of decision date must an appeal be made? (Code of Procedure) - correct answer
✔✔25
Under the Code of Arbitration, all monetary awards must be paid within how many days of the decision
date? - correct answer ✔✔30
A client of your firms requests a copy of the predispute arbitration signed when the acct was opened
years ago. Under FINRA rules, your firm must respond within how many business days of the request? -
correct answer ✔✔10
Under Code of Procedure, a respondent has 25 days to respond to a compliant from the Dept of
Enforcement. If respondent doesn't answer within 25 days, the dept will send a second notice requiring
an answer within.. - correct answer ✔✔14 days
If a member wishes to appeal an adverse decision in a Code of Procedure hearing, the member first must
appeal to the NAC within how many days of the decision date? - correct answer ✔✔25
Minimum maintenance call for short accounts - correct answer ✔✔30%
, Maintenance call formula for short account - correct answer ✔✔credit balance / 1.3 = SMV at
maintenance
Minimum maintenance call for long accounts - correct answer ✔✔25%
(a) Pattern day trader executes 4+ trades within a 5-business-day period. Minimum equity requirement
for pattern day traders is? (b) Buying power for day traders is how many times the maintenance call
margin? (c) minimum maintenance requirement for pattern day traders? - correct answer ✔✔$25,000 ;
4x ; 25%
minimum requirements for portfolio margin accounts:
- customers of firms that have real-time intraday monitoring systems
- customers of firms that don't have real-time intraday monitoring systems
- prime broker customers/introduced account customers where trades may be executed away from
clearing firm - correct answer ✔✔$100,000; 150,000; 500,000
Long margin account formula - correct answer ✔✔LMV-DR=EQ
LMV^EQ^ creates SMA
LMVvEQv SMA stays same
Borrowing power + Buying power of SMA in Long Margin Account - correct answer ✔✔1x (1:1) ; 2:1 (2x)
Restricted long margin account occurs when? Minimum maintenance call? - correct answer ✔✔<50%;
25%
Maintenance call formula for long margin account - correct answer ✔✔DR/.75=LMVat maintenance
Short margin account formula - correct answer ✔✔CR-SMV=EQ
SMVv = EQ^ = increased SMA
SMV^ = EQv
