Series 24 General Securities Principal Exam Test Bank Free Trial
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Question 1 of 20
1. Question
In accordance with the provisions related to ‘Recusal, Withdrawal of Hearing Officer’ of Finra Rule # 9233 ‘Hearing Panel or Extended Hearing Panel: Recusal and Disqualification of Hearing Officers’, If at any time a Hearing Officer determines that he or she has a conflict of interest or bias or circumstances otherwise exist where his or her fairness might reasonably be questioned, the Hearing Officer shall notify the Chief Hearing Officer and the Chief Hearing Officer shall issue and serve on the Parties a notice. Which one of the undermentioned information should be stated on the aforesaid notice?
Correct
If at any time a Hearing Officer determines that he or she has a conflict of interest or bias or circumstances otherwise exist where his or her fairness might reasonably be questioned, the Hearing Officer shall notify the Chief Hearing Officer and the Chief Hearing Officer shall issue and serve on the Parties a notice stating that the Hearing Officer has withdrawn from the matter.
Incorrect
If at any time a Hearing Officer determines that he or she has a conflict of interest or bias or circumstances otherwise exist where his or her fairness might reasonably be questioned, the Hearing Officer shall notify the Chief Hearing Officer and the Chief Hearing Officer shall issue and serve on the Parties a notice stating that the Hearing Officer has withdrawn from the matter.
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Question 2 of 20
2. Question
In accordance with the provisions related to ‘When to file’ of Finra Rule # ‘9135. Filing of Papers with Adjudicator: Procedure’, All papers required to be filed pursuant to the Rule 9200 Series and any notice of appeal or review required to be filed pursuant to the Rule 9300 Series shall be filed. With whom such papers should be filed?
Correct
Finra Rule # ‘9135. Filing of Papers with Adjudicator: Procedure’
When to file:
All papers required to be filed pursuant to the Rule 9200 Series and any notice of appeal or review required to be filed pursuant to the Rule 9300 Series shall be filed with the Office of Hearing Officers.Incorrect
Finra Rule # ‘9135. Filing of Papers with Adjudicator: Procedure’
When to file:
All papers required to be filed pursuant to the Rule 9200 Series and any notice of appeal or review required to be filed pursuant to the Rule 9300 Series shall be filed with the Office of Hearing Officers. -
Question 3 of 20
3. Question
In accordance with the provisions related to ‘Effect of Signature’ of Finra Rule # 9137 ‘Filing of Papers: Signature Requirement and Effect’, If a filing is not signed, who is appropriate authority that may strike the filing, unless it is signed promptly after the omission is called to the attention of the person making the filing?
Correct
Finra Rule # 9137 ‘Filing of Papers: Signature Requirement and Effect’
Effect of Signature:
If a filing is not signed, an Adjudicator may strike the filing, unless it is signed promptly after the omission is called to the attention of the person making the filing.Incorrect
Finra Rule # 9137 ‘Filing of Papers: Signature Requirement and Effect’
Effect of Signature:
If a filing is not signed, an Adjudicator may strike the filing, unless it is signed promptly after the omission is called to the attention of the person making the filing. -
Question 4 of 20
4. Question
In accordance with provisions related to Finra Rule-9148 ‘Interlocutory Review’, there shall be no interlocutory review of a ruling or order issued by any Adjudicator in a proceeding governed by the Code. If an Adjudicator grants interlocutory review of a ruling or order, what will be the effect of such review on the proceeding?
Correct
Finra Rule-9148 ‘Interlocutory Review’
There shall be no interlocutory review of a ruling or order issued by any Adjudicator in a proceeding governed by the Code. If an Adjudicator grants interlocutory review of a ruling or order, such review shall not stay a proceeding, except under Rule 9280 or as otherwise ordered by the Adjudicator.Incorrect
Finra Rule-9148 ‘Interlocutory Review’
There shall be no interlocutory review of a ruling or order issued by any Adjudicator in a proceeding governed by the Code. If an Adjudicator grants interlocutory review of a ruling or order, such review shall not stay a proceeding, except under Rule 9280 or as otherwise ordered by the Adjudicator. -
Question 5 of 20
5. Question
In accordance with the provisions of Finra Rule # 9120 ‘Definitions’, which one of the undermentioned terms is used to refer the Hearing Officer designated by the Chief Executive Officer of FINRA to manage the Office of Hearing Officers, or his or her delegatee?
