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24 Cards in this Set
- Front
- Back
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FINRA RULE 2165 |
Financial Exploitation of Specified Adults |
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Record of customer complaints |
4 years |
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Records of customer complaints kept |
OSJ |
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Finra Rule 2111 |
Suitability obligations: Reasonable-basis Customer-specific Quantitative |
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Regulation Best Interest (BI) 4 Obigations |
Disclosure Obligation Care Obligation Conflict of Interest Obligati Compliance Obligation |
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FINRA Communication policy has to be approved except |
UITs, investment companies, and variable contracts |
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STEPPED UP COST BASIS |
The cost basis is the fair market value of the securities on the deceased date of death Holding period is long term, taxable gains are 15% |
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RECORD KEEPING FOR FORM CRS FOR BROKER DEALER IS |
6 years |
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RECORD KEEPING FOR FORM CRS FOR INVESTMENT ADVISORS IS |
5 years |
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When capital gains distributions are reinvested in a new mutual fund to buy new shared. The hold period of each new share is.... |
The day after the share was purchased |
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FINRA CODE OF ARBITRATION RULES... |
Money laundering disputes in the security industry |
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Finra settles disputes with... |
CODE OF PROCEDURE |
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STATUTE OF LIMITATIONS TO INITIATE ARBITRATON TIME FRAME IS..... |
6 years.. Arbitration cannot be used for disputes o er 5 years old |
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BEST INTEREST CREATED BY |
THE SEC ... AND MANDATED THE USE OF (FORM CRS) |
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Securities exempt from the 5% Mark up Policy |
IPOs- Initial Public Offerings Municipal bonds Mutual Funds |
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What transactions dont count for 5% markup policy and can be higher charged |
-Securities that are difficult to sell -low priced securities Small dollar transactions -offer if additional services in connection with doing business |
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What is AIR? |
Assumed interest rate - an interest rate used by the insurance company to project the rate of growth in the separate acct. -benchmark percentage used to determine the payment in the payout phase |
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MUNI FUND SECURITIES ARE : ( 3 ANSWERS) |
-Section 529 plans -ABLE programs -Local Government Investment Pools (LGIP |
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What is Regulated Investment company? |
Companies that transfer income tax liabilities on net investments as dividends |
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What companies can be Regulated Investment Companies (RIC)? 3 answers |
Mutual funds Closed end funds UITs |
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Municipal Securites are sold by? |
Offering Documents |
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Municipal fund securites (3 answers) |
Section 529 plan ABLE programs Local Gov Invest Pools |
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REG D PRIVATE PLACEMENTS SOLD BY? |
Offering Circular or Private Placement Memorandums (PPMs) |
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How often do mutual funds have to update their prospectus |
Every 16 months |
