Review Quiz
- 1. FINRA may impose sanctions when a member or person associated with a member violates securities laws and rules. Which of the following are possible sanctions?
- I. cease and desist order
- II. suspension
- III. prohibition of associating with other member firms
- IV. expulsion
- A. I, II, III, and IV
- B. II and IV only
- C. I and III only
- D. II, III, and IV only
- 2. Under FINRA’s Code of Procedure, each member or associated person named in a FINRA complaint shall serve an answer to the complaint within how many days of the service of the complaint?
- A. 10 days
- B. 15 days
- C. 25 days
- D. 30 days
- 3. An appeal of a Hearing Officer’s decision on a FINRA disciplinary proceeding may be filed with:
- A. the SEC
- B. Federal Court of Appeals
- C. National Adjudicatory Council
- D. FINRA Dispute Resolution
- 4. According to the Code of Arbitration, arbitration of disputes is mandatory for all of the following except:
- A. disputes between two member firms
- B. disputes brought by member firms against customers, if required by contract
- C. disputes brought by member firms against customers for claims in excess of $25,000
- D. disputes brought by associated persons against customers, if the customer consents
- 5. Megan is unhappy about the decision of the arbitrator to not refund the fees in her account. To whom would she appeal the decision?
- A. SEC
- B. Code of Arbitration Committee
- C. FINRA
- D. appeals are not permitted in arbitration
- 6. Which of the fol