SIE Unit 28 Qbank

Which of the following records must be kept for six years? Customer statements Customer new account forms Customer confirmations Customer order tickets

I and II The buy and sell and quantity information on the order tickets and confirmations statements will show up on the customer's monthly or quarterly statements. It is the monthly and quarterly statements that must be kept six years.

Which of the following must be kept for the life of the firm? A) Stock certificate book B) Customer account records C) General ledger D) Written customer complaints

Stock certificate book The stock certificate book, also known as the stock book or stock ledger, is a permanent record of a corporation's capital stock and is to be held for the life of the corporation. The general ledger and customer account records are kept for six years; written customer complaints are kept for four years.

Correspondence must be maintained by a member firm for A) six years. B) three years. C) five years. D) the life of the firm.

three years.

The following records must be maintained by a broker-dealer: partnership records, articles of incorporation, records of the board of directors (BOD), and Form BD and amendments to the form. How long must they be maintained by the firm? A) As long as the firm is in business B) Two years form the creation of the record C) Four years from the creation of the record D) Six years from the creation of the record

As long as the firm is in business

Which of the following records must be maintained for six years? A) Customer confirmations and order tickets B) Organizational amendments shown on Form BD C) Minute books of directors meetings D) Customer ledgers (statements)

Customer ledgers (statements) Customer ledgers, from which account statements are prepared, must be kept on file or in appropriate electronic form for six years. Minute books and Form BD and its amendments are kept for the life of the firm. Confirmations and order tickets are kept for three years.

Which of the following records must be kept by a broker-dealer firm for six years? Customer new account forms Advertising the firm has published Stock records Minute books

I and III New account forms filled out when the customer account was opened and stock records showing all the securities held by the firm and where they are held must be kept for six years. Minute books showing the minutes of directors' meetings are lifetime records. Advertising need only be kept for three years.

Which of the following items are required to be kept more than three years? U-4 forms U-5 forms Customer order tickets Customer confirmations

I only U-4 forms must be kept for three years after the rep terminates, so if the rep worked for the firm 30 years, the form would have to be kept for 33 years. All others are three-year records.

Which of the following records must be kept for only three years? Customer statements Customer new account forms Customer confirmations Customer order tickets

III and IV The buy and sell and quantity information on the order tickets and confirmations statements will show up on the customer's monthly or quarterly statements. Monthly and quarterly statements must be kept for six years. The confirmations and order tickets must be kept for three years.

How long must customer complaints be kept on file by the broker-dealer? A) Three years B) Four years C) Two years D) As long as the firm is in business

The rule requires customer complaints to be kept on file for four years.

The following records must be kept for how many years? A list of the offices where registered representatives conduct business Compensation records for registered representatives The firm's compliance manuals A) Four years B) For the life of the firm C) Three years D) Six years

Three years

Which of the following records must be kept by a broker-dealer firm for three years? A) Blotters B) Customer account records C) Form BD and amendments D) Trial balances

Trial balances

Dwight was appointed a principal for Seacoast Securities in June of 1996. He continued in the position until 2012, when he left to start his own firm. How long did Seacoast need to maintain the record of his principal designation? A) Until 2004 B) Until 2016 C) Until 2002 D) Until 2018

Until 2018 Principal designations are retained for six years after the designation ends. Six years after Dwight left is 2018.

All of the following are records that are kept for the life of the firm except A) trade blotters. B) board meeting minutes. C) stock book. D) articles of incorporation.

trade blotters. Trade blotters are maintained for six years. Documents that are related to the creation of the firm and its basic organizational structure are normally kept for the life of the firm.

Records of original entry must be recorded no later than the next business day and must be kept readily available for A) three years. B) two years. C) four years. D) six years.

two years. The records must be maintained for a period of six years but must be readily available for two years.