Series 99 - Practice Exam 1 With Complete Solutions Latest Update A file of written complaints must be maintained: - correct answers At each office of supervisory jursidiction
A broker-dealer subject to a $50,000 minimum net capital requirement may NOT: -
correct answers Join a syndicate underwriting bonds on a firm-commitment basis An ops professional is notified by his firm that a complaint has been received from a customer of another member firm for whom his firm clears trades. The ops
professional should: - correct answers forward the complaint to the other
member firm A BDs Business Continuity Plan must designate no fewer than how many emergency contact persons? - correct answers Two An employee of a broker-dealer may share in the profits and losses in a customer's account: - correct answers If the employee receives written authorization from his firm, has made a financial contribution to the account, and shares in profit and losses in direct proportion to his financial contribution
Stock records and trade blotters should be updated: - correct answers Ona daily
basis When is a due bill required? - correct answers when a trade occurs before the ex- date, but delivery occurs after the record date 1 / 2
A customer deposits $14,000 of cash in his margin account on Tuesday to pay for a $20,000 trade which was executed on the previous day. What's the responsibility of the Operations Professional? - correct answers To ensure that a report is filed with the Department of the Treasury Backing Away - correct answers BD publishing a firm quote in an interdealer quotation system fails to execute a transaction with another BD at its displayed price.If a customer's short margin account has a short market value of $60,000, what amount of equity must she have to satisfy the minimum maintenance requirement? - correct answers $18,000 (30%) How does a broker-dealer handle a trade that was executed in the wrong customer account? - correct answers cancel and rebill RR sends letters to a large number of other BDs - correct answers institutional communication
An unregistered person may: - correct answers Offer information on the firm's
products and services to clients Which of the following securities is NOT quoted on the Consolidated Quotation System (CQS)? - correct answers security on the OTC Pink Marketplace Which person is required to be a Financial and Operations Principal (FINOP)? - correct answers The Chief Financial Officer
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