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34 Cards in this Set
- Front
- Back
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# days to appeal disciplinary action by state admin |
60 days |
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# days for withdrawal order |
30 days |
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Criminal penalty - # years, # imprisonment, $$ |
5 year statute of limitation 3 years imprisonment $5000 |
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# days recission right |
30 days |
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Hearing # days |
15 days |
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How long to store email for IA and BD? |
5 years and 3 years |
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What is not on order ticket? |
Customer name Customer address |
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What is arbitrage? |
purchasing security on one market and selling at another one to make profit LEGAL |
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How does agent of issuer not register as agent? |
EITHER exempt security OR exempt transaction |
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Can share in profits and losses? |
For BD, YES For IAR, NO |
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Specifically excluded from definition of BD |
agents, issuers, banks, |
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options account agreement received within X days |
15 days |
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CIPs require... |
customer name TIN date of birth address citizenship |
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meaning of guaranteed? |
principal, interest, dividends |
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How often deliver brochuer? |
annually |
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Investment advisory contracts include: (5 stuff) |
- term of contract advisory fee formula for ocmputing fee amount of prepaid fee discretionary power or not |
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adoption? |
the broker-dealer explicitly or implicitly endorsed or approved the content posted by the third party. |
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entanglement |
entanglement theory means the firm or its personnel is entangled with the preparation of the third-party post |
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register with 2 unrelated BDs? |
only if special exemption from Admin |
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divulge |
to make known |
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term life insurance policy = not a security |
not security |
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whole life insurance policy = not a security |
not a security |
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selling away is okay with permission |
yup |
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trading options / options account has the highest risk |
need higher supervisor to sign off |
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margin account - collateral BD to customer? bank to BD? |
credit agreement hypothecation |
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agency cross transaction - disclosure how often? |
annually |
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custody - send statement of account activity how often? |
quarterly |
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What is not a sale - bona fide pledge - reclassifiation of securities - act incident to reorganization - stock dividend |
yes |
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federal covered advisor - excluded from def of investment advisor |
yes |
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admin may revoke exemption granted to... |
security for religious/educational stuff (NPO) investment contracts by employee benefit plans |
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Exempt securities must establish their exemption at the time the securities are issued. An exempt transaction is done on a transaction-by-transaction basis. |
yes |
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"qualified clients" eligible for performance fees |
1M AUM OR client worth 2M+ |
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trade confirmations always include... |
- amount of commission - trade price (NOT current market price) |
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when do you disclose changes to fee schedule? |
at least 30 days in advance to clients |