Correct
Rule # 9120 ‘Definitions’
Chief Hearing Officer
The term “Chief Hearing Officer” means the Hearing Officer designated by the Chief Executive Officer of FINRA to manage the Office of Hearing Officers, or his or her delegatee.Incorrect
Rule # 9120 ‘Definitions’
Chief Hearing Officer
The term “Chief Hearing Officer” means the Hearing Officer designated by the Chief Executive Officer of FINRA to manage the Office of Hearing Officers, or his or her delegatee. -
Question 6 of 20
6. Question
In accordance with the provisions related to ‘Filing Requirement’ of Finra Rule # 9131 ‘Service of Complaint’, A complaint that is served upon a Respondent and each document initiating a proceeding that is served upon a Party, along with the certificate of service executed in connection with the service upon such Respondent or Party, shall be filed. With whom such complaint should be filed?
Correct
Finra Rule # 9131 – Service of Complaint:
Filing Requirement:
A complaint that is served upon a Respondent and each document initiating a proceeding that is served upon a Party, along with the certificate of service executed in connection with the service upon such Respondent or Party, shall be filed with FINRA pursuant to Rule 9135.Incorrect
Finra Rule # 9131 – Service of Complaint:
Filing Requirement:
A complaint that is served upon a Respondent and each document initiating a proceeding that is served upon a Party, along with the certificate of service executed in connection with the service upon such Respondent or Party, shall be filed with FINRA pursuant to Rule 9135. -
Question 7 of 20
7. Question
In accordance with the provisions related to ‘ Notice Regarding a Member’ under Rule-9522 ‘Initiation of Eligibility Proceeding of Finra By-Laws, A notice issued to a disqualified member shall state that the disqualified member may apply for relief by filing an application, within ten business days after service of the notice. Which one of the undermentioned has the authority to grant an extension for good cause shown?
Correct
If the member fails to file the application or, where appropriate, the written request for relief, within the 10-day period, the membership of the member shall be canceled, unless the Department of Member Regulation grants an extension for good cause shown.
Incorrect
If the member fails to file the application or, where appropriate, the written request for relief, within the 10-day period, the membership of the member shall be canceled, unless the Department of Member Regulation grants an extension for good cause shown.
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Question 8 of 20
8. Question
In accordance with the provisions of Section 4 ‘Classification of Investment Company’ under the Investment Company Act of 1940, Which one of the undermentioned terms is used to refer an investment company which is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or which has been engaged in such business and has any such certificate outstanding?
Correct
“Face-amount certificate company” means an investment company which is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or which has been engaged in such business and has any such certificate outstanding.
Incorrect
“Face-amount certificate company” means an investment company which is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or which has been engaged in such business and has any such certificate outstanding.
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Question 9 of 20
9. Question
In accordance with the provisions related to ‘Responsibility of Member to Investigate Applicants for Registration’ under Rule-3110 ‘Supervision’ of Finra By-Laws, The member shall also review an applicant’s employment experience to determine if the applicant has been recently employed by a Futures Commission Merchant or an Introducing Broker that is notice-registered with the SEC pursuant to Section 15(b)(11) of the Exchange Act. In such a case, the member shall also review a copy of the applicant’s most recent CFTC Form 8-T, including any amendments thereto. Within how much time such review should be done?
Correct
The term “investment banking services” shall include, without limitation, acting as an underwriter, participating in a selling group in an offering for the issuer, or otherwise acting in furtherance of a public offering of the issuer; acting as a financial adviser in a merger or acquisition; providing venture capital or equity lines of credit or serving as placement agent for the issuer or otherwise acting in furtherance of a private offering of the issuer.
Incorrect
The term “investment banking services” shall include, without limitation, acting as an underwriter, participating in a selling group in an offering for the issuer, or otherwise acting in furtherance of a public offering of the issuer; acting as a financial adviser in a merger or acquisition; providing venture capital or equity lines of credit or serving as placement agent for the issuer or otherwise acting in furtherance of a private offering of the issuer.
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Question 10 of 20
10. Question
In accordance with the provisions related to ‘Service Upon Counsel or Other Person Acting In Representative Capacity’ of Finra Rule # 9132 ‘Service of Orders, Notices, and Decisions by Adjudicator’, Whenever service is required to be made upon a person represented by counsel or a representative who has filed a notice of appearance pursuant to Rule 9141, service shall be made upon counsel or the representative. Which of the undermentioned authority has the discretion to order that service to be made upon the person?
