FINRA SIE — Fundamentos de la Industria de Valores — Todas las Preguntas

El departamento de investigación de un miembro está por publicar una rebaja de calificación de XYZ. La mesa de operaciones se entera y hoy vende parte del inventario de XYZ de la firma antes de la publicación. ¿Qué afirmación es correcta?

• a.Viola la Rule 5280, porque la mesa operó con conocimiento previo no público del informe✓
• b.Está permitido, porque el informe se publicará dentro de un día de negociación
• c.Está permitido, porque la firma operó solo por cuenta propia y no por clientes
• d.Viola la Rule 5280 solo si la mesa vendió en corto en lugar de vender del inventario

La Rule 5280(a) prohíbe a un miembro establecer, aumentar, disminuir o liquidar una posición de inventario en un valor, o en un derivado de este, con base en conocimiento previo no público del contenido o del momento de un informe de investigación sobre ese valor. Operar por cuenta propia es la conducta que la norma apunta, ninguna ventana de tiempo la excusa, y reducir una posición larga existente está tan cubierto como vender en corto. La Rule 5280(b) también exige políticas de flujo de información entre investigación y negociación.FINRA Rule 5280(a)

El operador de una firma se entera de que un cliente venderá 250,000 acciones de ABC dentro de la hora, lo que probablemente deprimirá el precio. Antes de que esa orden se ejecute o se informe, el operador compra opciones de venta (puts) sobre ABC para la cuenta propia de la firma. ¿Qué afirmación es correcta?

• a.La compra está permitida, porque la orden la dio la firma y no un cliente
• b.La compra está permitida, porque la Rule 5270 cubre solo las operaciones con la acción misma
• c.La compra está permitida si el operador vuelve a vender los puts antes de que se informe el bloque
• d.La compra viola la Rule 5270, porque las opciones son un instrumento financiero relacionado que la norma cubre✓

La Rule 5270 prohíbe a un miembro o persona asociada ejecutar una orden sobre un valor, o sobre un instrumento financiero relacionado como una opción u otro derivado, mientras tenga información material no pública sobre una transacción de bloque inminente, hasta que esa información sea pública u obsoleta. Una orden de 250,000 acciones está muy por encima del nivel de 10,000 acciones que por lo general se trata como bloque. La norma se aplica a las cuentas en las que el miembro tiene un interés, por lo que una orden propia está cubierta, y deshacer luego la posición no corrige la infracción.FINRA Rule 5270(a) and (c)

Un miembro acepta la orden de un cliente minorista de comprar 300 acciones de DEF con un límite de $20.00 y la retiene sin ejecutarla. Luego el miembro compra 1,000 acciones de DEF para su cuenta propia a $19.95. Según la Rule 5320, ¿qué debe hacer el miembro inmediatamente después?

• a.Ejecutar las 300 acciones del cliente al precio límite de $20.00
• b.Ejecutar las 300 acciones del cliente a $19.95 o a un precio mejor✓
• c.Ejecutar las 1,000 acciones para el cliente al precio de $19.95
• d.Nada, porque el miembro compró por debajo del precio límite del cliente

La Rule 5320(a) prohíbe a un miembro que retiene una orden de un cliente operar del mismo lado para su cuenta propia a un precio que satisfaría la orden, a menos que ejecute de inmediato la orden del cliente, hasta el tamaño y al mismo precio o a uno mejor que el de su propia operación. El precio propio de $19.95 satisfaría el límite de $20.00, de modo que las 300 acciones del cliente deben ejecutarse a $19.95 o mejor. Ejecutar a $20.00 da al cliente un precio peor que el obtenido por la firma, el tamaño se limita a las 300 acciones del cliente, y comprar por debajo del límite es justamente lo que activa la obligación.FINRA Rule 5320(a)

Un operador compra una acción de poca negociación en una serie de compras programadas para elevar su precio y atraer a otros inversionistas a comprar, y luego vende sus propias acciones aprovechando el alza. Según la Sección 9(a)(2) de la Exchange Act, ¿qué elemento hace ilícita la serie de transacciones?

• a.Que vendió sus propias acciones con ganancia tras el alza del precio
• b.Su propósito de inducir a otros a comprar, logrado al elevar el precio✓
• c.Que usó información no pública sobre las ganancias del emisor
• d.Que la acción que compró tenía poca negociación en su mercado principal

La Sección 9(a)(2) hace ilícito efectuar, solo o con otros, una serie de transacciones en un valor que cree actividad de negociación real o aparente, o que eleve o deprima el precio, con el propósito de inducir a otros a comprar o vender el valor. El propósito de inducción es el elemento que separa la manipulación de la negociación ordinaria. La ganancia no es un elemento, un mercado poco líquido es solo el escenario, y la información privilegiada es un delito distinto bajo la Sección 10(b).Securities Exchange Act Section 9(a)(2)

Un miembro podría ejecutar la orden de mercado de un cliente sobre una acción listada directamente en el mejor mercado. En cambio, la enruta a través de un corredor de corredores que le presta servicios gratuitos. ¿Cumple esto el deber de mejor ejecución del miembro?

