Series 24 Missed Questions
Which of the following are defined as penny stocks?
I. Nasdaq stock trading at $5 per share.
II. Bulletin Board stock quoted at $5 per share.
III. NMS stock trading at $5 per share.
IV. OTC Pink stock quoted at $5 per share
A) II and III
B) II and IV
C) I and III
D) I and IV - correct answer ✔B) II and IV
--A penny stock is a non-Nasdaq (Bulletin Board or Pink Quote) stock trading
at under $5 per share. If a stock is listed on an exchange or is on Nasdaq, it is
not a penny stock regardless of price.
Trades reported as executed through the TRF/ACT at whicch of the following
times would NOT require the .T modifier?
A) 1:00 am ET
B) 9:30 am ET
C) 9:00 am ET
D) 5:00 pm ET - correct answer ✔B) 9:30 am ET
Trades executed during the hours of 8:00 am to 8:00 pm ET are subject to
standard 10-second reporting. The .T modifier is used to report trades
executed outside normal market hours (9:30 am to 4:00 pm) and reported on
the same business day.
, FINRA rules require that OATS reports be transmitted
A) daily
B) within 30 minutes of execution
C) within 90 seconds of execution
D) weekly - correct answer ✔A) daily
OATS reports must be submitted to FINRA daily.
All of the following statements regarding registration as an OTC Pink market
maker are true EXCEPT
A) Form 211 must be received by FINRA at least 3 business days before
entering quotes
B) quotes entered into the OTC Pink Market can include one-sided quotes
and unpriced indications of interest
C) piggybacking allows market-making activity without the filing of a Form 211
D) a firm must wait 20 business days to re-register following a voluntary
termination - correct answer ✔D) a firm must wait 20 business days to re-
register following a voluntary termination
A market maker can re-enter after a voluntary termination by filing a Form 211
or by using the piggybacking exemption if available. There is no waiting period
of 20 business days before re-registration for OTC pink market makers.
Under SEC rules, a seasoned issuer must have a public float vlue of at least
A) $50 million
B) $250 million
C) $75 million
D) $100 million - correct answer ✔C) $75 million
Which of the following are defined as penny stocks?
I. Nasdaq stock trading at $5 per share.
II. Bulletin Board stock quoted at $5 per share.
III. NMS stock trading at $5 per share.
IV. OTC Pink stock quoted at $5 per share
A) II and III
B) II and IV
C) I and III
D) I and IV - correct answer ✔B) II and IV
--A penny stock is a non-Nasdaq (Bulletin Board or Pink Quote) stock trading
at under $5 per share. If a stock is listed on an exchange or is on Nasdaq, it is
not a penny stock regardless of price.
Trades reported as executed through the TRF/ACT at whicch of the following
times would NOT require the .T modifier?
A) 1:00 am ET
B) 9:30 am ET
C) 9:00 am ET
D) 5:00 pm ET - correct answer ✔B) 9:30 am ET
Trades executed during the hours of 8:00 am to 8:00 pm ET are subject to
standard 10-second reporting. The .T modifier is used to report trades
executed outside normal market hours (9:30 am to 4:00 pm) and reported on
the same business day.
, FINRA rules require that OATS reports be transmitted
A) daily
B) within 30 minutes of execution
C) within 90 seconds of execution
D) weekly - correct answer ✔A) daily
OATS reports must be submitted to FINRA daily.
All of the following statements regarding registration as an OTC Pink market
maker are true EXCEPT
A) Form 211 must be received by FINRA at least 3 business days before
entering quotes
B) quotes entered into the OTC Pink Market can include one-sided quotes
and unpriced indications of interest
C) piggybacking allows market-making activity without the filing of a Form 211
D) a firm must wait 20 business days to re-register following a voluntary
termination - correct answer ✔D) a firm must wait 20 business days to re-
register following a voluntary termination
A market maker can re-enter after a voluntary termination by filing a Form 211
or by using the piggybacking exemption if available. There is no waiting period
of 20 business days before re-registration for OTC pink market makers.
Under SEC rules, a seasoned issuer must have a public float vlue of at least
A) $50 million
B) $250 million
C) $75 million
D) $100 million - correct answer ✔C) $75 million
