Series 24 - Cheat Sheet Questions with Correct
Answers
after notice by FINRA, how long do members have to pay fees? Correct
Answer-21 days
how much notice needs to be give to FINRA before a material change to
a firm? Correct Answer-30 days
how long after statutory dq'ing event must you report an associated
person to FINRA? Correct Answer-do it promptly, no longer than 30
days
what are two ways to be DQ'd by FINRA? Correct Answer-convicted of
money/securities misdemeanor, or any felony within past 10 years
how often must the firm element of continuing ed be completed? Correct
Answer-annually
when must regulatory element of continuing ed be completed? Correct
Answer-within 120 days of second registration anniversary and every 3
years after
what can active military service do? Correct Answer-receive
commissions on book, 2 year expiration clock rolled, must reactivate
within 90 days of return
,what can active military service not do? Correct Answer-no form U5
necessary, cannot perform as RR, CE requirement suspended
what is FINRA rule 3110? Correct Answer-how often inspections must
occur
how often must OSJ and supervising branches be inspected? Correct
Answer-annually
how often must non supervising branches be inspected? Correct Answer-
every three years
what is FINRA rule 3120? Correct Answer-principals must submit to
management annually a report detailing system of supervisory controls
what two things does FINRA rule 3130 do? Correct Answer-CEO must
certify annually that firm has proper supervisory procedures in place;
firm must designate chief compliance officer
what does FINRA rule 4370 state? Correct Answer-business continuity
plans must be disclosed to customers on account opening; firms must
designate two associated persons as emergency contacts; changes to
contact info must be updated promptly
how long do you have to amend a form U4? Correct Answer-30 days
, how do you amend a form U4? Correct Answer-with DRPs (new needs
reps signature)
how long to file a form U5? Correct Answer-within 30 days of employee
termination?
who does U5 go to? Correct Answer-both FINRA and terminated
employee
who provides U5 copy to new firm? Correct Answer-employee (2 days)
or FINRA
who needs to be at each OSJ? Correct Answer-at least one principal
what is kept at OSJ? Correct Answer-customer records including
complaints
how often is compliance meeting required for RRs and principals?
Correct Answer-annually
if you have to record calls, how long after FINRA notification to set up?
Correct Answer-60 days
what do private securities transactions require? Correct Answer-written
notice to member firm and written permission from member?
Answers
after notice by FINRA, how long do members have to pay fees? Correct
Answer-21 days
how much notice needs to be give to FINRA before a material change to
a firm? Correct Answer-30 days
how long after statutory dq'ing event must you report an associated
person to FINRA? Correct Answer-do it promptly, no longer than 30
days
what are two ways to be DQ'd by FINRA? Correct Answer-convicted of
money/securities misdemeanor, or any felony within past 10 years
how often must the firm element of continuing ed be completed? Correct
Answer-annually
when must regulatory element of continuing ed be completed? Correct
Answer-within 120 days of second registration anniversary and every 3
years after
what can active military service do? Correct Answer-receive
commissions on book, 2 year expiration clock rolled, must reactivate
within 90 days of return
,what can active military service not do? Correct Answer-no form U5
necessary, cannot perform as RR, CE requirement suspended
what is FINRA rule 3110? Correct Answer-how often inspections must
occur
how often must OSJ and supervising branches be inspected? Correct
Answer-annually
how often must non supervising branches be inspected? Correct Answer-
every three years
what is FINRA rule 3120? Correct Answer-principals must submit to
management annually a report detailing system of supervisory controls
what two things does FINRA rule 3130 do? Correct Answer-CEO must
certify annually that firm has proper supervisory procedures in place;
firm must designate chief compliance officer
what does FINRA rule 4370 state? Correct Answer-business continuity
plans must be disclosed to customers on account opening; firms must
designate two associated persons as emergency contacts; changes to
contact info must be updated promptly
how long do you have to amend a form U4? Correct Answer-30 days
, how do you amend a form U4? Correct Answer-with DRPs (new needs
reps signature)
how long to file a form U5? Correct Answer-within 30 days of employee
termination?
who does U5 go to? Correct Answer-both FINRA and terminated
employee
who provides U5 copy to new firm? Correct Answer-employee (2 days)
or FINRA
who needs to be at each OSJ? Correct Answer-at least one principal
what is kept at OSJ? Correct Answer-customer records including
complaints
how often is compliance meeting required for RRs and principals?
Correct Answer-annually
if you have to record calls, how long after FINRA notification to set up?
Correct Answer-60 days
what do private securities transactions require? Correct Answer-written
notice to member firm and written permission from member?
