Which back office department is correctly matched with a part of its role in completing a trade?

Cashiering department: making the customer the beneficial owner of stock held in street name

Custody department: sending the trade confirmation to the customer

Purchase and sales department: calculating the money owed by the customer

Margin department: updating the stock record

Cashiering department: making the customer the beneficial owner of stock held in street name

How can a restrictive legend be removed from restricted securities?

A transfer agent can remove it with the written consent of the issuer

A transfer agent can remove it with the written consent of the SEC

The SEC can remove it after legal arbitration

A customer regularly makes cash deposits of $9,900. You begin to suspect that the customer knows that cash transactions totaling $10,000 or more in one day are reported to the government. Do you (or your supervisor) need to report this to FinCEN, and if so, how?

Yes, you need to file a Suspicious Activity Report (SAR)

No, you only need to log the deposits in a Monetary Instrument Log (MIL)

Yes, you need to file a Currency Transaction Report (CTR)

Yes, you need to file a Suspicious Activity Report (SAR)

No, the activity does not need to be reported

When you open an account for a corporate customer, why do you need to be provided with a corporate resolution?

It authorizes opening the account and names the individuals with trading authority.

It proves that the corporation exists.

It proves that the board of directors meets regularly.

It provides the customer’s contact information.

It authorizes opening the account and names the individuals with trading authority.

What is the difference between a durable power of attorney and one that is not durable?

Only a durable power of attorney survives the incapacity of the grantor

Only a durable power of attorney survives the death of the grantor

Only a durable power of attorney survives the incapacity of the grantor

A durable power of attorney can only be limited, whereas a non-durable one can be either limited or general

A durable power of attorney can only be general, whereas a non-durable one can be either limited or general

A firm's investment banking department needs the assistance of an analyst from the research department. This would involve giving the analyst access to recordkeeping and support systems that must only be accessed from within the investment banking department. How can the analyst be given this access without violating "ethical wall" rules?

By temporarily reassigning the analyst to the investment banking department

By applying to FINRA for special permission

By temporarily reassigning the analyst to the investment banking department

By installing additional monitoring software on the analyst's computer

By giving the analyst access to non-public information only when it is less than 72 hours from becoming public

A customer who discovers her securities were escheated can expect to receive:

The revenue the state received on the sale of the securities

The revenue the state received on the sale of the securities plus interest and dividends

The securities plus interest and dividends

Which response accurately describes a difference between FINRA’s Customer Account Information Rule and its Know Your Customer Rule?

The Customer Account Information Rule names certain pieces of customer information that it requires, whereas the Know Your Customer Rule requires collecting anything that is an “essential fact”

The Customer Account Information Rule says what information must be collected before the account can be opened, whereas the Know Your Customer Rule says what information must be collected within a reasonable amount of time after opening the account

The Customer Account Information Rule applies to individual accounts, whereas the Know Your Customer Rule applies to joint and trust accounts

The Customer Account Information Rule requires the filing of Suspicious Activity Reports, whereas the Know Your Customer Rule requires the firm to create a Customer Identification Program

Series 99 Sample Quiz

FINRA Operations Professional Exam

Number of Questions	10
Time Duration	Untimed
Answer Feedback Instant validation and rationale
Percentage required to pass	68%

Start Test

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