Exercise
Answer True or False
- 1. True or false. A broker or dealer or a general, special or limited partner, director, or officer of a broker dealer are considered customers and do receive customer statements.
- 2. True or false. When a broker-dealer finds a material weakness in its system, the member firm has 48 hours to file a notification with the SEC and provide a copy to the independent public accountant.
- 3. True or false. When a broker-dealer is located on bank premises, before a customer account is opened, the broker-dealer must provide written disclosure to each customer that its services are provided by the firm, not the bank.
- 4. True or false. The Securities Investor Protection Corporation has authority to combat investment fraud.
- 5. True or false. Broker-dealers are only required to have fidelity bond coverage if they have joined the SIPC.
- 6. True or false. A member with a net capital requirement