Series 24: dates/numbers Exam
Questions and Answers
Under Code of Procedure, prehearing conference must be held within how many days
of receipt of the respondent's answer to the complaint? - ANSWER-21
Under the Code of Arbitration, a respondent must answer within how many days after
receiving a statement of claim? - ANSWER-45
If not appealed to the NAC, Department of Enforcement findings under the Code of
Procedure, other than barring/expulsion, become effective.. - 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)
- ANSWER-25
Under the Code of Arbitration, all monetary awards must be paid within how many days
of the decision date? - 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? - ANSWER-10
15c-3-3 - ANSWER-Customer Protection Rule: customer protection, reserves/custody
of securities
Under the customer protection rule, if credits exceed debits in the reserve computation,
the difference must be on deposit in the special reserve account within one hour of the
bank opening on the - ANSWER-second business day following computation
Under SEC Rule 104, stabilization is permitted in which of the following offerings? -
ANSWER-fixed-price offerings & firm commitment offerings
The prospectus delivery requirement periods in the aftermarket are as follows: for IPOs,
X days if the security is non-Nasdaq and Y days if the security is to be listed or quoted
over Nasdaq. For additional issues, there is no requirement to deliver a prospectus in
the secondary market if the security is listed NYSE or Nasdaq.If the security is non-
Nasdaq OTC, the prospectus delivery requirement period is Z days. - ANSWER-X=90;
Y=25, Z=40
, A clearing firm is required to file, with FINRA, information on the time extension
requests it made on behalf of its introducing firms. These reports must be made -
ANSWER-monthly
A mutual fund that has adopted a 12b-1 plan must review amounts expended under this
plan - ANSWER-quarterly by BODs
ACES is a service that allows order entry firms access to - ANSWER-a market maker's
internal trading system for order placement and execution.
Under SEC 17a-13, carrying firms must count all securities positions - ANSWER-at
least quarterly
min & max net capital requirement for a market maker - ANSWER-$100,000 & $1M
Under the Code of Arbitration, a respondent must answer within how many days after
receiving a statement of claim? - ANSWER-45 days
Under the Bank Secrecy Act, which of the following currency deposits must be
reported? Over what $? - ANSWER-Deposit over 10,000
FINRA rules require that reports be transmitted to the consolidated audit trail (CAT) by -
ANSWER-8am next trading day
A resident of a state who acquires stock pursuant to Rule 147 (intrastate offerings) is
prohibited from selling the stock to a nonresident of that state for how many months? -
ANSWER-6 months
If an unaffiliated entity acquires a 5% or more interest in an issuer, Schedule 13D must
be filed within - ANSWER-10 days
OTC market maker is dealer in OTC margin security. Must maintain minimum net
capital of .. - ANSWER-the lesser of $250,000 or $25,000 + $5,000 for each security in
excess of five in which it makes a market
Qualified block positioner has a min net capital of - ANSWER-$1M
Qualified third market maker has a min net capital of - ANSWER-less of $500,000 or
$100,000 + $20,000 for each security in excess of five stocks in which it makes a
market
To list securities on NYSE, they must have a min share price of - ANSWER-$4
There is no min earnings per share (EPS) requirement to qualify for NYSE listing
Questions and Answers
Under Code of Procedure, prehearing conference must be held within how many days
of receipt of the respondent's answer to the complaint? - ANSWER-21
Under the Code of Arbitration, a respondent must answer within how many days after
receiving a statement of claim? - ANSWER-45
If not appealed to the NAC, Department of Enforcement findings under the Code of
Procedure, other than barring/expulsion, become effective.. - 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)
- ANSWER-25
Under the Code of Arbitration, all monetary awards must be paid within how many days
of the decision date? - 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? - ANSWER-10
15c-3-3 - ANSWER-Customer Protection Rule: customer protection, reserves/custody
of securities
Under the customer protection rule, if credits exceed debits in the reserve computation,
the difference must be on deposit in the special reserve account within one hour of the
bank opening on the - ANSWER-second business day following computation
Under SEC Rule 104, stabilization is permitted in which of the following offerings? -
ANSWER-fixed-price offerings & firm commitment offerings
The prospectus delivery requirement periods in the aftermarket are as follows: for IPOs,
X days if the security is non-Nasdaq and Y days if the security is to be listed or quoted
over Nasdaq. For additional issues, there is no requirement to deliver a prospectus in
the secondary market if the security is listed NYSE or Nasdaq.If the security is non-
Nasdaq OTC, the prospectus delivery requirement period is Z days. - ANSWER-X=90;
Y=25, Z=40
, A clearing firm is required to file, with FINRA, information on the time extension
requests it made on behalf of its introducing firms. These reports must be made -
ANSWER-monthly
A mutual fund that has adopted a 12b-1 plan must review amounts expended under this
plan - ANSWER-quarterly by BODs
ACES is a service that allows order entry firms access to - ANSWER-a market maker's
internal trading system for order placement and execution.
Under SEC 17a-13, carrying firms must count all securities positions - ANSWER-at
least quarterly
min & max net capital requirement for a market maker - ANSWER-$100,000 & $1M
Under the Code of Arbitration, a respondent must answer within how many days after
receiving a statement of claim? - ANSWER-45 days
Under the Bank Secrecy Act, which of the following currency deposits must be
reported? Over what $? - ANSWER-Deposit over 10,000
FINRA rules require that reports be transmitted to the consolidated audit trail (CAT) by -
ANSWER-8am next trading day
A resident of a state who acquires stock pursuant to Rule 147 (intrastate offerings) is
prohibited from selling the stock to a nonresident of that state for how many months? -
ANSWER-6 months
If an unaffiliated entity acquires a 5% or more interest in an issuer, Schedule 13D must
be filed within - ANSWER-10 days
OTC market maker is dealer in OTC margin security. Must maintain minimum net
capital of .. - ANSWER-the lesser of $250,000 or $25,000 + $5,000 for each security in
excess of five in which it makes a market
Qualified block positioner has a min net capital of - ANSWER-$1M
Qualified third market maker has a min net capital of - ANSWER-less of $500,000 or
$100,000 + $20,000 for each security in excess of five stocks in which it makes a
market
To list securities on NYSE, they must have a min share price of - ANSWER-$4
There is no min earnings per share (EPS) requirement to qualify for NYSE listing
