Exercise
Answer the following questions.
1.Which of the following is true regarding the registration process for an individual?
A.His registration becomes effective 30 days after his Form U4 is filed
B.He must pass his qualifying exam(s) after filing his Form U4
C.If an individual fails his qualifying exam three times, he will need to file a new Form U4
D.If a registered individual leaves the securities industry, his registration can be maintained for no longer than one year
2.Broker-dealers must register all of the following employees except:
A.Managers
B.Internal auditors
C.Non-supervisory attorneys
D.Part-time research analysts
3.FINRA’s continuing education requirements have two components: a regulatory element and a firm element. Which of the subjects below is the least likely topic to be covered in the firm element?
A.Recent changes to industry rules
B.New products and services offered by the firm
C.Review of public communication regulations
D.Impact of economic changes on the firm’s marketing approach
4.Last month, Sandy received his honorable discharge from active service in the military after serving three years in Europe. He plans to reregister with his old firm, where he had worked as a broker. In the meantime, his license:
A.Expired after his second year in the military
B.Expired when he ended his military service
C.Expires in 30 days unless he completes his continuing education program
D.Remains current
5.Marcus quits his job as a registered representative at ABC Brokerage on June 1. What is the latest date that ABC is allowed to file his Form U5?
A.July 1
B.June 8
C.June 1
D.There is no date by which the form must be filed; however, ABC Brokerage is obligated to file it within a reasonable time frame
Answers
1. B. The first step in the registration process for an individual is to have his employing firm file a Form U4. Once that