Series 7: Exercise

Taken from our Series 7 Online Guide

Exercise

Answer true or false.

1. _____ Banks that deal exclusively in municipal securities and are registered as municipal securities dealers must be SIPC members.

2. _____ A court can issue a protective decree when petitioned by SIPC due to an imminent danger to customer assets.

3. _____ SIPC protects against all types of loss, but not all claims will be repaid.

4. _____ Accounts owned by the same customer are always combined for SIPC coverage purposes.

Answers

1. False. All brokers and dealers registered with the SEC must be SIPC members, but there are a few exceptions. Banks that deal exclusively in municipal securities and are registered as municipal securities dealers rather than regular broker-dealers are not required to get SIPC coverage.

2. True. If there is an imminent danger of member failure, then SIPC may petition a federal court

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