Reg M Rule 103 correct answers 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...
Series 24 || All Questions Answered Correctly.
Reg M Rule 103 correct answers 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 answers Blotters (Day book, journal, diary)
General Ledgers
Stock Record
Statements
Customer Account Records
Principal designation record
Series 22 correct answers Allowed to sell DPP's
Foreign Associates Must... correct answers Register with Finra, but are exempt from having to
pass an exam.
Series
27
51
53 correct answers 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 answers Memers written Supervisory Procedures
Finra Manuel - Must be avail to cust.
- Electronically avail ok
Telemarketing Recording Reports sent to Finra... correct answers Quarterly
Advertising and Sales Literature of
Inv Co's, DPP's, Govt. Sec filed... correct answers Within 10 days of first use
Standby Purchasers correct answers In final prospectus
Arrangement in writing
Unable to find other purchasers
STOCK RESTRICTED FOR RESALE = 3 MONTHS
Regulation M correct answers Governs activities of interested parties in outcome of APO. Syn
Mem, MM, Issuers, Officers, etc.
, Lifetime Records correct answers Stock Certificate Books
Partnership Articles
Articles of Incorporation
Meeting Minutes
G-37 reports to MSRB sent correct answers Quarterly
Sales literature for 1sy year B/D sent to Finra correct answers 10 biz days before first use
Responce to Arbitration request needed within correct answers 45 Days
Confirmations sent to customers... correct answers On or before settlement date
DVP Confirmations sent to customers... correct answers Trade date + 1 (T+1)
Settle Regular Way (T+3)
- 35 Days to make payment
Confirmations must contain correct answers If member acted as agent or principal or dual agent
The commission in an agency trade
The markup or markdown
Payment for order flow
If member is a market maker in the security
If a control relationship exists between issuers and mem
Time of execution
Rule 144A correct answers allows unregistered foreign and domestic securities to be sold to
certain institutional investors in the United States without the 6 month holding period
requirement of Rule 144; to qualify for this exemption, the buyer must be a qualified institutional
buyer, $100mil in assets.
Issuer buying own securities correct answers Only through one MM
In 1 day can't exceed 25% of ADTV over last 4 weeks
Block purchases ok
Can't affect opening or closing of market
- First transaction or last 30 minutes
- - Last 10 minutes for Tier 1 issuer
Transactions can't be higher than the highest inde bid or last transaction, whichever is higher
Reserve Computation correct answers Weekly
SIPC Reduction Notice to Customers correct answers 30 Days Before Reduction
Possession and Control of all fully paid-for securities and excess margin securities made...
correct answers Daily
Reserve Requirement correct answers Weekly
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