Correct
Whenever service is required to be made upon a person represented by counsel or a representative who has filed a notice of appearance pursuant to Rule 9141, service shall be made upon counsel or the representative. The Adjudicator, at its discretion, may also order that service be made upon the person.
Incorrect
Whenever service is required to be made upon a person represented by counsel or a representative who has filed a notice of appearance pursuant to Rule 9141, service shall be made upon counsel or the representative. The Adjudicator, at its discretion, may also order that service be made upon the person.
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Question 11 of 20
11. Question
In accordance with the provisions under Rule-4370 ‘Business Continuity Plans and Emergency Contact Information’ of Finra By-Laws, Each member shall report prescribed emergency contact information for the member via such electronic or other means as FINRA may specify. To which one of the undermentioned authorities, the aforesaid information should be reported?
Correct
Each member shall report to FINRA, via such electronic or other means as FINRA may specify, prescribed emergency contact information for the member
Incorrect
Each member shall report to FINRA, via such electronic or other means as FINRA may specify, prescribed emergency contact information for the member
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Question 12 of 20
12. Question
In accordance with the provisions related to ‘ Rights of Disqualified Member, Sponsoring Member, Disqualified Person, and Department of Member Regulation’ under Rule-9522 ‘Initiation of Eligibility Proceeding of Finra By-Laws, In the event the Department of Member Regulation does not approve a written request for relief from the eligibility requirements pursuant to paragraph (e)(1), the disqualified member or sponsoring member may file an application, and such member shall have the right to proceed under Rule 9523 or 9524, as applicable. In the aforesaid circumstances, which one of the undermentioned authority may require a disqualified member or sponsoring member to file an application with RAD?
Correct
In the event the Department of Member Regulation does not approve a written request for relief from the eligibility requirements pursuant to paragraph (e)(1), the disqualified member or sponsoring member may file an application, and such member shall have the right to proceed under Rule 9523 or 9524, as applicable. The Department of Member Regulation may require a disqualified member or sponsoring member to file an application with RAD.
Incorrect
In the event the Department of Member Regulation does not approve a written request for relief from the eligibility requirements pursuant to paragraph (e)(1), the disqualified member or sponsoring member may file an application, and such member shall have the right to proceed under Rule 9523 or 9524, as applicable. The Department of Member Regulation may require a disqualified member or sponsoring member to file an application with RAD.
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Question 13 of 20
13. Question
In accordance with the provisions of Rule-9525 ‘Discretionary Review by the FINRA Board’ under Finra By-Laws, A Governor may call an eligibility proceeding for review by the FINRA Board. The aforesaid call for review shall be made not later than the next meeting of the FINRA Board. Which one of the undermentioned time period is prescribed for such meeting of the FINRA Board?
Correct
A Governor shall make his or her call for review not later than the next meeting of the FINRA Board that is at least 15 days after the date on which the FINRA Board receives the proposed written decision of the National Adjudicatory Council.
Incorrect
A Governor shall make his or her call for review not later than the next meeting of the FINRA Board that is at least 15 days after the date on which the FINRA Board receives the proposed written decision of the National Adjudicatory Council.
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Question 14 of 20
14. Question
Under Section-2 ‘Application for Registration’ of Article V of Finra By-Laws, Every application for registration filed with the Corporation shall be kept current at all times by supplementary amendments via electronic process or such other process as the Corporation may prescribe to the original application. If such amendment involves a statutory disqualification as defined in Section 3(a)(39) and Section 15(b)(4) of the Act, Within how much time such amendment shall be filed?
Correct
Every application for registration filed with the Corporation shall be kept current at all times by supplementary amendments via electronic process or such other process as the Corporation may prescribe to the original application. Such amendment to the application shall be filed with the Corporation not later than 30 days after learning of the facts or circumstances giving rise to the amendment. If such amendment involves a statutory disqualification as defined in Section 3(a)(39) and Section 15(b)(4) of the Act, such amendment shall be filed not later than ten days after such disqualification occurs.
