Series 24 Flashcards - Final Master Deck
25 days - correct answer ✔For how long must a prospectus be provided for
an IPO of a listed company?
40 days - correct answer ✔For how long must a prospectus be provided for a
company that will be unlisted?
90 days. - correct answer ✔For how long must a prospectus be provided for
an IPO of a company that will be unlisted?
Prospectus not required. - correct answer ✔For how long must a prospectus
be provided for follow-on?
Selling BD makes good delivery, buying BD refuses to accept the securities.
Selling BD may sell the securities immediately without notice in the open
market and charge the buying BD for the difference
S + 3 - correct answer ✔What is a dealer-to-dealer sell out? Timing?
Selling BD fails to make proper delivery and Buying BD will purchase the
securities in the open market and charge the selling BD that failed to deliver.
Timing - T+5 or S+3. Also, buying BD must send a buy-in notice to selling BD
by noon, two business days before the execution of the buy-in. If securities
are in-transit, may defer seven days. - correct answer ✔What is a Dealer to
Dealer Buy-in? Timing?
,Client doesn't pay for a trade.
Usually sold out on T + 5 which is the day after the Reg T payment is due. In
some cases, extensions may be granted. - correct answer ✔What is a Client
sellout? Timing?
Client fails to deliver a position and shares must be bought on the open
market.
Timing - no later S + 10 - correct answer ✔What is a Client Buy-In?
Timing?
mutual funds salesperson - correct answer ✔Who holds a Series 6?
Supervisor of a Series 7 - General Securities Sales Supervisor - correct
answer ✔Who holds a Series 9/10?
supervisor of mutual funds variable annuities, variable life insurance - correct
answer ✔Who holds a Series 26?
FINOPs - correct answer ✔Who holds a Series 27?
Municipal securities representative & principle - correct answer ✔Who holds
a Series 52 and 53?
Stock certificate books, Partnership Records, Articles of Incopr, Minutes of
BOD, Corporate and partnership docs - correct answer ✔What records need
to be maintained for lifetime of the firm?
, Blotters, ledgers, new account forms, account statements, powers of attorney,
stock position records - correct answer ✔What records need to be
maintained for 6 years?
written supervisory procedures
checkbooks
trial balances
FOCUS reports
order tickets
confirmations
customer communications
forms U4/U5
employee records/fingerprints - correct answer ✔What records need to be
maintained for 3 years?
5 years - correct answer ✔How long do Suspicious Activity Reports, info
collected to verify customer identity, and currency transaction reports need to
be kept?
OSJ - Annually - correct answer ✔How often is the OSJ required to be
inspected?
Branch office that supervises non-branch offices - Annually - correct answer
✔How often is a branch office that supervises non-branch offices required to
be inspected?
25 days - correct answer ✔For how long must a prospectus be provided for
an IPO of a listed company?
40 days - correct answer ✔For how long must a prospectus be provided for a
company that will be unlisted?
90 days. - correct answer ✔For how long must a prospectus be provided for
an IPO of a company that will be unlisted?
Prospectus not required. - correct answer ✔For how long must a prospectus
be provided for follow-on?
Selling BD makes good delivery, buying BD refuses to accept the securities.
Selling BD may sell the securities immediately without notice in the open
market and charge the buying BD for the difference
S + 3 - correct answer ✔What is a dealer-to-dealer sell out? Timing?
Selling BD fails to make proper delivery and Buying BD will purchase the
securities in the open market and charge the selling BD that failed to deliver.
Timing - T+5 or S+3. Also, buying BD must send a buy-in notice to selling BD
by noon, two business days before the execution of the buy-in. If securities
are in-transit, may defer seven days. - correct answer ✔What is a Dealer to
Dealer Buy-in? Timing?
,Client doesn't pay for a trade.
Usually sold out on T + 5 which is the day after the Reg T payment is due. In
some cases, extensions may be granted. - correct answer ✔What is a Client
sellout? Timing?
Client fails to deliver a position and shares must be bought on the open
market.
Timing - no later S + 10 - correct answer ✔What is a Client Buy-In?
Timing?
mutual funds salesperson - correct answer ✔Who holds a Series 6?
Supervisor of a Series 7 - General Securities Sales Supervisor - correct
answer ✔Who holds a Series 9/10?
supervisor of mutual funds variable annuities, variable life insurance - correct
answer ✔Who holds a Series 26?
FINOPs - correct answer ✔Who holds a Series 27?
Municipal securities representative & principle - correct answer ✔Who holds
a Series 52 and 53?
Stock certificate books, Partnership Records, Articles of Incopr, Minutes of
BOD, Corporate and partnership docs - correct answer ✔What records need
to be maintained for lifetime of the firm?
, Blotters, ledgers, new account forms, account statements, powers of attorney,
stock position records - correct answer ✔What records need to be
maintained for 6 years?
written supervisory procedures
checkbooks
trial balances
FOCUS reports
order tickets
confirmations
customer communications
forms U4/U5
employee records/fingerprints - correct answer ✔What records need to be
maintained for 3 years?
5 years - correct answer ✔How long do Suspicious Activity Reports, info
collected to verify customer identity, and currency transaction reports need to
be kept?
OSJ - Annually - correct answer ✔How often is the OSJ required to be
inspected?
Branch office that supervises non-branch offices - Annually - correct answer
✔How often is a branch office that supervises non-branch offices required to
be inspected?
