Exam (elaborations)
Series 24 - Uniform Practice Code correctly answered to pass
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Series 24 - Uniform Practice Code correctly answered to pass
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Series 24 - Uniform Practice CodeUPC - correct answer ✔✔Uniform Practice Code
- Establishes rules for dealer to dealer practices in nonexempt securities
Regular Way Settlement - correct answer ✔✔Trade date + 3 (T+3)
Cash Settlement - correct answer ✔✔Same day settlement (before 2:30pm)
Seller's Option - correct answer ✔✔Seller, for good reason, cannot deliver securities by the settlement
date.
- Earliest seller can make delivery = T+4
- Notice must be given by seller before delivery at least one business day prior to delivery
Physical delivery of securities made by... - correct answer ✔✔The seller
- To the office of the buyer
- One the prescrivbed settlement date
- Any expenses are borne by the seller
Clearly Erroneous Trades - correct answer ✔✔Member notifies Nasdaq Market Operations within 30
minutes
- Can be appealed to the MORC within 30 minutes
Standard Reclamation Time - correct answer ✔✔15 days
- If stolen or counterfeit = 30 months
Accrued Interest is added to buy or sell confirmation? - correct answer ✔✔Both
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