Series 53 UPDATED ACTUAL Exam
Questions and CORRECT Answers
3 business days
4 business days
if protested, the dealers must promptly settle differences - CORRECT ANSWER - A dealer
receives transfer instructions from another dealer, the dealer must validate or protest instructions
within X business days
once the dealer has validated the instructions, the account transfer must happen within X
business days
fin lop - CORRECT ANSWER - currency transaction reports must be reported to ?
30 days following the date all securities have been delivered by the issuer to the syndicate
this date is when the bonds are delivered to the uw by the issuer - CORRECT ANSWER -
syndicate settlement date is defined as and when is it ?
in charge of a business unit that does not include a MFP. Someone who exclusively sells munis
is not defined as a MFP - CORRECT ANSWER - 2 examples of a non-MFP
all registered personnel. everyone. - CORRECT ANSWER - who must attend compliance
meetings
general comparisons between tax exempt and taxable - estimates about future retirement needs,
assessment of their profile, historic differences, effects of inflation. comparing a bond subject to
,AMT to a bond not is recommendation? Q 28 on federal rule* - CORRECT ANSWER - what
is not considered investment strategy to the MSRB (you can make this without it being "advice")
must be reported to RTTM - CORRECT ANSWER - match data
two entities pay int principal and interest - go and rev - CORRECT ANSWER - double
barreled bonds
limited principal doesn't exist - underneath is sales limited and muni fund limited - CORRECT
ANSWER - municipal securities principal vs municipal securities limited principal
The dealer, on a quarterly basis.
This form discloses any political contributions made - CORRECT ANSWER - who is
required to file G37 with the MSRB
do the transaction, no extra reporting or anything - CORRECT ANSWER - if the broker
dealer informs the customer that a transaction is not suitable and the customer still wants to do it,
what must the dealer do?
hosting fundraising is the worst - CORRECT ANSWER - MFP can solicit votes or hold
fundraising events
you have to take the 7 bc bond funds are considered investment companies - CORRECT
ANSWER - if you want to sell bond funds, do you just take the 53 or more
requires filed reports to keep records of cash transactiosn - CORRECT ANSWER - Bank
security Act
filed if a transaction involves at least 5k and the member has reason to think something weird is
happening - CORRECT ANSWER - SAR - suspicious activity report
,cash deposit of more than 10k in one single day triggers this,
JUST CASH - checks and credit checks wont trigger this
filed on FinCEN for 104 - CORRECT ANSWER - CTR - Currency trasanction report
and who is it reported to
signature of the client
you DO need to report information about the customer used in making recommendations -
CORRECT ANSWER - what information is NOT required when filing information on a
RETAIL customer (including high net wroth individual)
- business relationship (existing cutomer) - CORRECT ANSWER - when can you cold call
outside of regular business hours
msrb does not and treasury dept - CORRECT ANSWER - who does not enforce securities
regulartionfrom the MSRB
maturity - CORRECT ANSWER - discount bond is priced to
managing underwriter - CORRECT ANSWER - who is reposnibly for maintaining records of
syndicate transactions
its never allowed. you can volunteer if it is not directly related to campaign solicitations. -
CORRECT ANSWER - msrb thoughts on fundraising
one per each election like primary and then for general - CORRECT ANSWER - when giving
money to candidates, can you to how many of their elections
, if dicount or premium that a portion of the yield to maturity is taxable if the bond is held to
maturity making the after tax return between 10-12 (bc it was bought at discount) - CORRECT
ANSWER - advertising on a tax exempt bond that says what it is priced to should also detail
INFORMATION (not trasactions) of ARS and VRDOs from by 630pm day of information of
transaction. information tho.
secondary transactions - CORRECT ANSWER - SHORT is used for
ATS is for
ALL OF TEM. doesn't matter if SMMP
review all of them
approve discretionary - CORRECT ANSWER - which trasnactions do principals have to
review at the firm, and with discretionary?
not the MSRB, principal yes - CORRECT ANSWER - who approves advertising
must review but not approve ALL outgoing communications with the public - CORRECT
ANSWER - to what extent do principals need to review emails of their below
25 or more, even without lots of details and just small details - CORRECT ANSWER - how
many clients to make an email advertisiing
once every 4 calendar years - CORRECT ANSWER - how often do broker dealers have to be
examined to ensure compliance
concrete lies (allowing someone to work there without a lisence is a white lie) - CORRECT
ANSWER - regarding dealing fairly with a customer - what is a violation
Questions and CORRECT Answers
3 business days
4 business days
if protested, the dealers must promptly settle differences - CORRECT ANSWER - A dealer
receives transfer instructions from another dealer, the dealer must validate or protest instructions
within X business days
once the dealer has validated the instructions, the account transfer must happen within X
business days
fin lop - CORRECT ANSWER - currency transaction reports must be reported to ?