• a.No, porque la reciprocidad por servicios no excusa interponer a un tercero alejándose del mejor mercado✓
• b.Sí, porque la orden del cliente se ejecutó igualmente a un precio dentro de las cotizaciones
• c.Sí, porque enrutar por un corredor de corredores siempre es aceptable para una orden de mercado
• d.No, porque el miembro no obtuvo el consentimiento del cliente para el enrutamiento

La Rule 5310(a)(2) prohíbe interponer a un tercero entre el miembro y el mejor mercado de manera incompatible con el deber de usar diligencia razonable para obtener el precio más favorable. Usar un corredor de corredores no es aceptable de forma rutinaria para una orden de mercado: según la Rule 5310(b), el miembro debe demostrar que no podía ejecutar directamente y que necesitaba al tercero para asegurar una ejecución ventajosa para el cliente. La Rule 5310(c) agrega que canalizar órdenes por un tercero como reciprocidad por servicios o negocios no releva al miembro de sus obligaciones. Una ejecución dentro de las cotizaciones no satisface el deber, que es buscar el precio más favorable razonablemente disponible, y el consentimiento del cliente no convierte un arreglo de reciprocidad en mejor ejecución.FINRA Rule 5310(a)(2), (b) and (c)

La SEC determina que un empleado de un corredor-operador operó con información material no pública en una cuenta personal. Solicita una multa civil a la firma solo porque lo empleaba. La firma no tenía motivo para prever la conducta y había mantenido las políticas que exige la ley. ¿Está la firma sujeta a la multa?

• a.No, porque emplear al operador por sí solo no hace responsable a la firma de la multa✓
• b.Sí, porque un empleador responde automáticamente por las multas de las operaciones de sus empleados
• c.Sí, porque la firma mantenía la cuenta personal del empleado
• d.No, porque la multa se aplica solo a la persona que operó

La Sección 21A(b)(2) dice que nadie está sujeto a la multa únicamente por emplear al infractor. Una firma puede ser sancionada como persona controladora solo si la SEC demuestra que sabía o ignoró con imprudencia que el empleado probablemente cometería la infracción y no tomó medidas adecuadas, o que omitió a sabiendas o con imprudencia mantener las políticas que exige la ley y esa omisión contribuyó de forma sustancial a la infracción. La responsabilidad no es automática, y mantener la cuenta no añade nada. La multa no se limita al operador, porque la persona controladora puede ser alcanzada si se cumplen esas condiciones.Exchange Act Section 21A(a)(1)(B) and (b)

Un empleado compra 2,000 acciones de GHI a $30 sabiendo de una adquisición aún no anunciada. Tras divulgarse la noticia, GHI cotiza a $41 durante unos minutos, luego a $36 un período razonable después de la divulgación, y a $34 un mes más tarde. Con la medida de ganancia obtenida de la Sección 21A, ¿cuál es el máximo que la SEC puede solicitar como multa civil al empleado?

• a.$24,000, tres veces la ganancia de $8,000 al precio de $34
• b.$36,000, tres veces la ganancia de $12,000 a $36✓
• c.$66,000, tres veces la ganancia de $22,000 en el pico de $41
• d.$12,000, la ganancia misma, sin múltiplo, a $36

La Sección 21A(e) mide la ganancia obtenida como la diferencia entre el precio de compra y el precio de negociación un período razonable después de que la información se hace pública. Eso es $36 menos $30, o $6 por acción, y 2,000 acciones dan $12,000. La Sección 21A(a)(2) limita la multa a tres veces esa ganancia, es decir 3 x $12,000 = $36,000. El pico breve de $41 y el precio posterior de $34 no son el punto de medición, y la multa no se limita a la ganancia misma.Exchange Act Section 21A(a)(2) and (e)

Una empleada no ejecutiva de una empresa pública se entera el lunes de una adquisición aún no anunciada. El martes adopta un plan escrito Rule 10b5-1 para vender acciones a partir de 45 días después. Vende en esa fecha conforme al plan, y la adquisición se anuncia dos semanas después de la venta. ¿Le da el plan la defensa afirmativa?

• a.Sí, porque el período de enfriamiento de 30 días había pasado antes de la primera venta
• b.No, porque solo los directores y funcionarios pueden usar un plan Rule 10b5-1
• c.Sí, porque no es directora ni funcionaria de la empresa
• d.No, porque adoptó el plan después de enterarse de la información✓

La Rule 10b5-1(c)(1) protege una operación solo si, antes de enterarse de la información, la persona había celebrado el contrato vinculante, dado la instrucción o adoptado el plan escrito. Ella adoptó el suyo un día después de enterarse de la adquisición, por lo que la defensa no está disponible aunque haya seguido el plan. El período de enfriamiento de 30 días para quien no es funcionario ni director es una condición adicional, no un sustituto de adoptar el plan antes de enterarse. Los no funcionarios pueden usar estos planes, así que ser una empleada común ni elimina la prueba de conocimiento ni excluye por sí sola la defensa.Exchange Act Rule 10b5-1(b) and (c)(1)

Varios accionistas de un fondo mutuo registrado bajo la Investment Company Act son empleados de corredores-operadores. El fondo coloca una orden por una oferta pública inicial de acciones comunes con un miembro suscriptor. ¿Puede el miembro vender la nueva emisión al fondo?

