Series 24: Review Quiz

Review Quiz

1. 1. FINRA may impose sanctions when a member or person associated with a member violates securities laws and rules. Which of the following are possible sanctions?
2. I. cease and desist order
3. II. suspension
4. III. prohibition of associating with other member firms
5. IV. expulsion
6. A. I, II, III, and IV
7. B. II and IV only
8. C. I and III only
9. D. II, III, and IV only
10. 2. Under FINRA’s Code of Procedure, each member or associated person named in a FINRA complaint shall serve an answer to the complaint within how many days of the service of the complaint?
11. A. 10 days
12. B. 15 days
13. C. 25 days
14. D. 30 days
15. 3. An appeal of a Hearing Officer’s decision on a FINRA disciplinary proceeding may be filed with:
16. A. the SEC
17. B. Federal Court of Appeals
18. C. National Adjudicatory Council
19. D. FINRA Dispute Resolution
20. 4. According to the Code of Arbitration, arbitration of disputes is mandatory for all of the following except:
21. A. disputes between two member firms
22. B. disputes brought by member firms against customers, if required by contract
23. C. disputes brought by member firms against customers for claims in excess of $25,000
24. D. disputes brought by associated persons against customers, if the customer consents
25. 5. Megan is unhappy about the decision of the arbitrator to not refund the fees in her account. To whom would she appeal the decision?
26. A. SEC
27. B. Code of Arbitration Committee
28. C. FINRA
29. D. appeals are not permitted in arbitration
30. 6. Which of the fol