Series 24
Non-public Arbitrator - correct answer ✔✔In the industry
More than 20% professional work in past 2 years is from securities clients
Uniform Practice Committee (UPC) - correct answer ✔✔Broker to Broker Transactions OTC
-handled by arbitration
MF max redemption time - correct answer ✔✔7 Days
Customer Complaint time on file - correct answer ✔✔4 years
- file report within 15 days of each quarter one is received
Public Arbitrator - correct answer ✔✔Not currently in industry
Less than 20 years in industry
Less than 10% of current work in past 2 years
Focus Reports - correct answer ✔✔Show financial stablility
Focus II are for carrying firms
Focus IIA are for non-carrying firms
Net Capital Rule - correct answer ✔✔15:1 Established
8:1 First year
120% minimum net capital
File Early Warning Net Capital - correct answer ✔✔12:1 Established
120% of minimum net capital
, Minimum Net Capital
Market Maker
Carrying Firm
Non-Carrying Firm - correct answer ✔✔MM $100k or great of $1k per stock less than $5, and $2500 for
stock over $5
Carrying firm $250K
Non-Carrying $5k
Debt to Equity Max for Subordinated Loans - correct answer ✔✔70% after 90 days
Fidelity Bond Coverage - correct answer ✔✔120% of Net Capital
Reviewed 60 days prior to anniversary date
-minimum $100k
10 days for standard
30 days for non-standard - correct answer ✔✔File Time For Subordinate Loan Agreement
Haircut amounts - correct answer ✔✔Amount able to be lended on a security as collarteral.
3+ Market Makers 15%
1 or 2 MM's 40%
Only 1 MM 100%
(IF More than 10% of a security, additional haircut is taken)
Temporary Subordinated Loans - correct answer ✔✔Max 3 per year
Max 45 days
Max 10:1 or 120% NC
Reg T - correct answer ✔✔Margin
Non-public Arbitrator - correct answer ✔✔In the industry
More than 20% professional work in past 2 years is from securities clients
Uniform Practice Committee (UPC) - correct answer ✔✔Broker to Broker Transactions OTC
-handled by arbitration
MF max redemption time - correct answer ✔✔7 Days
Customer Complaint time on file - correct answer ✔✔4 years
- file report within 15 days of each quarter one is received
Public Arbitrator - correct answer ✔✔Not currently in industry
Less than 20 years in industry
Less than 10% of current work in past 2 years
Focus Reports - correct answer ✔✔Show financial stablility
Focus II are for carrying firms
Focus IIA are for non-carrying firms
Net Capital Rule - correct answer ✔✔15:1 Established
8:1 First year
120% minimum net capital
File Early Warning Net Capital - correct answer ✔✔12:1 Established
120% of minimum net capital
, Minimum Net Capital
Market Maker
Carrying Firm
Non-Carrying Firm - correct answer ✔✔MM $100k or great of $1k per stock less than $5, and $2500 for
stock over $5
Carrying firm $250K
Non-Carrying $5k
Debt to Equity Max for Subordinated Loans - correct answer ✔✔70% after 90 days
Fidelity Bond Coverage - correct answer ✔✔120% of Net Capital
Reviewed 60 days prior to anniversary date
-minimum $100k
10 days for standard
30 days for non-standard - correct answer ✔✔File Time For Subordinate Loan Agreement
Haircut amounts - correct answer ✔✔Amount able to be lended on a security as collarteral.
3+ Market Makers 15%
1 or 2 MM's 40%
Only 1 MM 100%
(IF More than 10% of a security, additional haircut is taken)
Temporary Subordinated Loans - correct answer ✔✔Max 3 per year
Max 45 days
Max 10:1 or 120% NC
Reg T - correct answer ✔✔Margin