• a.Sí, pero solo si las personas restringidas poseen no más del 10% de las acciones del fondo
• b.Sí, porque un fondo registrado está exento, con una declaración de elegibilidad✓
• c.No, porque los accionistas restringidos del fondo tienen un interés beneficiario en él
• d.Sí, pero solo después de que cada accionista certifique que ninguno es una persona restringida

La Rule 5130(c)(1) exime a una compañía de inversión registrada de la prohibición general, por lo que los empleados de corredores-operadores entre sus accionistas no impiden la venta. El límite del 10% pertenece a otra exención, la Rule 5130(c)(4), que se aplica a cuentas que no encajan en una categoría específica. La exención no elimina la condición previa de la Rule 5130(b): antes de vender una nueva emisión a cualquier cuenta, el miembro debe haber obtenido de buena fe, dentro de los 12 meses anteriores, una declaración de que la cuenta es elegible o, para un conducto, de que sus compras cumplen la norma.FINRA Rule 5130(b) and (c)(1)

Un miembro vendió por última vez una nueva emisión a la cuenta de un fondo de cobertura el 4 de mayo de 2026 y no le ha vendido nada desde entonces. Contando desde esa venta, ¿hasta qué fecha, como mínimo, debe el miembro conservar los registros sobre si la cuenta era elegible?

• a.Hasta el 4 de mayo de 2028, dos años después de la última venta
• b.Hasta el 4 de mayo de 2032, seis años después de la última venta
• c.Hasta el 4 de mayo de 2027, un año después de la última venta
• d.Hasta el 4 de mayo de 2029, tres años después de la última venta✓

La Rule 5130(b) exige que un miembro conserve copia de todos los registros e información sobre si una cuenta es elegible para comprar nuevas emisiones durante al menos tres años después de su última venta de una nueva emisión a esa cuenta. Tres años después del 4 de mayo de 2026 es el 4 de mayo de 2029. Uno y dos años no alcanzan el mínimo, y seis años es el período de conservación de otras normas, como la de las autorizaciones de participación en ganancias tras el cierre de una cuenta, no el de la Rule 5130.FINRA Rule 5130(b)

Un representante obtuvo las autorizaciones escritas exigidas para compartir las ganancias y pérdidas de la cuenta de un cliente, y la cuenta ya está cerrada. ¿Durante cuánto tiempo debe el miembro conservar esas autorizaciones?

• a.Hasta la fecha de cierre de la cuenta, cuando termina el arreglo
• b.Al menos seis años después de la fecha en que comenzó la participación
• c.Al menos tres años después del último pago de participación en ganancias
• d.Al menos seis años después de la fecha de cierre de la cuenta✓

El Material Complementario .03 de la Rule 2150 exige que un miembro conserve las autorizaciones escritas, del empleador y del cliente, durante al menos seis años después de la fecha de cierre de la cuenta. El plazo corre desde el cierre, no desde el inicio del arreglo ni desde el último pago, y las autorizaciones deben sobrevivir a la cuenta en lugar de vencer al cerrarse. La cifra de tres años pertenece a los registros de la Rule 5130, que es otra norma.FINRA Rule 2150(c)(1) and Supplementary Material .03

El jueves 5 de marzo de 2026, una firma coloca una retención temporal sobre un desembolso de la cuenta de una clienta de 72 años porque cree razonablemente que está siendo explotada financieramente. La semana no tiene feriados. ¿Para qué fecha debe la firma notificar la retención y su motivo a las partes autorizadas en la cuenta y a la persona de contacto de confianza, salvo que no estén disponibles o se sospeche que cometen la explotación?

• a.El viernes 6 de marzo, un día hábil después de la retención
• b.El lunes 9 de marzo, dos días hábiles después de la retención✓
• c.El sábado 7 de marzo, dos días naturales después de la retención
• d.El martes 10 de marzo, tres días hábiles después de la retención

La Rule 2165(b)(1)(B) exige la notificación a más tardar dos días hábiles después de que el miembro colocó por primera vez la retención. Contando días hábiles desde el jueves 5 de marzo, el viernes 6 es el primero y el lunes 9 es el segundo, porque sábado y domingo no son días hábiles. Dos días naturales terminarían un sábado, el viernes es solo un día hábil, y el martes añade un tercer día que la norma no permite.FINRA Rule 2165(b)(1)(B)

Un representante registrado se jubila y deja la industria de valores. Conforme a un contrato escrito celebrado de buena fe mientras estaba registrado en la firma, la firma sigue pagándole comisiones sobre las cuentas de clientes que antes atendía. El contrato le prohíbe solicitar nuevos negocios, abrir nuevas cuentas o atender esas cuentas. ¿Es permisible el pago?

• a.Sí, pero solo durante el primer año después de jubilarse
• b.Sí, porque encaja en la excepción de la norma para representantes jubilados✓
• c.No, porque las comisiones solo pueden pagarse a personas actualmente registradas en la firma
• d.Sí, pero solo si sigue atendiendo las cuentas después de jubilarse

La Rule 2040(b)(1) permite a un miembro pagar comisiones continuas a un representante registrado jubilado sobre cuentas de clientes que continúan, siempre que se haya celebrado de buena fe un contrato mientras estaba registrado y este le prohíba solicitar nuevos negocios, abrir nuevas cuentas o atender las cuentas. El arreglo también debe cumplir las leyes federales de valores. Atender las cuentas sacaría los pagos de la excepción, y la norma no fija un límite de un año. La prohibición general de pagar a personas no registradas no se aplica a esta excepción.FINRA Rule 2040(b)(1)

Una persona que dejó recientemente una firma miembro, y que sigue sujeta a la jurisdicción de FINRA, no responde a una solicitud de la Rule 8210 de documentos y testimonio en una investigación. FINRA envió la solicitud a la dirección residencial que figura en el CRD y no sabía que estaba desactualizada. Él dice que nunca la vio. ¿Ha violado la Rule 8210?

