Series 82: Exercise

Exercise

Answer the following questions.

1. 1. Which of the following records must be kept in writing at each Office of Supervisory Jurisdiction?
2. A. A list of all prospects contacted by phone within the last 30 days
3. B. Written supervisory procedures
4. C. Copy of the FTC’s do-not-call list
5. D. Copy of every registered representative’s fingerprints
6. 2. Regarding internal inspections required by FINRA, each member must inspect each OSJ office and any branch office that supervises one or more non-branch locations at least how often?
7. A. Monthly
8. B. Quarterly
9. C. Biannually
10. D. Annually
11. 3. Which of the following is not true regarding a firm’s supervisory procedures?
12. A. They must be in writing.
13. B. Principals must be tested annually on their firm’s supervisory practices.
14. C. They must be kept on file at every Office of Supervisory Jurisdiction.
15. D. Firms that get penalized for rule violations often get simultaneously penalized for not keeping accurate written supervisory procedures.
16. 4. A registered principal is conducting his firm’s annual internal inspection at its OSJs. What are his responsibilities with respect to this written report?
17. I. To review customer account records for irregularities and abuses
18. II. To test policies and procedures for safeguarding customer accounts
19. III. To evaluate supervision of customer accounts serviced by branch office managers
20. A. II only
21. B. III only
22. C. I and II
23. D. I, II, and III

Answers

1. 1. B. A member firm’s written supervisory procedu