Series 24 Questions with Correct Answers
Reg M Rule 103 Correct Answer-MM also a syndicate member elects to
function as passive mm
- Notification to Nasdaq 1 biz day before restricted period
- Identifier PSMM must be used
- Passive bids no higher than highest indep. bid
- Indep market must exist
- Subject to limit order display rule
6 Year Filings Correct Answer-Blotters (Day book, journal, diary)
General Ledgers
Stock Record
Statements
Customer Account Records
Principal designation record
Series 22 Correct Answer-Allowed to sell DPP's
Foreign Associates Must... Correct Answer-Register with Finra, but are
exempt from having to pass an exam.
Series
27
51
, 53 Correct Answer-27 = Supervise the preperation of financial reports
51 = Sup. activitives of municipal fund
- such as 529 plan and local govt inv pools only
53 = Sup. purchase of municipal securities
Kept at OSJ and Supervisory office Correct Answer-Memers written
Supervisory Procedures
Finra Manuel - Must be avail to cust.
- Electronically avail ok
Telemarketing Recording Reports sent to Finra... Correct Answer-
Quarterly
Advertising and Sales Literature of
Inv Co's, DPP's, Govt. Sec filed... Correct Answer-Within 10 days of
first use
Standby Purchasers Correct Answer-In final prospectus
Arrangement in writing
Unable to find other purchasers
STOCK RESTRICTED FOR RESALE = 3 MONTHS
Regulation M Correct Answer-Governs activities of interested parties in
outcome of APO. Syn Mem, MM, Issuers, Officers, etc.
Reg M Rule 103 Correct Answer-MM also a syndicate member elects to
function as passive mm
- Notification to Nasdaq 1 biz day before restricted period
- Identifier PSMM must be used
- Passive bids no higher than highest indep. bid
- Indep market must exist
- Subject to limit order display rule
6 Year Filings Correct Answer-Blotters (Day book, journal, diary)
General Ledgers
Stock Record
Statements
Customer Account Records
Principal designation record
Series 22 Correct Answer-Allowed to sell DPP's
Foreign Associates Must... Correct Answer-Register with Finra, but are
exempt from having to pass an exam.
Series
27
51
, 53 Correct Answer-27 = Supervise the preperation of financial reports
51 = Sup. activitives of municipal fund
- such as 529 plan and local govt inv pools only
53 = Sup. purchase of municipal securities
Kept at OSJ and Supervisory office Correct Answer-Memers written
Supervisory Procedures
Finra Manuel - Must be avail to cust.
- Electronically avail ok
Telemarketing Recording Reports sent to Finra... Correct Answer-
Quarterly
Advertising and Sales Literature of
Inv Co's, DPP's, Govt. Sec filed... Correct Answer-Within 10 days of
first use
Standby Purchasers Correct Answer-In final prospectus
Arrangement in writing
Unable to find other purchasers
STOCK RESTRICTED FOR RESALE = 3 MONTHS
Regulation M Correct Answer-Governs activities of interested parties in
outcome of APO. Syn Mem, MM, Issuers, Officers, etc.