• a.Sí, pero solo si FINRA obtiene primero una orden judicial
• b.No, porque una solicitud es vinculante solo si él la firma de recibido
• c.Sí, porque el aviso se considera recibido al enviarse a la dirección del CRD, y no cumplir viola la norma✓
• d.No, porque la Rule 8210 alcanza solo a personas actualmente registradas

La Rule 8210(d) considera recibido un aviso por una persona que estuvo registrada cuando se envía por correo u otro medio a su última dirección residencial conocida en el CRD, salvo que el personal de FINRA sepa realmente que está desactualizada. La Rule 8210(c) dispone entonces que ningún miembro ni persona dejará de proporcionar información o testimonio ni de permitir la inspección. No haber visto el aviso, no haberlo firmado o ya no estar registrado no lo excusa, y nada en la norma hace depender el cumplimiento de una orden judicial.FINRA Rule 8210(c) and (d)

El operador de un miembro llama a un cliente e insta a comprar una acción de poca negociación afirmando falsamente que un fondo grande comprará todo el flotante mañana. La acción casualmente encaja con el perfil del cliente. ¿Viola esta conducta las normas de FINRA?

• a.Sí, porque inducir una compra mediante un artificio engañoso viola la Rule 2020 aunque la acción sea adecuada✓
• b.No, porque la Rule 2020 cubre solo las operaciones por cuenta propia del miembro
• c.Sí, pero solo si el cliente realmente pierde dinero
• d.No, porque una recomendación adecuada no puede violar las normas de FINRA

La Rule 2020 dispone que ningún miembro efectuará ninguna transacción en un valor, ni inducirá su compra o venta, mediante algún artificio manipulador, engañoso u otro fraudulento. Una afirmación falsa sobre una compra pendiente de un fondo grande es un artificio de ese tipo, y la norma se refiere a cómo se indujo la compra, de modo que la idoneidad no lo corrige. La norma alcanza tanto a inducir a los clientes como a las operaciones propias del miembro, y la infracción no depende de que el cliente termine con una pérdida.FINRA Rule 2020

Which type of account is not subject to required minimum distributions during the original owner's lifetime?

• a.A SEP IRA
• b.A SIMPLE IRA
• c.A Roth IRA✓
• d.A traditional IRA

The IRS says required withdrawals apply to IRAs including SEP and SIMPLE IRAs and to employer plans, but not to Roth IRAs or designated Roth accounts while the owner is alive. Beneficiaries of Roth accounts are, however, subject to the RMD rules.IRC 408A(d)(1)

A customer bought 300 shares of a stock this morning and, before they have been delivered to her account, enters an order to sell those 300 shares. How does Regulation SHO treat the sale?

• a.She is deemed to own the shares because she has purchased them but has not yet received them, so it can be marked long✓
• b.It must be marked short, because she does not yet have the shares in her account
• c.It must be marked short exempt, because the purchase has not yet settled
• d.It cannot be accepted, because she does not hold title

Under Rule 200(b), a person is deemed to own a security if she has purchased it, or entered into an unconditional contract binding on both parties to purchase it, even though she has not yet received it. A sale order may be marked long when the seller is deemed to own the security and it is reasonably expected to be in the firm's possession or control by settlement.17 CFR 242.200(b)

A woman inherits 100 shares that her father bought for $20 per share. The shares were worth $90 per share on the date of his death, and she sells them for $95 per share. What is her gain per share?

• a.$75, because she takes over her father's $20 cost basis and pays tax on the gain
• b.$5, because her basis is the fair market value on the date of death✓
• c.$70, because the gain is measured from the $25 gift-tax value of the shares
• d.$0, because inherited property is never taxed when sold

Property acquired from a decedent generally takes a basis equal to its fair market value at the date of death. Her basis is therefore $90, not her father's $20, and her gain is $95 minus $90, or $5 per share. The step-up removes the appreciation that occurred during her father's lifetime from taxable gain.26 U.S.C. 1014(a)

A cash account customer buys and sells the same shares before paying. Within the payment period the customer's check clears, and the sale proceeds were not withdrawn before then. What happens to the 90-day freeze?

• a.It does not apply, because full payment cleared and the proceeds were not withdrawn first✓
• b.It applies in full for 90 calendar days, because the stock was sold before it was paid for
• c.It applies for 30 calendar days instead of 90, because the customer later paid in full
• d.It applies only if the customer uses a second broker-dealer to complete the sale of the stock

The 90-day freeze does not apply if, within the payment period, full payment is received or a check in payment has cleared and the sale proceeds were not withdrawn before the payment or clearance. The freeze targets selling before paying, not a timely payment.12 CFR 220.8(c)(2)(i)

A 401(k) participant turned 73 this year but is still working for the plan sponsor, and the plan allows delayed required minimum distributions until retirement. When is the first RMD generally due?

