Series 24 1.1
Under SEC Rule 17f-2, an associated person is exempt from the fingerprinting
requirement if they submit illegible fingerprint cards on at least how many
occasions? - correct answer ✔If 3 fingerprint cards are returned to the
member as illegible, that person is exempt from the fingerprinting requirement.
What happens when a registered representative has been called into active
overseas military duty? - correct answer ✔When called into active military
service, that person will be placed in a specifically designated inactive status.
All CE credits are waived.
If a person is convicted of a felony what happens to the representative? -
correct answer ✔A person is subject to a statutory disqualification if
convicted of fraud, embezzlement etc., or any other felony within ten years of
the date of the filing of an application to become associated with a member.
Registered persons who have been convicted within the past 10 years of any
felony or any securities related misdemeanor will? - correct answer ✔be
subject to a statutory disqualification.
When an employer terminates a registered employee what are they required
to do? - correct answer ✔The employer is required to file a form U-5 within
30 days. A copy must be provided to the representative with the same time
frame and the firm must notify the company.
When is MC-400 filed? - correct answer ✔Form MC-400 is filed only when
requesting from FINRA permission to employ, not terminate.
, If an associated person is denied registration, suspended, or expelled by
another SRO who must be notified? - correct answer ✔FINRA must be
notified. There is no requirement to notify the SEC.
Who may approve advertising for municipal securities, including municipal
fund securities? - correct answer ✔Advertising for municipal securities,
including municipal fund securities, may be approved by either a Series 24 or
a Series 53 principal.
A series 51 principal is only permitted to approve? - correct answer ✔A
Series 51 principal is only permitted to approve advertising for municipal fund
securities.
A series 26 principal may only approve? - correct answer ✔A Series 26
principal may only approve retail communications for broker/dealers whose
line of business is limited to investment company products sold by prospectus.
If an individual is convicted of a money- or securities-related fraud, FINRA
may rightfully deny registration to that individual for how many years from the
conviction date? - correct answer ✔Disciplinary sanctions within the previous
10 years by the SEC, another SRO, a foreign financial regulator, or a state
can be cause for statutory disqualification (SD) from FINRA membership for
an indefinite period.
If a member learns facts that show a Form U-5 filing to be inaccurate, the
member must file an amended form within how many days? - correct answer
✔If a member learns facts that show a Form U-5 filing to be inaccurate, the
member must file an amended form within 30 days.
Arbitration awards must be paid within how many days of the decision date? -
correct answer ✔Arbitration awards must be paid within 30 days of decision
date.
Under SEC Rule 17f-2, an associated person is exempt from the fingerprinting
requirement if they submit illegible fingerprint cards on at least how many
occasions? - correct answer ✔If 3 fingerprint cards are returned to the
member as illegible, that person is exempt from the fingerprinting requirement.
What happens when a registered representative has been called into active
overseas military duty? - correct answer ✔When called into active military
service, that person will be placed in a specifically designated inactive status.
All CE credits are waived.
If a person is convicted of a felony what happens to the representative? -
correct answer ✔A person is subject to a statutory disqualification if
convicted of fraud, embezzlement etc., or any other felony within ten years of
the date of the filing of an application to become associated with a member.
Registered persons who have been convicted within the past 10 years of any
felony or any securities related misdemeanor will? - correct answer ✔be
subject to a statutory disqualification.
When an employer terminates a registered employee what are they required
to do? - correct answer ✔The employer is required to file a form U-5 within
30 days. A copy must be provided to the representative with the same time
frame and the firm must notify the company.
When is MC-400 filed? - correct answer ✔Form MC-400 is filed only when
requesting from FINRA permission to employ, not terminate.
, If an associated person is denied registration, suspended, or expelled by
another SRO who must be notified? - correct answer ✔FINRA must be
notified. There is no requirement to notify the SEC.
Who may approve advertising for municipal securities, including municipal
fund securities? - correct answer ✔Advertising for municipal securities,
including municipal fund securities, may be approved by either a Series 24 or
a Series 53 principal.
A series 51 principal is only permitted to approve? - correct answer ✔A
Series 51 principal is only permitted to approve advertising for municipal fund
securities.
A series 26 principal may only approve? - correct answer ✔A Series 26
principal may only approve retail communications for broker/dealers whose
line of business is limited to investment company products sold by prospectus.
If an individual is convicted of a money- or securities-related fraud, FINRA
may rightfully deny registration to that individual for how many years from the
conviction date? - correct answer ✔Disciplinary sanctions within the previous
10 years by the SEC, another SRO, a foreign financial regulator, or a state
can be cause for statutory disqualification (SD) from FINRA membership for
an indefinite period.
If a member learns facts that show a Form U-5 filing to be inaccurate, the
member must file an amended form within how many days? - correct answer
✔If a member learns facts that show a Form U-5 filing to be inaccurate, the
member must file an amended form within 30 days.
Arbitration awards must be paid within how many days of the decision date? -
correct answer ✔Arbitration awards must be paid within 30 days of decision
date.
