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NEW QUESTION # 147
Which of the following information must be disclosed on a confirmation?
Answer: C
Explanation:
A customer confirmation must disclose whether the broker-dealer acted as principal or agent in the transaction. Trade capacity is a key disclosure because it tells the customer whether the firm executed the trade from or for its own account, or whether it acted as an intermediary for the customer. Choice C is correct.
If the firm acts as agent, it generally charges a commission. If it acts as principal, it buys from or sells to the customer and may earn a markup or markdown. Choice A is incorrect because the daily trading price range is not a standard required confirmation disclosure. Choice B is incorrect because total trading volume for the security is not required on the customer confirmation. Choice D is incorrect because representative-specific compensation is not the general required confirmation disclosure stated in this question. The SIE outline includes customer confirmations, trade capacity, principal versus agency trading, commissions, markups, and books and records requirements. It also lists SEC Rule 10b-10 and FINRA Rule 2232 on customer confirmations. Reference: Section 3.1.1 Orders and Strategies; Section 3.2.4 Books and Records; SEC Rule
10b-10; FINRA Rule 2232.
NEW QUESTION # 148
Before an affiliate of an issuer is permitted to sell 10,000 shares of restricted securities, which of the following conditions must be met?
Answer: A
Explanation:
Step by Step Explanation:
* Rule 144 Holding Period: Restricted securities held by affiliates require a six-month holding period before sale, provided the issuer is subject to SEC reporting requirements.
* Other Options:
* Notification to FINRA (C) is incorrect; Form 144 is submitted to the SEC, not FINRA.
* The 10% ADTV limitation (D) applies to the volume of shares sold, not the conditions for sale.
:
SEC Rule 144 (Selling Restricted Securities): SEC Rule 144.
NEW QUESTION # 149
A customer purchases $3,000 of XYZ, which settles today in a margin account. The customer has no other positions or balances. According to initial margin requirements, what is the amount of the required deposit?
Answer: D
Explanation:
Under Federal Reserve Regulation T, customers must deposit at least 50% of the purchase price for margin trades. However, the minimum deposit requirement is $2,000, regardless of the 50% rule, if the account is below this threshold.
* 50% of $3,000 = $1,500.
* Since $1,500 is less than the $2,000 minimum, the customer must deposit the full $2,000.
* B is correct because $2,000 is the required minimum deposit.
* A is incorrect because the $1,500 calculation does not meet the minimum.
* C and D are incorrect because they exceed the minimum deposit requirement.
Reference: Federal Reserve Regulation T; SIE Study Guide, Chapter 4: Margin Accounts
NEW QUESTION # 150
For a joint tenants-in-common account with a husband and wife, which of the following statements is true of the broker-dealer's distribution of the account's assets upon the death of the husband?
Answer: B
Explanation:
In a joint tenants-in-common account, each owner has a divisible ownership interest. Upon the death of one tenant-in-common, that owner's portion does not automatically pass to the surviving co-owner. Instead, the deceased owner's share becomes part of the deceased owner's estate and is distributed according to the will or applicable estate law. Choice B is correct. Choice A would be true of a joint tenants with right of survivorship account, where the surviving joint owner receives the deceased owner's interest automatically. Choice C is not the best answer because the question identifies the account registration as tenants in common, and transfer- on-death instructions do not override the basic rule stated in the answer choice without additional facts.
Choice D is incorrect because the wife's ownership portion is already determined by the account registration; the deceased husband's portion goes to his estate. The SIE outline includes customer account registrations, including individual, joint, trust, custodial, partnership, corporate, and retirement accounts. This question tests the legal effect of the joint account registration. Reference: Section 3.2.2 Customer Account Registrations.
NEW QUESTION # 151
Which of the following types of accounts permits an investor to borrow money from a broker-dealer to help pay for a trade?
Answer: B
Explanation:
Step by Step Explanation:
* Margin Accounts: Allow investors to borrow funds to purchase securities, with the securities serving as collateral for the loan.
* Cash Accounts: Require full payment for securities purchased.
* IRAs: Do not permit borrowing due to their tax-advantaged status.
* DVP/RVP: Settlement mechanisms, not account types for borrowing.
FINRA Rule 4210 (Margin Requirements): FINRA Rule 4210.
NEW QUESTION # 152
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