Incorrect
Every application for registration filed with the Corporation shall be kept current at all times by supplementary amendments via electronic process or such other process as the Corporation may prescribe to the original application. Such amendment to the application shall be filed with the Corporation not later than 30 days after learning of the facts or circumstances giving rise to the amendment. If such amendment involves a statutory disqualification as defined in Section 3(a)(39) and Section 15(b)(4) of the Act, such amendment shall be filed not later than ten days after such disqualification occurs.
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Question 15 of 20
15. Question
In accordance with the provisions related to ‘Effective Date of Notice of Pre-Use Filing Requirement’ of Rule-9551 ‘Failure to Comply with Public Communication Standards’ under Finra By-Laws, FINRA staff may issue a written notice requiring a member to file communications with the FINRA Advertising Regulation Department if FINRA staff determines that the member has departed from the prescribed standards. When such notice will become effective?
Correct
The pre-use filing requirement referenced in a notice issued and served under this Rule shall become effective 21 days after service of the notice, unless stayed by a request for a hearing pursuant to Rule 9559.
Incorrect
The pre-use filing requirement referenced in a notice issued and served under this Rule shall become effective 21 days after service of the notice, unless stayed by a request for a hearing pursuant to Rule 9559.
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Question 16 of 20
16. Question
In accordance with the provisions related to ‘Time to File Notice of Appeal’ of Finra Rule – 9311 ‘Appeal by Any Party; Cross-Appeal’, A Respondent or the Department of Enforcement may file a written notice of appeal. Within how much time such notice should be filed?
Correct
A Respondent or the Department of Enforcement may file a written notice of appeal within 25 days after service of a decision issued pursuant to Rule 9268 or Rule 9269.
Incorrect
A Respondent or the Department of Enforcement may file a written notice of appeal within 25 days after service of a decision issued pursuant to Rule 9268 or Rule 9269.
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Question 17 of 20
17. Question
In accordance with the provisions related to ‘Increases in Amount in Dispute’ of Finra Rule – 12800 ‘Simplified Arbitration’, If a three-arbitrator panel is required or requested under Rule 12401, By whom the remaining arbitrators will be appointed in accordance with Rule 12403?
Correct
Finra Rule – 12800 ‘Simplified Arbitration’
Increases in Amount in Dispute:
If a three-arbitrator panel is required or requested under Rule 12401, the remaining arbitrators will be appointed by the Director in accordance with Rule 12403.Incorrect
Finra Rule – 12800 ‘Simplified Arbitration’
Increases in Amount in Dispute:
If a three-arbitrator panel is required or requested under Rule 12401, the remaining arbitrators will be appointed by the Director in accordance with Rule 12403. -
Question 18 of 20
18. Question
Which of the following statement is not correct regarding executive representative under section 3 of FINRA By-Laws:
Correct
Each member shall appoint and certify to the Secretary of the Corporation one “executive representative” who shall represent, vote, and act for the member in all the affairs of the Corporation.
Incorrect
Each member shall appoint and certify to the Secretary of the Corporation one “executive representative” who shall represent, vote, and act for the member in all the affairs of the Corporation.
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Question 19 of 20
19. Question
In accordance with the Rules of Securities Exchange Act of 1934 with respect to the application for Registration of Brokers or Dealers, An application for registration of a broker or dealer shall be filed on Form BD in accordance with the instructions to the form; With which of the following authority such application for registration of a broker or dealer, that is filed on or after January 25, 1993, shall be filed?
Correct
Every application for registration of a broker or dealer that is filed on or after January 25, 1993, shall be filed with the Central Registration Depository operated by the Financial Industry Regulatory Authority, Inc.
Incorrect
Every application for registration of a broker or dealer that is filed on or after January 25, 1993, shall be filed with the Central Registration Depository operated by the Financial Industry Regulatory Authority, Inc.
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Question 20 of 20
20. Question
Under Rule 15b6-1 ‘Withdrawal from registration’ of Securities Exchange Act of 1934, If any dealer or broker already registered, under the Securities Exchange Act of 1934, files a notice of withdrawal from registration as a broker or dealer; Which of the undermentioned condition should be fulfilled by the notice of withdrawal from registration?
Correct
Notice of withdrawal from registration as a broker or dealer shall be filed on Form BDW in accordance with the instructions contained therein.
Incorrect
Notice of withdrawal from registration as a broker or dealer shall be filed on Form BDW in accordance with the instructions contained therein.
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