This week’s study question from the Solomon Online Exam Simulator question database is now available. Be sure to submit your answers in the comments section and check back tomorrow for the correct answer and rationale!
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Question (Relevant to Series 7, Series 79, Series 24, Series 62, Series 99, and Series 82):
Before allowing a customer to buy shares in an IPO, the member firm must receive a representation that the account is not restricted by the account owner. How can this form be obtained initially?
I. Negative consent letter
II. Positive affirmation letter
Answers:
A: I
B: II
C: Either I or II
D: Neither I nor II