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Series 24 - Uniform Practice Code correctly answered to pass

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Series 24 - Uniform Practice Code correctly answered to pass

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Series 24 - Uniform Practice Code

UPC - correct answer ✔✔Uniform Practice Code

- Establishes rules for dealer to dealer practices in nonexempt securities



Regular Way Settlement - correct answer ✔✔Trade date + 3 (T+3)



Cash Settlement - correct answer ✔✔Same day settlement (before 2:30pm)



Seller's Option - correct answer ✔✔Seller, for good reason, cannot deliver securities by the settlement
date.

- Earliest seller can make delivery = T+4

- Notice must be given by seller before delivery at least one business day prior to delivery



Physical delivery of securities made by... - correct answer ✔✔The seller

- To the office of the buyer

- One the prescrivbed settlement date

- Any expenses are borne by the seller



Clearly Erroneous Trades - correct answer ✔✔Member notifies Nasdaq Market Operations within 30
minutes

- Can be appealed to the MORC within 30 minutes



Standard Reclamation Time - correct answer ✔✔15 days

- If stolen or counterfeit = 30 months



Accrued Interest is added to buy or sell confirmation? - correct answer ✔✔Both

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