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block

The supervisory procedures for a firm must provide for the review of incoming and outgoing written (including electronic) correspondence and internal communications relating to the member's investment banking or securities business.

Select the correct answer(s).  

(0/0)

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False

True

none

FINRA Rule 2241 addresses what concern?

Select the correct answer(s).  

(0/0)

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Conflicts of interest by research analysts

Conflicts of interest by registered representatives

Conflicts of interest by supervision

Conflicts of interest by investment banking personnel

none

What restrictions do rules impose on trading activity by analysts that prepare research and their household members?

Select the correct answer(s).  

(0/0)

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cannot trade against the analyst's most recent recommendation

cannot invest in the company's securities for 30 days before and 5 days after the analyst issues a research report on the company or changes a rating or a price target on the company

cannot invest in the company's securities prior to the IPO if the company is in the business sector covered by the analyst

none

According to FINRA Rule 3110, records relating to inspections should be kept for how long?

Select the correct answer(s).  

(0/0)

Explanation

FINRA rule 3110 requires, among other things, that OSJs and the lines of business in which they engage be inspected and reviewed annually. Branches that supervise one or more non-branch locations, must also be inspected annually. Branches that do not supervise other locations must be inspected only once every 3 yrs. Records related to all inspections must be kept for at least 3 yrs.

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At least 2 YRS

2 YRS

At least 3 YRS

3 YRS

none

Tape recording of registered persons is required if a member hires representatives that were previously associated with a disciplined firm. The criteria under FINRA Rule 3170 and MSRB Rule G-27 are as follows:

Match the text (click and drag)   

(0/0)

Check Order Of Answers

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Match the text
5-9 RRs Employed
10-19 RRs Employed
20+ RRs Employed

Click and drag
20% or more of RRs from Disciplined Firms
4 or more of RRs from Disciplined Firms
40% or more of RRs from Disciplined Firms

Check Order of Answers

none

How long after an IPO must a member, who participated as an underwriter, wait to publish research reports or have analysts make public appearances? Also known as the "Quiet (Blackout) Period"

Select the correct answer(s).  

(0/0)

Explanation

EXCEPTIONS: 1) If there is a significant new event affecting the subject company, firms may issue research reports and analysts may make public appearances during the Blackout Period, as long as they are authorized by legal or compliance. 2) If the subject company is already being actively traded (as defined by Reg M), SEC Rule 139 allows research to be issued and public appearance to be made - applicable to additional issue offerings.

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1 MO

2 WKs

3 Days

2 Days

10 Days

none

What are "Booster Shots"?

Select the correct answer(s).  

(0/0)

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Firms acting as managers or co-managers during offering are prohibited from releasing researc reports or making public appearances for 15 days before/after expiration of lock-up period

Shares officers of the issuing company buy at the IPO

No Booster Shot restrictions for companies that have less than $1B in revenue ahead of their IPO.

Free ti sell their shares after lock-up period and after an announcement in a major new service for at least 2 business days prior to the lock-up release date

subject to a lock-up period (typically 12 mos) during which the officers are prohibited from selling shares acquired during the IPO

none

Tape recording of registered persons is required if a member hires representatives that were previously associated with a disciplined firm. All tape recordings and quarterly reports to FINRA should be maintained for how long?

Select the correct answer(s).  

(0/0)

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2 YRs

1 YR

6 MOs

3 YRs

none

Rule 3012 requires that a firm's supervisory control policies and procedures include specific review of which following activities?

Select the correct answer(s).  

(0/0)

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Customer changes of address and the validation of such change

All transmittal of funds or securities from customer accounts

Customer change of investment objectives and the validation of such changes

none

Under FINRA rule 2241, investment banking personnel may review a research report before issuance only to verify the factual accuracy of information and to identify any potential conflicts of interest. However, any communication in this regard between investment bankers and analyss must be made through a legal or compliance official of the member firm.

Select the correct answer(s).  

(0/0)

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TRUE

FALSE

none

If a member firm decides to terminate coverage of a subject company, they must either publish a final research report comparable in scope and detail to prior reports, or if impractical to do so (e.g the analyst covering the company has left the firm) then a final research report must disclose the member's rationale for its decision to terminate coverage.

Select the correct answer(s).  

(0/0)

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FALSE

TRUE

none

How long after a secondary offering must a member, who participated as an underwriter, wait to publish research reports or have analysts make public appearances? Also known as the "Quiet (Blackout) Period"

Select the correct answer(s).  

(0/0)

Explanation

EXCEPTIONS: 1) If there is a significant new event affecting the subject company, firms may issue research reports and analysts may make public appearances during the Blackout Period, as long as they are authorized by legal or compliance. 2) If the subject company is already being actively traded (as defined by Reg M), SEC Rule 139 allows research to be issued and public appearance to be made - applicable to additional issue offerings.

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2 WKs

10 Days

1 MO

2 Days

3 Days