Series 24: dates/numbers || with A+ Guaranteed Solutions.
Under Code of Procedure, prehearing conference must be held within how many days of receipt
of the respondent's answer to the complaint? correct answers 21
Under the Code of Arbitration, a respondent must answer within how many days after receiving
a statement of claim? correct answers 45
If not appealed to the NAC, Department of Enforcement findings under the Code of Procedure,
other than barring/expulsion, become effective.. correct answers no earlier than 30 days from the
date of the decision
Within how many days of decision date must an appeal be made? (Code of Procedure) correct
answers 25
Under the Code of Arbitration, all monetary awards must be paid within how many days of the
decision date? correct answers 30
A client of your firms requests a copy of the predispute arbitration signed when the acct was
opened years ago. Under FINRA rules, your firm must respond within how many business days
of the request? correct answers 10
Under Code of Procedure, a respondent has 25 days to respond to a compliant from the Dept of
Enforcement. If respondent doesn't answer within 25 days, the dept will send a second notice
requiring an answer within.. correct answers 14 days
If a member wishes to appeal an adverse decision in a Code of Procedure hearing, the member
first must appeal to the NAC within how many days of the decision date? correct answers 25
Minimum maintenance call for short accounts correct answers 30%
Maintenance call formula for short account correct answers credit balance / 1.3 = SMV at
maintenance
Minimum maintenance call for long accounts correct answers 25%
(a) Pattern day trader executes 4+ trades within a 5-business-day period. Minimum equity
requirement for pattern day traders is? (b) Buying power for day traders is how many times the
maintenance call margin? (c) minimum maintenance requirement for pattern day traders? correct
answers $25,000 ; 4x ; 25%
minimum requirements for portfolio margin accounts:
- customers of firms that have real-time intraday monitoring systems
- customers of firms that don't have real-time intraday monitoring systems
- prime broker customers/introduced account customers where trades may be executed away
from clearing firm correct answers $100,000; 150,000; 500,000
, Long margin account formula correct answers LMV-DR=EQ
LMV^EQ^ creates SMA
LMVvEQv SMA stays same
Borrowing power + Buying power of SMA in Long Margin Account correct answers 1x (1:1) ;
2:1 (2x)
Restricted long margin account occurs when? Minimum maintenance call? correct answers
<50%; 25%
Maintenance call formula for long margin account correct answers DR/.75=LMVat maintenance
Short margin account formula correct answers CR-SMV=EQ
SMVv = EQ^ = increased SMA
SMV^ = EQv
Regulation T correct answers 50% initial margin, set by the Federal Reserve (minimum of 2000)
(minimum of 100% of shares)
Lost & stolen; no criminal action suspected correct answers 2 bus days to locate; report to
SIC/transfer agent on 3rd day
Lost & stolen; criminal action suspected correct answers notify FBI immediately; 1 day to report
to SIC/transfer agent (if found, 1 day)
15c-3-3 correct answers Customer Protection Rule: customer protection, reserves/custody of
securities
Under the customer protection rule, if credits exceed debits in the reserve computation, the
difference must be on deposit in the special reserve account within one hour of the bank opening
on the correct answers second business day following computation
Under SEC Rule 104, stabilization is permitted in which of the following offerings? correct
answers fixed-price offerings & firm commitment offerings
The prospectus delivery requirement periods in the aftermarket are as follows: for IPOs, X days
if the security is non-Nasdaq and Y days if the security is to be listed or quoted over Nasdaq. For
additional issues, there is no requirement to deliver a prospectus in the secondary market if the
security is listed NYSE or Nasdaq.If the security is non-Nasdaq OTC, the prospectus delivery
requirement period is Z days. correct answers X=90; Y=25, Z=40
A clearing firm is required to file, with FINRA, information on the time extension requests it
made on behalf of its introducing firms. These reports must be made correct answers monthly
Under Code of Procedure, prehearing conference must be held within how many days of receipt
of the respondent's answer to the complaint? correct answers 21
Under the Code of Arbitration, a respondent must answer within how many days after receiving
a statement of claim? correct answers 45
If not appealed to the NAC, Department of Enforcement findings under the Code of Procedure,
other than barring/expulsion, become effective.. correct answers no earlier than 30 days from the
date of the decision
Within how many days of decision date must an appeal be made? (Code of Procedure) correct
answers 25
Under the Code of Arbitration, all monetary awards must be paid within how many days of the
decision date? correct answers 30
A client of your firms requests a copy of the predispute arbitration signed when the acct was
opened years ago. Under FINRA rules, your firm must respond within how many business days
of the request? correct answers 10
Under Code of Procedure, a respondent has 25 days to respond to a compliant from the Dept of
Enforcement. If respondent doesn't answer within 25 days, the dept will send a second notice
requiring an answer within.. correct answers 14 days
If a member wishes to appeal an adverse decision in a Code of Procedure hearing, the member
first must appeal to the NAC within how many days of the decision date? correct answers 25
Minimum maintenance call for short accounts correct answers 30%
Maintenance call formula for short account correct answers credit balance / 1.3 = SMV at
maintenance
Minimum maintenance call for long accounts correct answers 25%
(a) Pattern day trader executes 4+ trades within a 5-business-day period. Minimum equity
requirement for pattern day traders is? (b) Buying power for day traders is how many times the
maintenance call margin? (c) minimum maintenance requirement for pattern day traders? correct
answers $25,000 ; 4x ; 25%
minimum requirements for portfolio margin accounts:
- customers of firms that have real-time intraday monitoring systems
- customers of firms that don't have real-time intraday monitoring systems
- prime broker customers/introduced account customers where trades may be executed away
from clearing firm correct answers $100,000; 150,000; 500,000
, Long margin account formula correct answers LMV-DR=EQ
LMV^EQ^ creates SMA
LMVvEQv SMA stays same
Borrowing power + Buying power of SMA in Long Margin Account correct answers 1x (1:1) ;
2:1 (2x)
Restricted long margin account occurs when? Minimum maintenance call? correct answers
<50%; 25%
Maintenance call formula for long margin account correct answers DR/.75=LMVat maintenance
Short margin account formula correct answers CR-SMV=EQ
SMVv = EQ^ = increased SMA
SMV^ = EQv
Regulation T correct answers 50% initial margin, set by the Federal Reserve (minimum of 2000)
(minimum of 100% of shares)
Lost & stolen; no criminal action suspected correct answers 2 bus days to locate; report to
SIC/transfer agent on 3rd day
Lost & stolen; criminal action suspected correct answers notify FBI immediately; 1 day to report
to SIC/transfer agent (if found, 1 day)
15c-3-3 correct answers Customer Protection Rule: customer protection, reserves/custody of
securities
Under the customer protection rule, if credits exceed debits in the reserve computation, the
difference must be on deposit in the special reserve account within one hour of the bank opening
on the correct answers second business day following computation
Under SEC Rule 104, stabilization is permitted in which of the following offerings? correct
answers fixed-price offerings & firm commitment offerings
The prospectus delivery requirement periods in the aftermarket are as follows: for IPOs, X days
if the security is non-Nasdaq and Y days if the security is to be listed or quoted over Nasdaq. For
additional issues, there is no requirement to deliver a prospectus in the secondary market if the
security is listed NYSE or Nasdaq.If the security is non-Nasdaq OTC, the prospectus delivery
requirement period is Z days. correct answers X=90; Y=25, Z=40
A clearing firm is required to file, with FINRA, information on the time extension requests it
made on behalf of its introducing firms. These reports must be made correct answers monthly
