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Series 99 Practice Exam 3

Series 99 Practice Exams

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Practice Exam 3

Series 99 Practice Exam 3

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Question 1 of 10

1. Question

All general securities broker-dealers must have an official time clock:

Which is coordinated with FINRA’s precise time clock and verified at least once per year
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Which is coordinated with FINRA’s precise time clock and verified no less frequently than monthly
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Which is coordinated with the official time clock in Greenwich, England
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None of the above
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Question 2 of 10

2. Question

All executed order tickets shall be time-stamped

Either in military time or conventional clock time
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In conventional clock time
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In military time
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None of these
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Question 3 of 10

3. Question

When a customer sells securities they are long and fails to deliver them to the firm by regular way settlement date:

Regulation T will allow an additional 2 business days for the customer to deliver
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An extension of time will be provided at the discretion of the broker-dealer
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Rule 15c3-3 will provide an additional 10 business days for the customer to deliver
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Any of the above
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Question 4 of 10

4. Question

When a customer goes long listed common stock and fails to make payment according to regular way settlement,

Reg T will allow an additional 2 business days for the customer to make payment.
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An extension of the regular way settlement date can be granted by the broker dealer at its discretion.
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Rule 15c3-3 will provide an additional 10 business days to make payment.
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The account will be frozen for 90 calendar days.
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Question 5 of 10

5. Question

Any extension of time for payment under Regulation T may be provided

By the broker-dealer at its sole discretion under extenuating circumstances
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By FINRA when the request for an extension is made prior to the close of the market on the Reg T payment date
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No more than 3 times to the same customer in any 12 month period
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By the Exchange where the trade took place
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Question 6 of 10

6. Question

The FINRA requires personnel in the back office other than the Office Manager to:

Have passed the Securities Information Essentials (SIE) exam
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Have passed at least the IC/VC Series 6 exam
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Have passed the Series 11 assistant’s exam
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Have no specific licenses
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Question 7 of 10

7. Question

When a member firm wishes to relocate a branch office:

FINRA approval must be obtained with 30 days
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FINRA approval is not required, simple notification is sufficient
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Notification to FINRA can be done on the firm’s next 17a-5 Annual Report
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The firm has 60 days in which to appoint a branch manager for the new office
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Question 8 of 10

8. Question

Form U-5 is used to notify FINRA

That a registered representative has retired
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That a registered representative has been terminated for cause
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That a registered representative has voluntarily resigned from the firm
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All of the above
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Question 9 of 10

9. Question

Form U-6 is used by FINRA to

Track a registered representative’s disciplinary history
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Provide information to Broker-check
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Show the results of arbitrations with public customers
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There is no such form used by FINRA
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Question 10 of 10

10. Question

When a firm wishes to have a registered principal perform the duties of OSJ principal in more than one OSJ of the firm,

FINRA prohibits this arrangement
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FINRA need not be notified
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FINRA will allow this arrangement when the two offices are geographically close to each other
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One can be an OSJ principal at one office but only a branch manager of the other
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