Series 10 Example Questions
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Under FINRA® rules, if an individual fails the appropriate licensing exam three successive times:
A ) No reattempt is permitted
B ) 30 days must elapse between each subsequent reattempt
C ) 90 days must elapse between each subsequent reattempt
D ) 180 days must elapse between each subsequent reattempt
Rationale: FINRA requires that 30 days must elapse after a licensing exam is failed before a reattempt is permitted. However, after failing three successive times, 180 days must elapse between each subsequent reattempt.
A customer calls a registered representative to sell 500 shares of an over-the-counter (OTC) stock and tells the representative that he wants the trade done privately—not in the public market. This is:
A ) Allowed without restriction
B ) Allowed with the oral approval of the principal
C ) Allowed if the trade is performed as “agent”
D ) Not allowed unless there is a prior written agreement with the firm
Rationale: FINRA® prohibits “private securities” transactions. Trades must be done with the knowledge of your firm in the public securities markets. The only way to effect a private securities trade is to get prior written approval of the firm; and for the firm to supervise the transaction as if it occurred through the firm.
Who initiates a complaint under the FINRA® Code of Procedure?
A ) Member firm
B ) Customer
C ) FINRA Department of Enforcement
D ) FINRA Market Watch
Rationale: Code of Procedure is used by FINRA to discipline associated persons and member firms for serious rule violations. It starts with the FINRA Department of Enforcement serving a complaint on the member firm or associated person and filing a copy of the complaint with the FINRA Office of Hearing Officers (OHO). The OHO will appoint a Chief Hearing Officer and, after the respondent answers, will decide whether a hearing is required.