Supervisory responsibilities and securities regulation concepts tested on the Series 24 general securities principal exam.
40 cards · basic cards · AI-written, checked twice. Edit anything.
- What is an Office of Supervisory Jurisdiction (OSJ)?
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A location a firm designates where certain higher-level supervisory activities occur, such as approving new accounts or reviewing correspondence.- How does a branch office differ from an OSJ?
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A branch office is any location where securities business is conducted, while an OSJ is a branch specifically designated for higher-level supervisory functions.- What topics does the Regulatory Element of continuing education cover?
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Compliance, regulatory, ethical, and sales practice standards common to the securities industry.- What is the Firm Element of continuing education?
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Ongoing, firm-designed training on job- and product-related topics for registered persons, based on a written training plan.- What is Form U4 used for?
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Registering an individual with a securities firm and regulators.- What is Form U5 used for?
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Reporting that a registered person's association with a firm has ended.- What is Form BD used for?
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Registering a firm as a broker-dealer.- What is 'selling away'?
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A registered representative engaging in securities transactions outside the firm without the firm's knowledge or approval.- What must a registered representative do before engaging in an outside business activity?
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Provide prior written notice to the firm.- What is churning?
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Excessive trading in a customer's account primarily to generate commissions rather than benefit the customer.- What must a firm obtain before exercising discretion in a customer's account?
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Prior written authorization from the customer.- Under FINRA rules, a registered person may generally give a business-related gift worth no more than ____ per person per year.
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$100- What does MSRB Rule G-37 restrict?
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Political contributions by municipal securities dealers to officials who can influence the awarding of municipal securities business.- What is a Written Supervisory Procedures (WSP) manual?
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A firm's documented set of policies and procedures for supervising its business and its personnel.- How often must a firm review its Written Supervisory Procedures?
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At least annually.
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