• a.April 1 following the year she turns 73, whether or not she is still working
• b.December 31 of the year she turns 73
• c.April 1 following the year she turns 70 1/2
• d.April 1 following the later of the year she turns 73 or the year she retires✓

For a 401(k), profit-sharing or other defined contribution plan, the IRS sets the required beginning date as April 1 following the later of the year the participant reaches age 73 or retires, if the plan allows delaying until retirement. For IRAs the date is April 1 after the year the owner turns 73, with no retirement delay.IRC 401(a)(9)

A 45-year-old with $100,000 of adjusted gross income (AGI) has $14,000 of unreimbursed medical expenses and takes an IRA distribution to pay them. The 10% additional tax exception for unreimbursed medical expenses applies to which portion?

• a.All $14,000, because the expenses are for medical care
• b.The part above 10% of AGI, which is $4,000
• c.The part of the expenses above 7.5% of AGI, which is $6,500✓
• d.Nothing, because medical expenses are never an exception before age 59 1/2

The IRS exception covers unreimbursed medical expenses only to the extent they exceed 7.5% of AGI. Here 7.5% of $100,000 is $7,500, so $14,000 minus $7,500 leaves $6,500 that can be withdrawn without the 10% additional tax. The distribution is still subject to regular income tax.IRC 72(t)(2)(B)

A cash account customer buys $3,000 of stock, then cancels the purchase before paying in order to fix a clerical error made by the firm. How does Regulation T treat the cancellation for the 90-day freeze?

• a.Any cancellation is a sale, so the freeze starts at once
• b.It is a sale, but the freeze is shortened to 30 days
• c.It is a sale only if the amount exceeds $1,000
• d.A cancellation to correct an error is not treated as a sale, so the freeze is not triggered by it✓

Regulation T treats cancellation of a transaction as a sale for purposes of the 90-day freeze, but not when the cancellation is made to correct an error. A cancellation to fix a genuine error therefore does not by itself trigger the freeze.12 CFR 220.8(c)(1)

A public employee takes an early distribution, before age 59 1/2, from his governmental 457(b) plan balance that came entirely from his own salary deferrals. What is the 10% additional tax treatment?

• a.The 10% additional tax applies to the full distribution, including the amount that was deferred from his pay
• b.The distribution is fully tax-free to him if he is separated from service in or after the year he turns 55
• c.The distribution is taxed at 25% like a SIMPLE IRA's first two years, with no exceptions for the plan
• d.The 10% additional tax does not apply to the deferral portion, though income tax is still due✓

The IRS states that distributions from a governmental 457(b) plan are not subject to the 10% additional tax, except for amounts attributable to rollovers from another type of plan or IRA. Ordinary income tax still applies to pre-tax money withdrawn.IRC 457(b)

A victim of domestic abuse by a spouse takes money from her IRA in 2026. What is the largest amount that can be withdrawn without the 10% additional tax under that exception?

• a.The greater of $10,000 or 50% of the account
• b.The lesser of $10,000 or 50% of the account✓
• c.$5,000 per child living in the household
• d.The lesser of $22,000 or the account balance

The IRS exceptions table allows a distribution to a victim of domestic abuse by a spouse or domestic partner of up to the lesser of $10,000 or 50% of the account. The $22,000 figure belongs to the separate disaster recovery exception. As with other exceptions, income tax can still apply.IRC 72(t)(2)(K)

A broker acting as agent on a customer's stock purchase must disclose the amount of remuneration it receives from the customer on the confirmation. Which arrangement is an exception to that requirement?

• a.Commissions that are lower than the firm's standard schedule for similar trades on the same day
• b.Any trade of fewer than 100 shares, however the customer pays the firm for executing the order
• c.Remuneration paid under a written agreement with the customer that is set other than on a transaction basis✓
• d.Remuneration received in a transaction that settles through a clearing agency, rather than directly with the firm

Rule 10b-10 requires an agent to disclose the amount of any remuneration received from the customer, unless the remuneration is determined under a written agreement with the customer otherwise than on a transaction basis, such as a flat annual advisory fee. Discounted commissions and odd-lot sizes do not remove the duty.17 CFR 240.10b-10(a)

After the birth of her second child, a woman takes money from her IRA to pay birth expenses. What is the most per child that can be withdrawn without the 10% additional tax under the birth-or-adoption exception?

• a.$5,000 total across all of her children
• b.$10,000 per child
• c.$2,500 per child, per parent
• d.$5,000 per child✓

The IRS exceptions table allows distributions of up to $5,000 per child for qualified birth or adoption expenses to avoid the 10% additional early-distribution tax. The limit is applied child by child, not as one family total. Ordinary income tax can still apply to the distribution.IRC 72(t)(2)(H)

A 74-year-old IRA owner forgets to take the required minimum distribution for the year and does not correct it within the correction window. What is the standard excise tax on the amount that should have been withdrawn but was not?

• a.25% of the amount not distributed✓
• b.10% of the amount not distributed
• c.50% of the amount not distributed
• d.15% of the account balance

The IRS says that if required distributions are skipped or too small, a 25% excise tax applies to the amount not distributed as required, reduced to 10% if the shortfall is corrected within two years. The tax is applied to the shortfall, not to the whole account balance.IRC 4974

A worker takes a distribution from a SIMPLE IRA 14 months after she first participated in her employer's SIMPLE IRA plan, before age 59 1/2 and with no exception available. What additional tax applies?

