SRO'S TEST LATEST UPDATE Which of the following does not require formal pre-approval when lending and borrowing money between consumers and registered representatives? - ANSW ER The customer is the registered representative's brother. FINRA member businesses must send semi-annual statements of financial statu s to consumers, which must include all of the following EXCEPT ANSWER a schedul e of the firm's investment accounts. An operational Professional is directly responsible for "covered operations functions." All of the following are examples of covered functions, except administering the firm's business continuity planning. When a registered individual with a member firm participates in outside private securities transactions without receiving the firm's approval, it is referred to as "selling away." When a licensed registered representative resigns from their work at a broker-dealer, how many years do they have to reinstate their licenses without having to re-test? - ANSWER: Two years from the filing date of Form U- 5 An accountant who is not a registered representative with a FINRA member company would like to refer prospective investors to your firm for a fee. Under FINRA rules: - ANSWER Not allowed. FINRA's Department of Enforcement has initial jurisdiction over unresolved complaints against a registered representative. Which of the followin g is an avenue for appealing the Department of Enforcement's decisions? - Respond directly to the National Adjudicatory Council. a. The Department of Enforcement or the Department of Market Regulation will form a Hearing Panel (Hearing Officer and two panelists). The Hearing Panel shall
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