Section 3 Review
Following the validation of transfer instructions, the asset transfer must be completed within how many business days?
3 business days
When a carrying member validates transfer instructions, how long does the carrying member have to complete the transfer?
3 business days
Independent testing of a broker/dealer's Anti-Money Laundering Compliance Program must be conducted how often?
Annually
The notice regarding the firm's---------------procedures does not have to be provided to each customer in writing
Customer Identification Program
Stock Record should be posted no later than
business day after settlement date
carrying member must, within ------ business days following the validation of transfer instruction, complete the transfer
three
Special reports must be kept by the firm for:
three years after the date of the report.
Broker/dealers must keep compliance, supervisory and procedures manuals for:
three years after the termination of use of the manual.
A carrying member must, within ------ business days after receipt of a transfer instruction form (TIF), validate the transfer
one
You are required, under Regulation S-P, to give out the privacy practices notice when:
opening the account and annually
Customer ledgers should be posted no later than
settlement date
Currency Transaction Reports (CTRs) must be filed by financial institutions for each cash transaction that exceeds what money amount?
$10,000
The USA PATRIOT Act requires the filing of Suspicious Activity Reports (SARs) within how many days following the day on which the reportable transaction occurred?
15 days
Member firms must comply with FINRA's request for contact information promptly, but no later than within :
15 days of the request.
Most other records must be kept for how many years?
3 years
Communications supervision records must be kept by broker/dealers for how many years? The first how many years in an easily accessible place.
3,2
SEC Rule 17a-3 requires that associated person complaint records must be kept for------ years, the first ------- years in an easily accessible place.
3,2
Whenever a client notifies his or her firm of a change in investment objective, the member firm must send to the customer an updated account record on or before the:
30th day after the date the broker/dealer received notice of the change.
FINRA Rules require written complaints to be kept for how many years?
4 years
Financial institutions are required to keep copies of SARs & CRTs for how long?
5 years
Blotters (or other records of original entry) ledgers & customer account records must be kept for how many years?
6 years
Broker/dealers must keep records related to the responsible principal for how many years? The first how many years in an easily accessible place?
6,2
Contract person records must be kept by broker/dealers for how many years? The first how many years in an easily accessible place.
6,2
Broker/dealers must keep all organization documents for:
the life of the enterprise and of any successor enterprise.
Under SEC Rule 17a-3, the firm's General Ledger must be kept current, so as to ensure compliance with net capital rules. The General Ledger must be updated at minimum:
Monthly
SEC Rule 17a-3 requires that firms prepare blotters reflecting transactions as of the date of trade. These blotters must be prepared no later than:
The business day after the trade
Records related to an associated person must be kept by member firms for:
Three years from the date of termination of employment
Articles of Incorporation of the firm must be kept for how long?
life of the firm
Customer account records must be sent to the customer:
no less frequently than every three years (36 months).
A broker/dealer may carry an account on its books designated by either a symbol or a number as long as the member has:
a written statement signed by the customer attesting to the ownership of such account on file.
The person (or persons) appointed by a member firm to be held responsible for the firm's Anti-Money Laundering Compliance Program must be:
an associated person (or persons) of the member.
Broker/dealers must keep exception reports for:
eighteen months after the date the report was generated.
