Series 24 STC Chapter 5 Questions with 100%
Correct Answers
Written Supervisory Procedures (WSP) Manual Correct
Answer: All policies and procedures used to supervise a
firm
New Member Application Review Process Correct
Answer: FINRA must process app within 180 days, if
application is deficient BD has five days to correct. Then,
FINRA has 30 days to complete review and if additional
info is requred applicant has 60 days to complete
request
Business Continuity Plan Correct Answer: Plan in case the
unexpected occurs
FINRA Rule 4370 Correct Answer: Both emergency
contact persons must be associated persons of a
member firm, or for small firms, an associated firm
Office of Supervisory Jurisdiction (OSJ) Correct Answer:
Market making, structuring of public offerings,
maintaining custody of funds or securities, approval of
new accounts, review customer orders, approval of
, retail communication, or supervising other branch
offices
Branch Office Correct Answer: One or more of the firm's
associated personnel regularly conduct the business of
effecting transactions in, or inducing or attempting to
induce the purchase or sale of any security, or any
location represented as such
Moving a Branch Correct Answer: Form BR is used to
notify FINRA of branch status change. Applicant has 30
days to submit revised information
New BD's Correct Answer: Must be inspected within 6
months of registration with SEC and 12 months to make
sure it complies with all applicable SEC rules
Review of new hires Correct Answer: U4 or initial
application review must take place no more than 30
days after the form is filed with FINRA
Statutory Diqualifcation Correct Answer: Denial of
application for registration based solely on past
transgressions
Correct Answers
Written Supervisory Procedures (WSP) Manual Correct
Answer: All policies and procedures used to supervise a
firm
New Member Application Review Process Correct
Answer: FINRA must process app within 180 days, if
application is deficient BD has five days to correct. Then,
FINRA has 30 days to complete review and if additional
info is requred applicant has 60 days to complete
request
Business Continuity Plan Correct Answer: Plan in case the
unexpected occurs
FINRA Rule 4370 Correct Answer: Both emergency
contact persons must be associated persons of a
member firm, or for small firms, an associated firm
Office of Supervisory Jurisdiction (OSJ) Correct Answer:
Market making, structuring of public offerings,
maintaining custody of funds or securities, approval of
new accounts, review customer orders, approval of
, retail communication, or supervising other branch
offices
Branch Office Correct Answer: One or more of the firm's
associated personnel regularly conduct the business of
effecting transactions in, or inducing or attempting to
induce the purchase or sale of any security, or any
location represented as such
Moving a Branch Correct Answer: Form BR is used to
notify FINRA of branch status change. Applicant has 30
days to submit revised information
New BD's Correct Answer: Must be inspected within 6
months of registration with SEC and 12 months to make
sure it complies with all applicable SEC rules
Review of new hires Correct Answer: U4 or initial
application review must take place no more than 30
days after the form is filed with FINRA
Statutory Diqualifcation Correct Answer: Denial of
application for registration based solely on past
transgressions
