Unit 15 - Registration and Continuing Education

15.1 - Association with a Member Firm

.

To register with FINRA, you must complete... (2)

1. U4 form

2. Fingerprinting

Finger prints are sent to.....

The US attorney general

A crime, prior expulsion, or willfully made misstatements are all examples of a ____________ _______ with FINRA

Disqualifying Event

Which of the following is not a requirement on Form U4?

A)

An applicant's last 10 years of employment

B)

An applicant's marital status

C)

An applicant's home address for the past five years

D)

An applicant's home address

A: B

As a means of protecting the integrity of the industry and protecting the investing public, associated persons of FINRA member firms must submit fingerprint records to

A)

the Securities and Exchange Commission (SEC).

B)

FINRA.

C)

the attorney general for the state in which they reside.

D)

the U.S. attorney general.

D

Individuals applying for registration as an associated person will be rejected if they

A)

submitted an application for registration that omitted mention of a minor traffic violation that occurred two years ago.

B)

are under an order of a foreign financial regulator denying, suspending, or revoking their registration or barring them from association with a broker-dealer.

C)

are under a court injunction regarding a domestic issue.

D)

failed to include the ZIP code on their home address.

B

15.2 - Leaving a Member Firm

.

When leaving a member firm, the member must file a _____ __ within 30 days of the termination date

Form U5

The form requires the member to indicate.....

reason for separation and explanation where appropriate

After a full termination, FINRA retains regulatory jurisdiction -- AKA the right to require a terminated person to provide evidence and answer any of their questions for how long?

2 years

Within those 2 years, a person may associate with another member firm without having to do what?

Retake license exams

Which of the following reasons for separation would not require additional information on Form U5?

A)

Discharged

B)

Deceased

C)

Permitted to resign

D)

Other

B

FINRA retains regulatory jurisdiction for how long after a registered person terminates association with a member firm?

A)

1 year

B)

120 days

C)

2 years

D)

90 days

C

15.2 - Continuing Education

,

The "Firm Element" of Continuing Education

annual training plan required by the firm

The "Regulatory Element" of Continuing Education

annual training plan required by FINRA

Which of the following is not true about the firm element of continuing education?

A)

It should be relevant to the representative's duties.

B)

It must be completed no later than October 31 of each year.

C)

It must be relevant to the firm's business.

D)

It must be completed annually by December 31.

B

Which of the following is correct regarding the continuing education regulatory element requirements?

A)

Training must be completed within 120 days of the person's second registration anniversary and every five years thereafter.

B)

Training must be completed annually.

C)

Training must be completed within 120 days of the person's first registration anniversary and then annually thereafter.

D)

Training must be completed within 120 days of the person's second registration anniversary and every three years thereafter.

B