Exam (elaborations)
Series 24 Chapter 1 questions & correct answers(passed)
- Course
- Institution
Series 24 Chapter 1 questions & correct answers(passed)
[Show more]
Content preview
Series 24 Chapter 1Form NMA - correct answer ✔✔New Member Application filed thru Firm Gateway
180 Day Application Review Period
Broker - correct answer ✔✔Any person engaged in the business of effecting transactions in securities for
the account of others
Dealers - correct answer ✔✔Any person acting on behalf of their own proprietary trading account
Investment Adviser - correct answer ✔✔Person who, for compensation, advised others regarding
securities
Do not register with FINRA
Form BD - correct answer ✔✔Uniform App for BDs to register with SEC, SROs, states thru CRD
Must update form promptly (no later than 30 days) when inaccurate/imcomplete or any changes
Form CMA - correct answer ✔✔Required to be filed if member firm has change in ownership, control or
business operations (including additional lines of business)
Required by NASD Rule 1017 - filed electronically
NASD Rule 1014 - correct answer ✔✔Standards for Admission for Membership (12)
All applicants, except sole proprietorship, must have at least two officers qualified to become registered
as principals.
General Securities - Series 24
Limited to Invst Co Products - Series 26
New Member Application Process - correct answer ✔✔File Application with Department of Member
Regulation (DMR) at district office where applicant has main office;;
, Premembership Interview (PMI) takes place after initial review;
DMR issues application decision within 30 days of PMI
FINRA required to conduct an inspection of a newly registered firm within 6 months of registration
Form BR - correct answer ✔✔Uniform Branch Office Registration Form
Used to Register Branch Office
FINRA must be notified within 30 days, via Form BR, of opening a new branch
Form BRW - correct answer ✔✔Used when entire firm ceases business or withdraws registration from
SEC, FINRA and states;
Notice of withdrawal generally effective on the 60th day from filing unless SEC imposes terms and
conditions
Office of Supervisory Jurisdiction (OSJ) - correct answer ✔✔The BD office responsible for supervising the
activities of the register reps and associated persons in that office and other offices in the region.
Each OSJ required to have at least one resident principal
Statutory Disqualifications (SD) - correct answer ✔✔Disciplinary sanctions within previous 10 years can
be cause for statutory disqualification for an indefinite period
Statutory Disqualifications - Firm - correct answer ✔✔* Expelled or suspended by another SRO or
foreign equivalent;
* SEC denied, suspended, revoked registration;
* willfully filed false/misleading app
Statutory Disqualification - Individual - correct answer ✔✔* Willful misstatement/factual ommission on
U4
* Felony conviction or misdemeanor involving securities last 10 years;
* Court ordered prohibition to work in securities/financial sector;
* Suspended or expelled from Membership;
* Under SEC order revoking registration or barring association with BD
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77858 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now