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NEW QUESTION # 389
A registered representative files a petition for personal bankruptcy. Which of the following forms must be updated?
Answer: A
Explanation:
Form U4 must be updated when a registered representative files a petition for personal bankruptcy. Form U4 is the Uniform Application for Securities Industry Registration or Transfer and is the primary registration disclosure document for associated persons. It must reflect required updates involving criminal, regulatory, disciplinary, employment, and financial disclosure events. A bankruptcy filing is a reportable financial event because it may indicate financial compromise or circumstances relevant to regulatory review and firm supervision. Choice A is correct. Form U5 is used when an associated person's registration is terminated and is not the form used to update an active representative's bankruptcy filing. Form BD is the broker-dealer registration form filed by firms, not individual representatives. Form W-9 is a tax certification form used to provide taxpayer identification information and is unrelated to securities registration disclosure. The SIE outline specifically lists Form U4 and Form U5 under employee conduct and identifies bankruptcy under reportable events. It also references the consequences of filing misleading information or omitting required information. Reference: Section 4.2.1 Employee Conduct; Section 4.2.2 Reportable Events.
NEW QUESTION # 390
Under FINRA rules, If a customer sells shares In an Investment company that Includes a contingent deferred sales charge (CDSC) on redemptions, in which of the following ways must the deferred sales charge be reported to the customer?
Answer: C
NEW QUESTION # 391
Which of the following legislation established the registration requirements for persons receiving compensation for advice concerning securities?
Answer: B
Explanation:
The correct answer is B, Investment Advisers Act of 1940. This Act specifically regulates individuals and firms that provide investment advice for compensation, making it directly applicable to the scenario described in the question.
Step-by-step, the Investment Advisers Act of 1940 requires investment advisers to register with the SEC or state regulators, depending on their assets under management. It also imposes fiduciary duties, meaning advisers must act in the best interests of their clients, provide full disclosure of conflicts of interest, and adhere to anti-fraud provisions.
Choice A, the Securities Act of 1933, focuses on the initial issuance of securities, requiring registration of new securities offerings and full disclosure to investors. It does not regulate investment advisers. Choice C, the Investment Company Act of 1940, governs investment companies such as mutual funds, not individuals providing advice. Choice D, the Securities Acts Amendments of 1975, primarily enhanced the regulatory framework of markets and expanded the authority of the SEC, but did not establish adviser registration requirements.
Therefore, the law that directly addresses registration and regulation of investment advisers receiving compensation is the Investment Advisers Act of 1940.
NEW QUESTION # 392
A customer instructs his registered representative (RR) to purchase $35,000 Class A shares of Growth Fund ABC. As the RR enters the order, she overhears her customer speaking to his wife about purchasing $100,000 of Emerging Markets Fund ABC once he gets his year-end bonus. Which of the following statements is true about receiving a breakpoint discount for the current purchase?
Answer: A
Explanation:
The correct answer is B, It is available if the customer signs a letter of intent (LOI). Breakpoint discounts for Class A mutual fund shares reduce the sales charge when larger investment thresholds are met.
Step-by-step, the customer is currently investing $35,000, which is below the typical first breakpoint (often
$50,000). However, the RR overhears the customer planning to invest an additional $100,000 in the same fund family in the near future. This is key.
A Letter of Intent (LOI) allows the investor to commit to investing a larger total amount (e.g., $135,000) over a specified period (usually 13 months). By signing an LOI, the investor can immediately receive the reduced sales charge based on the total intended investment, even though the full amount has not yet been invested.
Choice A is incorrect because rights of accumulation apply only to existing holdings, not future intended purchases. Choice C is incorrect because breakpoints can still be achieved through LOI. Choice D is incorrect because the future purchase does not need to be completed yet-only committed via LOI.
Thus, by signing a Letter of Intent, the investor qualifies for the breakpoint discount now, making Answer B correct.
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NEW QUESTION # 393
Under FINRA rules, which of the following events will prevent an individual from being eligible to register with a member firm?
Answer: A
Explanation:
The event that can prevent an individual from being eligible to register is making false statements on Form U4. Form U4 (Uniform Application for Securities Industry Registration or Transfer) is the foundational disclosure document used for registration and oversight of associated persons. FINRA and other regulators rely on the accuracy and completeness of U4 information to evaluate the applicant's background, disciplinary history, reportable events, and overall fitness. Submitting false information-or omitting required information-undermines the integrity of the registration process and can lead to denial of registration, disciplinary action, and, depending on the nature of the misstatement, potential statutory disqualification concerns.
By contrast, a low credit score is not, by itself, a FINRA bright-line disqualifier for registration. Financial responsibility matters, but FINRA does not set a universal "minimum credit score" eligibility standard. A previous bankruptcy filing is a reportable event that may require disclosure and could trigger enhanced review or supervision; however, bankruptcy alone does not automatically make a person ineligible to register.
Similarly, having more than 10 customer complaints is not automatically disqualifying without a determination of wrongdoing. Complaints can be reportable and may lead to investigations, but the number alone is not the key legal/registration barrier presented in this question.
The SIE content emphasizes that misleading information or omissions in registration-related filings are serious compliance failures, because they directly impair regulators' ability to protect investors and supervise industry participants.
NEW QUESTION # 394
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