• a.A 25% additional tax, because the distribution came within the first two years of participation✓
• b.A 10% additional tax, the same as the tax that applies to any traditional IRA owner under 59 1/2
• c.No additional tax, because SIMPLE IRAs are exempt from early-withdrawal rules
• d.A 15% additional tax, split between the owner and the employer who sponsors the SIMPLE plan

The IRS notes that a distribution from a SIMPLE IRA within the first two years of participation incurs a 25% additional tax instead of the usual 10%. After the two-year period the ordinary 10% additional tax applies, unless an exception such as age 59 1/2 is met.IRC 72(t)(6)

A customer in a cash account buys stock and fails to pay in time, owing $800 on the trade. What does Regulation T allow the broker-dealer to do about the unpaid amount?

• a.Nothing, because the firm must always liquidate any unpaid amount, however small it is
• b.Disregard it at its option, because a sum due not exceeding $1,000 may be ignored✓
• c.Disregard it only if the customer pays the amount within the next 90 calendar days
• d.Disregard it only with prior written approval from the Federal Reserve Board's staff

Regulation T generally requires a creditor to promptly cancel or liquidate any transaction not paid in full within the time allowed, but it permits the creditor, at its option, to disregard any sum due from the customer that does not exceed $1,000. The option belongs to the firm, not to the customer.12 CFR 220.8(b)(4)

An investor's basis in a stock is $12 per share. The company pays a nondividend distribution of $2 per share. How is the distribution treated?

• a.It is a qualified dividend that is taxed at preferred rates in the year in which it is received
• b.It is a return of capital that reduces her basis to $10 and is not taxed until her basis is recovered✓
• c.It is a short-term capital gain, because it is paid out of the company's principal and she held less than a year
• d.It is tax-exempt, has no effect on her basis, and never has to be reported on her return

A nondividend distribution is a return of capital, the part of the payment not paid out of earnings. It is not taxed when received but reduces the shareholder's basis, which here falls from $12 to $10. Once the basis reaches zero, any further nondividend distribution is reported as a capital gain.IRS Publication 550, Nondividend Distributions

A customer is short 600 shares of a stock now trading at $3 per share in a margin account. Under FINRA Rule 4210, what is the minimum maintenance margin on the position?

• a.$1,500, the $2.50-per-share amount alone
• b.$540, which is 30% of the market value
• c.$1,800, because for stock below $5 the requirement is the greater of $2.50 per share or 100% of market value✓
• d.$3,000, the $5-per-share amount used for higher-priced stock

For stock sold short at less than $5.00 per share, Rule 4210 sets minimum maintenance at the greater of $2.50 per share or 100 percent of current market value. Here $2.50 times 600 is $1,500, but 100 percent of the $1,800 market value is greater. The $5 floor and 30 percent test apply to short stock priced at $5 or more.FINRA Rule 4210(c)(2)(B)

An investor buys a LEAPS call for $800 in January of one year and lets it expire worthless in February of the following year, 13 months later. How is the loss treated?

• a.As a short-term capital loss, because options are always treated as short-term property by the IRS
• b.As a deductible business expense in the year she bought it, up to the full premium that she paid
• c.As a long-term capital loss of $800, because the holding period ends on the expiration date✓
• d.As no loss at all, because only options that are exercised can ever create a loss

If a purchased option expires, its cost is a capital loss, either long-term or short-term depending on the holding period, which ends on the expiration date. Thirteen months is more than one year, so the $800 loss is long-term. The cost of an option is a capital expenditure and cannot be deducted when paid.IRS Publication 550, Puts and Calls (holders)

A 38-year-old realizes she over-contributed to her IRA. She withdraws the excess contribution before the extended due date of her tax return. How are the earnings on that excess treated for the 10% additional tax?

• a.The returned contribution avoids the 10% additional tax, but the earnings on it do not get that exception✓
• b.Both the contribution and its earnings avoid the 10% tax
• c.Neither is subject to the 10% tax, because both are returned to her
• d.The 10% tax applies to the contribution, but the earnings are exempt

The IRS exceptions table covers returned IRA contributions if they are withdrawn by the extended due date of the return, but it excludes the earnings on those returned contributions from the exception. The earnings are generally taxable and can face the 10% additional tax if she is under 59 1/2.IRC 408(d)(4)

Which of the following lists the only three marks Regulation SHO allows on a broker-dealer's sell orders in equity securities?

• a.Long, short, and short covered
• b.Long, short, and hedged
• c.Long, short, and short exempt✓
• d.Long, margin, and short exempt

Rule 200(g) requires a broker-dealer to mark all sell orders of any equity security as long, short, or short exempt. A short exempt mark is used only when the circuit-breaker exceptions in Rule 201(c) or (d) are met.17 CFR 242.200(g)

An investor writes one 50 put and collects a $3.00 per share premium. The put is exercised, and she buys 100 shares at $50.00. What is her tax basis in the stock?

• a.$5,300, because the premium is added to the purchase price
• b.$4,700, because the premium received reduces the cost of the stock✓
• c.$5,000, because the premium was already taxed when she received it
• d.$4,850, because the premium is split between the stock and the option

When a put the investor wrote is exercised and she buys the underlying stock, she decreases her basis in the stock by the premium she received: $5,000 purchase price less $300 premium is $4,700. Her holding period for the stock begins on the date she buys it, not on the date she wrote the put.IRS Publication 550, Puts and Calls (writers)

A margin customer has never signed anything allowing the firm to lend her securities. The firm wants to lend her margin securities that are eligible for pledging or lending. What does FINRA Rule 4330(a) require?

