Business PracticesCâu 70 / 100
A broker-dealer publishes a market letter recommending a stock in which it holds a substantial proprietary position and for which it makes a market. The letter must:
a.Say nothing about the firm's position, to avoid influencing readers
b.Disclose the firm's position and its role as a market maker, and present projections as opinions rather than as fact
c.Guarantee the accuracy of the price target
d.Be filed with the SEC before publication
Giải thích
Publishing research or a market letter without disclosing that the firm makes a market in or holds a position in the security conceals a material conflict of interest. Forecasts must be identified as opinion, since presenting a projection as an assured fact is a misrepresentation. No firm can guarantee a price target, and routine market letters are not filed with the SEC for approval.
Trích dẫn luật: NASAA Model RuleLuyện miễn phí toàn bộ 100 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- Which statement best distinguishes the duties of an investment adviser from those of a broker-dealer effecting transactions for a customer?
- A broker-dealer sells a customer bonds out of the firm's own inventory. Which disclosure obligation applies?
- A broker-dealer decides to raise its account maintenance and transfer fees substantially. Under NASAA rules, the firm:
- Regarding advertising and sales literature used to offer securities in a state, the Administrator:
- A customer receives a margin call and cannot meet it. The agent offers to lend the customer the money personally so the position need not be sold. This is:
- A customer instructs her agent to sell her entire position in a stock. The agent, believing the stock will rebound, sells only half. The agent has:
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