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NEW QUESTION 35
When a member firm buys or sells securities directly as principal with a public customer, it is acting as:
Answer: B
Explanation:
a dealer. When a firm does business directly with a customer, it is acting as a dealer. When it represents a customer, it is acting as a broker.
NEW QUESTION 36
Level III of NASDAQ provides which of the following?
Answer: C
Explanation:
Explanation/Reference:
Explanation: firm quotations. All Level III quotations are firm.
NEW QUESTION 37
In a best efforts distribution of a new non-exempt issue, a broker/dealer:
Answer: C
Explanation:
Explanation/Reference:
Explanation: acts as an agent for the issuer. In a best efforts offering the investment banker acts as an agent for the issuer and makes no guarantee about selling the securities.
NEW QUESTION 38
According to FINRA Conduct Rules, a party judged guilty of a rule infraction by the District Business Conduct Committee may then appeal to:
Answer: B
Explanation:
the FINRA Board of Governors. The first appeal is to the Board of Governors, then to the SEC, and then to the federal courts.
NEW QUESTION 39
Partnership democracy is:
Answer: C
Explanation:
permission granted to the general partner to act outside the partnership agreement. The limited partners may approve of the general partner pursuing an act that is contrary to the partnership agreement.
NEW QUESTION 40
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