• a.Nothing, because the margin agreement makes all margin securities available for lending
• b.Only a notice sent to the customer within 30 days after the loan is made
• c.The firm must first obtain the customer's written authorization to lend them✓
• d.Only the approval of the firm's financial and operations principal in writing

FINRA Rule 4330(a) provides that no member shall lend securities held on margin for a customer that are eligible to be pledged or loaned unless the member has first obtained a written authorization from the customer permitting the lending. A notice afterward does not substitute for advance written authorization.FINRA Rule 4330(a)

FINRA's rules require a member to make certain books and records but specify no retention period for one of them, and the Exchange Act rules do not either. For how long must the member preserve that record?

• a.At least three years
• b.At least two years in an easily accessible place
• c.Until the next FINRA examination
• d.At least six years✓

FINRA Rule 4511(b) says that members shall preserve for at least six years those FINRA books and records for which there is no specified period under FINRA rules or the Exchange Act rules. The records must also be kept in a format and media that complies with SEC Rule 17a-4.FINRA Rule 4511(b)

For 2026, a participant in a traditional 401(k) plan is age 62. Under the SECURE 2.0 provision for participants aged 60 through 63, what is the maximum catch-up contribution she may make, in addition to the regular elective deferral limit?

• a.$8,000, the same catch-up as for every participant aged 50 or older in the plan
• b.$11,250, which replaces the usual $8,000 catch-up for her age group✓
• c.$4,000, which is the catch-up amount that applies for a SIMPLE 401(k) plan
• d.$24,500, which is the regular limit on elective deferrals for all participants

For 2026 the elective deferral limit for traditional and safe harbor 401(k) plans is $24,500, and participants aged 50 or older may add a catch-up of $8,000. Under SECURE 2.0, participants aged 60, 61, 62 or 63 have a higher catch-up limit, $11,250 for 2026. The $4,000 figure applies to SIMPLE 401(k) catch-ups, and $24,500 is the base deferral limit.IRS: 401(k) plan overview; 2026 limits

A customer's confirmation covers an odd-lot purchase on which an odd-lot differential or equivalent fee was paid. What does Rule 10b-10 require the confirmation to say about it?

• a.Nothing, because odd-lot fees are never mentioned on confirmations
• b.The exact fee in dollars and the name of the contra broker
• c.That the order was filled at the national best bid or offer
• d.Whether an odd-lot differential or equivalent fee was paid, with the amount available on oral or written request✓

Rule 10b-10(a)(3) requires the confirmation to state whether any odd-lot differential or equivalent fee has been paid in connection with an order for an odd-lot number of shares, and that the amount will be furnished on oral or written request. The amount itself need not be printed.17 CFR 240.10b-10(a)(3)

Under the emergency personal expense exception, how many penalty-free distributions can a participant take in a calendar year, and for how much?

• a.One distribution per calendar year, up to $10,000 regardless of the vested balance in the account
• b.Two distributions per calendar year, each up to $1,000 or the vested balance above $1,000, if smaller
• c.One distribution per calendar year, up to the lesser of $1,000 or the vested balance above $1,000✓
• d.Unlimited distributions as long as each is for a documented emergency, with the plan sponsor's approval

The IRS exceptions table lists one distribution per calendar year for personal or family emergency expenses, up to the lesser of $1,000 or the vested account balance over $1,000, for distributions made after 2023. The exception waives the 10% additional tax; the amount is still generally taxable income.IRC 72(t)(2)(I)

A 50-year-old retiree wants to draw from his IRA before age 59 1/2 without the 10% additional tax by taking a series of substantially equal periodic payments (SEPP). Which statement describes this exception?

• a.It is available only for employer plans, and does not apply to IRAs under any circumstances
• b.It is an exception that applies to both IRAs and qualified plans, if the payments follow an IRS-approved method✓
• c.It requires the payments to be exactly equal to the plan's required minimum distribution each year, with no other method allowed
• d.It applies once the owner takes a single lump-sum withdrawal of the entire account balance

The IRS list of exceptions includes an equal-payments exception under Section 72(t)(2)(A)(iv) that is available for both qualified plans and IRAs. The payments must be a series of substantially equal payments calculated under an IRS-approved method, not a lump sum.IRC 72(t)(2)(A)(iv)

A customer closes her account in June 2026. For how long must the firm keep the account cards and records that relate to the terms and conditions of the opening and maintenance of that account, under SEC Rule 17a-4(c)?

• a.At least three years after the account is closed
• b.At least six years after the account was opened
• c.Only until the account is closed
• d.At least six years after the account is closed✓

SEC Rule 17a-4(c) requires a broker-dealer to preserve for at least six years after the closing of a customer's account any account cards or records that relate to the terms and conditions of opening and maintaining the account. The clock runs from closing, not from opening.17 CFR 240.17a-4(c)

An investor writes a call option on a stock she does not own and receives a $400 premium. The call expires worthless 14 months later (it was a LEAPS contract). How is the $400 taxed?