30 days following the date all securities have been delivered by the issuer to the syndicate
this date is when the bonds are delivered to the uw by the issuer - CORRECT ANSWER -
syndicate settlement date is defined as and when is it ?
in charge of a business unit that does not include a MFP. Someone who exclusively sells munis
is not defined as a MFP - CORRECT ANSWER - 2 examples of a non-MFP
all registered personnel. everyone. - CORRECT ANSWER - who must attend compliance
meetings
general comparisons between tax exempt and taxable - estimates about future retirement needs,
assessment of their profile, historic differences, effects of inflation. comparing a bond subject to
,AMT to a bond not is recommendation? Q 28 on federal rule* - CORRECT ANSWER - what
is not considered investment strategy to the MSRB (you can make this without it being "advice")
must be reported to RTTM - CORRECT ANSWER - match data
two entities pay int principal and interest - go and rev - CORRECT ANSWER - double
barreled bonds
limited principal doesn't exist - underneath is sales limited and muni fund limited - CORRECT
ANSWER - municipal securities principal vs municipal securities limited principal
The dealer, on a quarterly basis.
This form discloses any political contributions made - CORRECT ANSWER - who is
required to file G37 with the MSRB
do the transaction, no extra reporting or anything - CORRECT ANSWER - if the broker
dealer informs the customer that a transaction is not suitable and the customer still wants to do it,
what must the dealer do?
hosting fundraising is the worst - CORRECT ANSWER - MFP can solicit votes or hold
fundraising events
you have to take the 7 bc bond funds are considered investment companies - CORRECT
ANSWER - if you want to sell bond funds, do you just take the 53 or more
requires filed reports to keep records of cash transactiosn - CORRECT ANSWER - Bank
security Act
filed if a transaction involves at least 5k and the member has reason to think something weird is
happening - CORRECT ANSWER - SAR - suspicious activity report
,cash deposit of more than 10k in one single day triggers this,
JUST CASH - checks and credit checks wont trigger this
filed on FinCEN for 104 - CORRECT ANSWER - CTR - Currency trasanction report
and who is it reported to
signature of the client
you DO need to report information about the customer used in making recommendations -
CORRECT ANSWER - what information is NOT required when filing information on a
RETAIL customer (including high net wroth individual)
- business relationship (existing cutomer) - CORRECT ANSWER - when can you cold call
outside of regular business hours
msrb does not and treasury dept - CORRECT ANSWER - who does not enforce securities
regulartionfrom the MSRB
maturity - CORRECT ANSWER - discount bond is priced to
managing underwriter - CORRECT ANSWER - who is reposnibly for maintaining records of
syndicate transactions
its never allowed. you can volunteer if it is not directly related to campaign solicitations. -
CORRECT ANSWER - msrb thoughts on fundraising
one per each election like primary and then for general - CORRECT ANSWER - when giving
money to candidates, can you to how many of their elections
, if dicount or premium that a portion of the yield to maturity is taxable if the bond is held to
maturity making the after tax return between 10-12 (bc it was bought at discount) - CORRECT
ANSWER - advertising on a tax exempt bond that says what it is priced to should also detail
INFORMATION (not trasactions) of ARS and VRDOs from by 630pm day of information of
transaction. information tho.
secondary transactions - CORRECT ANSWER - SHORT is used for
ATS is for
ALL OF TEM. doesn't matter if SMMP
review all of them
approve discretionary - CORRECT ANSWER - which trasnactions do principals have to
review at the firm, and with discretionary?
not the MSRB, principal yes - CORRECT ANSWER - who approves advertising
must review but not approve ALL outgoing communications with the public - CORRECT
ANSWER - to what extent do principals need to review emails of their below
25 or more, even without lots of details and just small details - CORRECT ANSWER - how
many clients to make an email advertisiing
once every 4 calendar years - CORRECT ANSWER - how often do broker dealers have to be
examined to ensure compliance
concrete lies (allowing someone to work there without a lisence is a white lie) - CORRECT
ANSWER - regarding dealing fairly with a customer - what is a violation
