master exam series 14

how soon mut an SAR be filed

within 30 calendar days

how long does an individual have to provide their new firm with a U5 if requested

2 business days

if an issuer purchases its own securities in the open market, the purchase can not be greater than what percentage of ADTV

25%

on NYSE, what time do most MOC orders need to be entered on expiration days

3:40

These are advantages of what type of offering?

• sold shares are not restricted

• it may be advertised to the public because it is considered a public offering

• instead of a prospectus it may use a briefer document called an offering circular

Reg A offering

what is an advantage of a 506(B) offering

it has no dollar limit

a reg A offering is for a maximum amt of securities of

75 mn or less during a 12 mo period

if a firm discovering info abt a former associated person that belongs on the person’s Form U5, when does the form need to be amended

within 30 days of discovery

customer acct records must be updated at least every

3 years

what is the earliest time a newly issued security can be sold to the public?

at least 20 calendar days after its registration statement is filed

who does what when an OTC trade must be closed out by means of a buy-in

the buyer purchases replacement securities on the open market

in an OTC trade, who performs a close-out when the buyer rejects a properly made delivery? what is this kind of close-out called?

the seller; sell out

min net capital req for muni securities broker

$150,000

min net capital req for a broker that introduces customer actts and receives securities

$50,000

min net cap req for a dealer

$100,000

min net cap req for a broker that carries customer accounts and holds custody of customer assets

$250,000

a registered rep had her registration suspended. her firm must inform FINRA of the suspension within

30 calendar days

a predispute arbitration clause if contained in what document?

U4

how long does the SEC have to respond by granting the registration or instituting proceedings to determine if the registration should be denied

45 days

in a typical private placement offering, who takes on risk for unsold shares

neither placement nor selling group. shares are returned to the issuer

how long does a rep and his firm have to change the rep’s U4 for disciplinary events

10 days

The SEC approves

business conduct rules

what is the lowest possible net cap req for a fully disclosed firm

$5,000

who receives the proceeds of a registered secondary offering

stockholders

What is considered a long sale

Someone selling securities that they already own

how long does a long seller who fails to deliver securities by the regular way settlement date have to avoid a close out

T+4

how long does a long seller who fails to deliver securities by the regular way settlement date have to avoid a close out on a RESTRICTED security

35 calendar days after the trade date

Form 144 is filed when

an affiliate of an issuer sells more than 5,000 shares or more than $50,000 of that issuer’s securities.

must file notice of proposed sale

what is the deadline for filing the Form D for a Reg D offering

15 calendar days after the first sale

the third market refers to

exchange-listed securities sold on the OTC

EX: a nyse security that is traded OTC by two dealers

continuing disclosure of any information that is relevant to the market price of a bond issue should be made to EMMA

no later than 10 business days after any event that causes the information to change

how long after closing a customer’s acct must a BD preserve records which relate to the T&C w respect to the opening and maintenance of the acct

six years

a registered principal is always registered with

FINRA

members must maintain all institutional communications for how long

3 years from last use

the producing manager is:

a branch office manager, a sales manager or any registered supervisor who conducts or oversees customer acct activity

fingerprint cards should be maintained for

minimum of 3 years

a dealer is best described as

a person engaged in the business of buying and selling securities for his or her own acct

how long must retail communications be kept in a separate file for recordkeeping purposes

3 years from last use

Form ADV is used by invetsment advisers to register with

the SEC and state administrator

Reg D has to do with

private placements

a member firm may not expand business when a deficiency in net capital exists for more than

15 consecutive business days

who must be notified on the issuer’s behalf using Form D and when

SEC; within 15 days of the first sale

customer acct records must be updated at least every

3 years