• a.As ordinary income in the year she received the premium, since options never create capital gains
• b.As a long-term capital gain, because the option was outstanding for more than one year
• c.It is not taxed, because it only reduces the basis of a stock that she never bought
• d.As a short-term capital gain recognized when the option expires, even though 14 months passed✓

A writer does not include the premium in income when received. It is held in a deferred account until the obligation expires, is exercised or is closed out. If the obligation expires, the premium is a short-term capital gain, regardless of how long the writer was obligated. Long-term treatment depends on the holding period of stock, which a writer of an uncovered call does not have.IRS Publication 550, Puts and Calls (writers)

A 33-year-old who has never owned a home wants to withdraw money from a traditional IRA toward a first home purchase. Up to what amount can avoid the 10% additional tax under the first-time homebuyer exception?

• a.$5,000
• b.$25,000
• c.The full account balance
• d.$10,000✓

The IRS exception for qualified first-time homebuyers covers up to $10,000 of IRA distributions. The amount withdrawn is still included in income unless it is a qualified Roth distribution; the exception removes only the 10% additional tax. The exception is listed for IRAs but not for employer plans such as a 401(k).IRC 72(t)(2)(F)

A representative wants to draw money from a customer's bank checking account by submitting a draft to the customer's bank to pay for a securities purchase. Under FINRA Rule 4514, what must the representative first have?

• a.The customer's oral permission recorded on the firm's phone line, with a supervisor's signature on the record
• b.The approval of the firm's principal, even without the customer's signature, if the account has traded before
• c.A copy of the customer's most recent bank statement on file, plus the firm's own internal record of the request
• d.The customer's express written authorization, which can be the customer's signature on the instrument✓

FINRA Rule 4514 bars a member or associated person from obtaining or submitting for payment a check, draft or other negotiable paper drawn on a customer's checking, savings or similar account without the customer's express written authorization, which may include the customer's signature on the instrument itself.FINRA Rule 4514

A customer holds 800 shares of a stock in one account and has a short position of 300 shares in the same stock. Under Regulation SHO, for how many shares is she deemed to own the stock when she enters a sell order?

• a.500 shares, because ownership is only to the extent of her net long position✓
• b.800 shares, because the long position is what she holds in the account at the firm
• c.300 shares, because the short position controls her ownership for the purpose of the mark
• d.1,100 shares, because the long and short positions are added together for the mark

Rule 200(c) provides that a person is deemed to own securities only to the extent that she has a net long position. With 800 long and 300 short, her net long position is 500 shares, and only that amount can support a sale marked long.17 CFR 242.200(c)

An investor owns 100 shares with a $35 per share cost basis and writes a call with a $40 strike for a $3 per share premium. The call is exercised and she delivers the shares. What is her total gain, ignoring commissions?

• a.$500, because the premium is taxed separately and is not part of the stock sale
• b.$300, because only the premium received is a gain and the stock sale itself is ignored
• c.$200, because the premium received reduces the sale proceeds of the stock
• d.$800, because the premium increases the amount realized on the sale of the stock✓

When a call the investor wrote is exercised and she sells the underlying stock, the premium is added to the amount realized on the sale. Proceeds are $4,000 from the strike plus $300 premium, or $4,300, against a $3,500 basis, leaving an $800 gain. Whether the gain is long-term or short-term depends on how long she held the stock.IRS Publication 550, Puts and Calls (writers)

An investor pays a $2.50 per share premium for a call with a $60 strike and later exercises it, buying 100 shares. What is her basis per share in the stock?

• a.$60.00, because the premium paid is treated as a separate capital loss on the call
• b.$62.50, because the cost of the call is added to the basis of the stock✓
• c.$57.50, because the premium paid reduces the cost of the stock she acquired
• d.$62.50 only if she held the call for more than one year before exercising it

A buyer's cost of a call is a capital expenditure that cannot be deducted. If the call is exercised, the cost is added to the basis of the stock bought, so the basis is the $60 strike plus the $2.50 premium. The holding period for the stock starts at exercise, and the length of time the call was held does not change the basis.IRS Publication 550, Puts and Calls (holders)

A customer who lives in a federally declared disaster area and sustained an economic loss takes a qualified disaster recovery distribution from her IRA. What is the dollar cap on the amount that is exempt from the 10% additional tax?

• a.$10,000
• b.$22,000✓
• c.$5,000
• d.$50,000

The IRS lists a disaster recovery distribution of up to $22,000 to a qualified individual who sustained an economic loss because of a federally declared disaster where she lives. The $10,000 and $5,000 figures belong to the first-time homebuyer and birth-or-adoption exceptions.IRC 72(t)(2)(M)

A 44-year-old pays her daughter's college tuition with money taken from a traditional IRA. A colleague has the same need but would draw on his 401(k) plan instead. How does the 10% additional tax exception for qualified higher education expenses apply?

• a.It applies to the 401(k) withdrawal, but not to the IRA withdrawal, even if paid to the school
• b.It applies to the IRA withdrawal, but it is not available for a 401(k) distribution✓
• c.It applies to both, as long as the money is paid directly to the school by the owner
• d.It applies to neither, because the exception exists only for withdrawals from 529 plans

In the IRS table of exceptions, qualified higher education expenses appear as an exception for IRAs, including SEP and SIMPLE IRAs, but not for qualified plans such as a 401(k). Even when the exception applies, the withdrawal remains taxable as ordinary income to the extent it is pre-tax money.IRC 72(t)(2)(E)