Series 24 - Cheat Sheet || with 100% Error-free Solutions.
after notice by FINRA, how long do members have to pay fees? correct answers 21 days
how much notice needs to be give to FINRA before a material change to a firm? correct answers
30 days
how long after statutory dq'ing event must you report an associated person to FINRA? correct
answers do it promptly, no longer than 30 days
what are two ways to be DQ'd by FINRA? correct answers convicted of money/securities
misdemeanor, or any felony within past 10 years
how often must the firm element of continuing ed be completed? correct answers annually
when must regulatory element of continuing ed be completed? correct answers within 120 days
of second registration anniversary and every 3 years after
what can active military service do? correct answers receive commissions on book, 2 year
expiration clock rolled, must reactivate within 90 days of return
what can active military service not do? correct answers no form U5 necessary, cannot perform
as RR, CE requirement suspended
what is FINRA rule 3110? correct answers how often inspections must occur
how often must OSJ and supervising branches be inspected? correct answers annually
how often must non supervising branches be inspected? correct answers every three years
what is FINRA rule 3120? correct answers principals must submit to management annually a
report detailing system of supervisory controls
what two things does FINRA rule 3130 do? correct answers 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 answers 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 answers 30 days
how do you amend a form U4? correct answers with DRPs (new needs reps signature)
how long to file a form U5? correct answers within 30 days of employee termination?
, who does U5 go to? correct answers both FINRA and terminated employee
who provides U5 copy to new firm? correct answers employee (2 days) or FINRA
who needs to be at each OSJ? correct answers at least one principal
what is kept at OSJ? correct answers customer records including complaints
how often is compliance meeting required for RRs and principals? correct answers annually
if you have to record calls, how long after FINRA notification to set up? correct answers 60 days
what do private securities transactions require? correct answers written notice to member firm
and written permission from member?
when is sharing in customer accounts permitted? correct answers with principal approval
how is sharing in customer accounts divided? correct answers proportionate to contribution
what are three ways where RR can borrow money from customer? correct answers customer is
family, or lending institution, procedures for loans are set in WSP
if you operate at a bank, what must you do? correct answers disclose to customers that operating
jurisdiction, rules, etc. are different from the bank
what must be done to get continuing commissions? correct answers must have written agreement
in place
what is retail comunication? correct answers any written communication distributed or made
available to more than 25 retail investors within any 30 day calendar period
what are social media posts subject to? correct answers principal approval and record keeping
rules
how long to file investment analysis tools with FINRA? correct answers 10 days after first use
how long must research reports go back to include price performance or past recs? correct
answers 12 months
what must research reports include? correct answers price at date of report, disclosure of control
relationship, if firm managed any underwriting within past 12 months, if firm makes a market in
the subject security
what can't analyst compensation be tied to? correct answers specific Ibanking transactions
after notice by FINRA, how long do members have to pay fees? correct answers 21 days
how much notice needs to be give to FINRA before a material change to a firm? correct answers
30 days
how long after statutory dq'ing event must you report an associated person to FINRA? correct
answers do it promptly, no longer than 30 days
what are two ways to be DQ'd by FINRA? correct answers convicted of money/securities
misdemeanor, or any felony within past 10 years
how often must the firm element of continuing ed be completed? correct answers annually
when must regulatory element of continuing ed be completed? correct answers within 120 days
of second registration anniversary and every 3 years after
what can active military service do? correct answers receive commissions on book, 2 year
expiration clock rolled, must reactivate within 90 days of return
what can active military service not do? correct answers no form U5 necessary, cannot perform
as RR, CE requirement suspended
what is FINRA rule 3110? correct answers how often inspections must occur
how often must OSJ and supervising branches be inspected? correct answers annually
how often must non supervising branches be inspected? correct answers every three years
what is FINRA rule 3120? correct answers principals must submit to management annually a
report detailing system of supervisory controls
what two things does FINRA rule 3130 do? correct answers 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 answers 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 answers 30 days
how do you amend a form U4? correct answers with DRPs (new needs reps signature)
how long to file a form U5? correct answers within 30 days of employee termination?
, who does U5 go to? correct answers both FINRA and terminated employee
who provides U5 copy to new firm? correct answers employee (2 days) or FINRA
who needs to be at each OSJ? correct answers at least one principal
what is kept at OSJ? correct answers customer records including complaints
how often is compliance meeting required for RRs and principals? correct answers annually
if you have to record calls, how long after FINRA notification to set up? correct answers 60 days
what do private securities transactions require? correct answers written notice to member firm
and written permission from member?
when is sharing in customer accounts permitted? correct answers with principal approval
how is sharing in customer accounts divided? correct answers proportionate to contribution
what are three ways where RR can borrow money from customer? correct answers customer is
family, or lending institution, procedures for loans are set in WSP
if you operate at a bank, what must you do? correct answers disclose to customers that operating
jurisdiction, rules, etc. are different from the bank
what must be done to get continuing commissions? correct answers must have written agreement
in place
what is retail comunication? correct answers any written communication distributed or made
available to more than 25 retail investors within any 30 day calendar period
what are social media posts subject to? correct answers principal approval and record keeping
rules
how long to file investment analysis tools with FINRA? correct answers 10 days after first use
how long must research reports go back to include price performance or past recs? correct
answers 12 months
what must research reports include? correct answers price at date of report, disclosure of control
relationship, if firm managed any underwriting within past 12 months, if firm makes a market in
the subject security
what can't analyst compensation be tied to? correct answers specific Ibanking transactions
