Which of the following is not true of a retail advertisement for a securities professional which uses a customer testimonial?

A testimonial is only allowed in print advertisements

The member must disclose that the testimonial may not be representative of the experience of other clients

The member must disclose that the testimonial is no guarantee of future performance or success

If it is a paid testimonial, the member must disclose this fact

Control relationships must be disclosed:

Prior to effecting any transaction for customer

Prior to opening a customer account

Only for transactions in a discretionary account

Prior to effecting any transaction for customer

Only when the dealer is acting as an underwriter for municipal securities

After becoming registered, a representative is required to complete the regulatory element of the continuing education requirements. If the representative does not complete it on time, they are deemed to be CE inactive. A representative who is CE inactive more than 2 years:

Must retake a qualification exam to become registered

Must forego any commissions and not perform the duties of a registered representative

When shareholders will vote on a proposed merger, a preliminary proxy must be filed with the SEC:

At least 10 days prior to sending the definitive proxy statement to shareholders

At least 30 days prior to sending the definitive proxy statement to shareholders

At least 10 days prior to sending the definitive proxy statement to shareholders

Prior to sending the definitive proxy statement to shareholders

A preliminary proxy does not need to be filed with the SEC, only the definitive proxy statement

"Soft dollar" arrangements under the Securities Act of 1934 are:

Allowed if the brokerage service or research provided will benefit the client

Prohibited if payment is made to a broker-dealer but not a registered investment adviser

Allowed if the brokerage service or research provided will benefit the client

Always allowed for broker-dealers

XYZ Brokerage is an NYSE member firm, a Nasdaq member firm, and a FINRA member firm. XYZ is in compliance with all NYSE supervisory requirements. Which of the following statements is true?

XYZ is also in compliance with all FINRA supervisory requirements

XYZ is also in compliance with all Nasdaq supervisory requirements

XYZ is also in compliance with all FINRA supervisory requirements

XYZ is in compliance with the supervisory requirements of all SROs

XYZ is not automatically in compliance with the supervisory requirements of any other securities-related entity

A firm has more long than short investments in ABC securities and thus has a net long position. How often must it report its short positions in ABC to FINRA?

Since it has a net long position, it does not need to report its short positions in ABC to FINRA

Andrew fills out an order ticket for a trade that he executes for a customer. He later realizes that he forgot to note that the order was subject to his discretionary authority. He makes the change and then resubmits the ticket. Which of the following is true?

Once an order ticket is filled out any changes on the ticket must be approved by a manager, so Andrew could be penalized for his actions

Once filled out an order ticket cannot be changed, so Andrew could be penalized for his actions

Andrew is allowed to make this change

Once an order ticket is filled out any changes on the ticket must be approved by a manager, so Andrew could be penalized for his actions

Because whether or not a trade is subject to discretionary authority is not information that is required on an order ticket, Andrew did nothing wrong

FINRA arbitration results in what type of award?

Monetary, where one party pays another party

Monetary, where a plaintiff pays a defendant

Monetary, where one party pays another party

Imprisonment, one party is awarded to another

Suspension, a party is disciplined

Series 14 Sample Quiz

Compliance Official Qualification Examination

Number of Questions	10
Time Duration	Untimed
Answer Feedback Instant validation and rationale
Percentage required to pass	70%

Start Test

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