Business Practices第 68 / 100 题
A broker-dealer sells a customer bonds out of the firm's own inventory. Which disclosure obligation applies?
a.None, because the customer received a confirmation of the trade price
b.The firm must disclose only the current market price of the bonds
c.The firm must obtain the Administrator's approval before acting as principal
d.The firm must disclose that it acted as a principal, and its compensation is a markup rather than a commission
解析
A customer is entitled to know the capacity in which the firm acted, because a principal trade produces a markup embedded in the price while an agency trade produces a disclosed commission. Failing to state capacity or disguising a markup as something else is an unethical practice. No Administrator approval is required to act as principal in an ordinary customer trade.
法律依据: NASAA Model Rule免费刷完整 100 道题库 — 无需注册。
同考点相关题目
- Two traders repeatedly buy and sell the same thinly traded security between themselves at rising prices to attract outside buyers. This conduct is:
- Before recommending a security to a new customer, an agent must:
- Which statement best distinguishes the duties of an investment adviser from those of a broker-dealer effecting transactions for a customer?
- A broker-dealer decides to raise its account maintenance and transfer fees substantially. Under NASAA rules, the firm:
- 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:
- Regarding advertising and sales literature used to offer securities in a state, the Administrator: