100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Series 10 FINRA Exam Study Guide with Complete Solutions $12.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Sie
  4.  
  5. Sie

Exam (elaborations)

Series 10 FINRA Exam Study Guide with Complete Solutions
 6 views  0 purchase
  • Course
  • Sie
  • Institution
  • Sie

Series 10 FINRA Exam Study Guide with Complete Solutions According to MSRB rules, to be considered to be "regular way" settlement - Answer️️ - Settlement date is trade date plus three business days. Regular way settlement for municipal bond transactions is Trade date plus 3 business days (T...

[Show more]

Preview 4 out of 88  pages

Document information

  • September 25, 2024
  • 88
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • series 10 finra exam study guide with complete sol

Written for

  • Sie
  • Sie

Seller

avatar-seller
EmillyCharlotte

Reviews received

Content preview

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

Series 10 FINRA Exam Study Guide with
Complete Solutions
According to MSRB rules, to be considered to be "regular way" settlement - Answer✔️✔️-

Settlement date is trade date plus three business days. Regular way settlement for

municipal bond transactions is Trade date plus 3 business days (T+3).

Muni Firm has a control relationship with an issuer for which it is distributing a new

issue. RR wants to sell some of the securities to a discretionary client but the client

cannot be reached. What can the RR do with regard to executing the transaction -

Answer✔️✔️-The RR may not execute the transaction until the customer can be

contacted

When there is a control relationship between an issuer and a broker/dealer, the

customer must: - Answer✔️✔️-the customer must be made aware of the relationship and

approve the trade prior to executing a transaction

A broker-dealer is inspected by FINRA on a 4-year cycle. Which records must be

retained covering this entire period - Answer✔️✔️-Articles of Incorporation

Articles of incorporation must be retained for the life of the firm. - Answer✔️✔️-

In a principal transaction, the MSRB requires that the price given to the customer

consider the dealer's - Answer✔️✔️-best judgment of the security's fair market value; the

fact that the dealer is entitled to a profit; the expenses associated with handling the

transaction; and the total dollar amount of the transaction.
1/88

,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
For agency transaction, the MSRB requires that the availability of the security be

considered (a "hard to find" security justifies a higher commission); - Answer✔️✔️-as well

as the expense of executing the order, the value of services rendered by the broker;

and the amount of any other compensation received by the broker in that transaction.

A General Sales Supervisor has worked for a broker-dealer for 11 years. He becomes

subject to statutory disqualification. Which statement is TRUE - Answer✔️✔️-This

individual may be permitted to continue working provided the employer member files a

written application to FINRA in an Eligibility Proceeding

The Securities Exchange Act of 1934 lists the reasons why an individual associated with

a firm, or the firm itself, may be subject to "statutory disqualification" - meaning that they

cannot be involved in the securities business. These include situations where the

individual or member firm: - Answer✔️✔️-has been suspended or expelled from any other

Self Regulatory Organization, either domestic or foreign;

is the subject of an SEC order suspending or revoking registration or by his conduct

while associated with a firm has caused that firm's suspension or expulsion;

willfully filed a false or misleading application or has omitted to state material facts in the

application;

willfully violated federal securities or commodities laws, willfully aided, abetted,

counseled, commanded or procured such violations, or failed to supervise those who

commit such law violations;




2/88

,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
has been convicted of any securities or "money" related offense (such as

embezzlement) within the past 10 years; or

has been temporarily or permanently enjoined from engaging in the securities business.

Generally speaking, a person subject to statutory disqualification may not be associated

with a member in any capacity. However, FINRA permits a disqualified person to

request permission to enter into, or remain in, the securities industry. To do so, the

member firm must file an application seeking approval of a new or continued registration

in an "Eligibility Proceeding."

The application is a package of all relevant information surrounding the disqualification.

FINRA looks at the nature and gravity of the event; the length of time since the event

occurred; any mitigating or aggravating circumstances; and the disciplinary history of

the member firm and associated person. If FINRA approves an application, the SEC is

also required to review and approve that decision; and if FINRA denies an application,

an appeal may be filed with the SEC.

Confirmation contents are regulated by MSRB Rule G15 and therefore, - Answer✔️✔️-

cannot be changed by an agreement between Municipal Dealers.

A MFP was associated with Dealer A at the time he made a political contribution which

resulted in the dealer being prohibited from engaging in muni securities business with

the issuer for 2 years. Then, less than 2 years after making the contribution, the MFP

becomes associated with Dealer B. Which dealer(s) is subject to the prohibition on

engaging in muni business? - Answer✔️✔️-Dealer A and Dealer B. Both dealers are


3/88

, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
subject to the prohibition for two years from the date of the contribution. Dealer B's

probation only begins when the MFP joins Dealer B.

All monies due as the result of a buy-in are due - Answer✔️✔️-All monies are due as a

result of a buy in within 10 business days of execution

Which of the following branch functions can be outsourced to a third party provider -

Answer✔️✔️-New account processing & New account customer I.D. verification.

Customer account processing & verification of customer identity are functions that can

be outsourced - there is no requirement for these to be performed by a registered

person.

FINRA does NOT allow functions that must be performed by a registered person to be

outsourced unless - Answer✔️✔️-Unless the third party firm to whom the functions are

outsourced is itself a registered broker-dealer

New account approval must be performed by a registered principal and suitability

determinations can only be made by registered representatives (or registered

principals). - Answer✔️✔️-

A customer has a NMFBA at your firm with $400,000 in assets. For the past 2 years,

there has been no activity in the account and the customer has been charged a $6,000

annual flat fee during each of those years for account maintenance. As the BOM, you

should - Answer✔️✔️-Non-Managed Fee Based Accounts (NMFBAs) are typically only

suitable for active traders. This customer is paying a very high annual fee for very little

trading. The best answer is that the BOM should have the representative discuss the

4/88

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 EmillyCharlotte. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78252 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart