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SERIES 9: MASTERY AND PRACTICE EXAM QUESTIONS AND ANSWERS | 100% PASS The Characteristics and Risk of Standardized Options is the official disclosure document that must be provided to option customers at or before account approval. This document is designed to 1. protect investors from market...

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  • 25 september 2024
  • 101
  • 2024/2025
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TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024

SERIES 9: MASTERY AND PRACTICE
EXAM QUESTIONS AND ANSWERS |
100% PASS

The Characteristics and Risk of Standardized Options is the official disclosure

document that must be provided to option customers at or before account approval.

This document is designed to

1. protect investors from market risk.

2. fulfill the prospectus delivery requirements of the Securities Act of 1933.

3. disclose the risk of investing in options.

4. provide useful option strategies.

A)

III and IV

B)

I, II, III, IV

C)

I and II

D)

II and III

Explanation




1/101

,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
The options clearing corporate disclosure document, The Characteristics and Risk of

Standardized Options, creates an exemption from the prospectus delivery requirements

of the Securities Act of 1933. Its primary purpose is to disclose the risk of option

investing. It does not protect against market risk, nor does it provide strategies. -

Answer✔️✔️-D 2 & 3

Within how many days must an options-related complaint be submitted to FINRA?

A)

Customer complaints must be reported to FINRA within 15 days at the end of the

calendar quarter in which the complaint was discovered.

B)

Customer complaints must be reported to FINRA within 10 calendar days.

C)

Customer complaints must be reported to FINRA within 30 business days.

D)

Customer complaints must be reported to FINRA within 15 business days.

Explanation

FINRA rules require members to file information on customer complaints, electronically,

within 15 days of the end of each calendar quarter.

LO 4.c - Answer✔️✔️-A

Regulation SHO has a circuit breaker test that when triggered prohibits short sale

orders


2/101

,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
A)

for the security until a bona fide locate has been established.

B)

for the remainder of the trading day and the day following.

C)

until close-out requirements have been made.

D)

for a period until the price of the security rises above the triggered limit.

Explanation

Exchanges, ATSs, and trading centers have policies to restrict short selling on a

covered security that has a 10% decline in any one day. The purpose of the rule is to

prevent a piling-on effect in the marketplace. Short exempt orders may still trade. -

Answer✔️✔️-B

If an assignment notice is received on Tuesday, July 12, for a short call on a covered

write position, the stock settlement (delivery) would occur on

A)

Thursday, July 14.

B)

Wednesday, July 13.

C)

Friday, July 15.


3/101

, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
D)

Monday, July 11.

Explanation

The settlement will take place on Thursday, July 14, T + 2. The assignment date

becomes the trade date for the stock, and regular-way settlement is T + 2 (trade date

plus two days).

LO 7.d - Answer✔️✔️-A

A client of the firm is in violation of the position limit rule of 25,000 option contracts if

A)

the client's account has 20,000 short calls and 10, 000 short puts.

B)

the client's account has 20,000 long calls and 10, 000 long puts.

C)

the client's account has 20,000 long calls and 10,000 short puts.

D)

the client's account has 20,000 short calls and 10, 000 long calls.

Explanation

The OCC limits the number of options that an individual investor can control on the

same side of the market, long calls, and short puts, or short calls and long puts.

20,000 long calls and 10,000 short puts are both on the same side of the market

(bullish) for an aggregate position of 30,000 contracts, which is a violation.


4/101

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