Series 79 Chapter 10 || with 100% Errorless Answers.
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Series 79 Chapter 10
What does the Corporate Finance Department (CFD) of FINRA do? correct answers Examines fairness of compensation to underwriters, including spread and additional expenses
What 5 documents does the syndicate manager submit to the Corporate Finance Department (CFD)? correct answers Registration Sta...
Series 79 Chapter 10 || with 100% Errorless Answers.
What does the Corporate Finance Department (CFD) of FINRA do? correct answers Examines
fairness of compensation to underwriters, including spread and additional expenses
What 5 documents does the syndicate manager submit to the Corporate Finance Department
(CFD)? correct answers Registration Statement / Prospectus
Underwriting Agreement (UA)
Agreement Among Underwriters (AAU)
Non-cash compensation received and reimbursed expenses
All items of value received from issuer in 180 days prior to registration filing
Is U/W's legal fees (counsel) treated as compensation (syndicate expenses) or Bona Fide Issuer
expenses? correct answers Syndicate expenses (treated as compensation)
Is Marketing expenses (to syndicate deal) treated as compensation (syndicate expenses) or Bona
Fide Issuer expenses? correct answers Syndicate expenses (treated as compensation)
Is Printing costs (e.g. prospectus) treated as compensation (syndicate expenses) or Bona Fide
Issuer expenses? correct answers Bona Fide Issuer expense (not treated as compensation)
Is Blue sky fees treated as compensation (syndicate expenses) or Bona Fide Issuer expenses?
correct answers Bona Fide Issuer expense (not treated as compensation)
Is Accounting fees (for audited financials) treated as compensation (syndicate expenses) or Bona
Fide Issuer expenses? correct answers Bona Fide Issuer expense (not treated as compensation)
What is a tail fee with regards to underwriting an issue of securities? correct answers It is a fee
paid by the issuer if they cancel the deal regardless of the reason
What are four prohibited types of compensation with regards to underwriting an issue of
securities? correct answers Options and warrants with an expiration greater than 5 years, Options
and warrants with a strike price below the offer price, Any right of first refusal for future
underwriting business for more than three years, and Any tail fee arrangement for more than two
years.
How long is the lock up period for all shares received as compensation by the underwriter? What
is the exception to this rule? correct answers 6 months. Unless the number of shares is no more
than 1% of total deal size.
Within how many days must the Syndicate manager notify FINRA of the deal being declared
effective? correct answers 3 business days
Under rule 5130, list the restricted persons who cannot purchase an IPO. correct answers FINRA
member firms and employees,
Finders and fiduciaries of the managing underwriter,
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