Series 24 Questions with 100% Correct Answers
Introducing firm capital requirements Correct Answer:
5k, 50k. Both can make trades, both can do best efforts
underwriting. Only 50k can do firm commitment. 5k cant
get securities but can get checks
FINRA Rule 2124 Correct Answer: Net basis requires
customer consent. Orally or writing for each order,
written for blanket.
Days before account record provided to customer
Correct Answer: 30
Bonds denominations Correct Answer: 1k-100k
Haircuts Correct Answer: 40% for limited trading (<=3
mms). 100% if 1mm
6yrs Correct Answer: Blotters, general ledgers, customer
ledgers, stock records, customer account records
Time before no exceptions for vacation home not being
branch office Correct Answer: 30d
Inspect branch office Correct Answer: 3yrs
,Regulation T Correct Answer: Margin for broker dealers
Can hold mail for... Correct Answer: 3mo. Must be a
reason for longer
Freq give number for brokercheck Correct Answer:
Annually
Confirmation Correct Answer: Principal vs Agent
Commission
Markup/Markdown
PFOF
MM
Control Relationship
Timestamp
No later than settlement date
, Rule 147 Correct Answer: Allows no safeharbor, no filing,
for just in state. Limitation of resale for 6mo
Complaint response times Correct Answer: 25d, then
14d. 21d to prehearing
CAT time Correct Answer: 8am next day
Cap requirement for MMs Correct Answer: <5 1k. >5
2500. Min 100k. Selfclearing min 250k. Max 1m
Keep info on wire orders above Correct Answer: >3000
SEC Rule 12b-1, review when Correct Answer: Mutual
fund can charge fees for ads, managing fund. Review
quarterly
8K Correct Answer: Current status, report news within 4d
FINRA Rule 5130 Correct Answer: Makes sure that
members dont take advantage of new issues
Notice to finra to make a change to business (merger)
Correct Answer: 30d
13g Correct Answer: 5% ownership, passive
Introducing firm capital requirements Correct Answer:
5k, 50k. Both can make trades, both can do best efforts
underwriting. Only 50k can do firm commitment. 5k cant
get securities but can get checks
FINRA Rule 2124 Correct Answer: Net basis requires
customer consent. Orally or writing for each order,
written for blanket.
Days before account record provided to customer
Correct Answer: 30
Bonds denominations Correct Answer: 1k-100k
Haircuts Correct Answer: 40% for limited trading (<=3
mms). 100% if 1mm
6yrs Correct Answer: Blotters, general ledgers, customer
ledgers, stock records, customer account records
Time before no exceptions for vacation home not being
branch office Correct Answer: 30d
Inspect branch office Correct Answer: 3yrs
,Regulation T Correct Answer: Margin for broker dealers
Can hold mail for... Correct Answer: 3mo. Must be a
reason for longer
Freq give number for brokercheck Correct Answer:
Annually
Confirmation Correct Answer: Principal vs Agent
Commission
Markup/Markdown
PFOF
MM
Control Relationship
Timestamp
No later than settlement date
, Rule 147 Correct Answer: Allows no safeharbor, no filing,
for just in state. Limitation of resale for 6mo
Complaint response times Correct Answer: 25d, then
14d. 21d to prehearing
CAT time Correct Answer: 8am next day
Cap requirement for MMs Correct Answer: <5 1k. >5
2500. Min 100k. Selfclearing min 250k. Max 1m
Keep info on wire orders above Correct Answer: >3000
SEC Rule 12b-1, review when Correct Answer: Mutual
fund can charge fees for ads, managing fund. Review
quarterly
8K Correct Answer: Current status, report news within 4d
FINRA Rule 5130 Correct Answer: Makes sure that
members dont take advantage of new issues
Notice to finra to make a change to business (merger)
Correct Answer: 30d
13g Correct Answer: 5% ownership, passive
