355 道题
一位祖父母想向 10 岁的孙辈作出不可撤销的证券赠与，由一名成年人管理资产直到孩子成年。哪种账户最合适？
- a.由祖父母持有的 529 计划
- b.与孩子的共有权账户
- c.以祖父母名义的 Roth IRA
- d.UGMA/UTMA 托管账户✓
UGMA/UTMA 托管账户专为对未成年人的不可撤销赠与设计,由托管人管理直到未成年人成年。529 计划只用于教育储蓄,而且作为所有人的祖父母保留控制权并可更换受益人,所以它不是管理到孩子成年的不可撤销赠与。共有权(tenants-in-common)账户会让 10 岁的孩子拥有一份自己无法管理的所有权权益,而孩子没有劳动收入无法开立 Roth IRA。Uniform Transfers to Minors Act
为什么全权委托账户必须由主管频繁复核？
- a.为增加交易笔数以及这些交易所产生的佣金
- b.为侦测过度交易 (churning) 和不适当的活动✓
- c.为避免保存订单票据和书面账户记录的需要
- d.为向客户保证退还这些交易造成的任何损失
对全权委托账户的频繁主管复核有助于侦测和防范过度交易及其他滥用，因为代表控制着交易。对于公司行使裁量权的账户，监督是核心的投资者保护措施。FINRA Rule 3260
一位受托人为一个要求保守、以收入为导向投资的信托开立账户。代表推荐了一只高度投机的仙股。核心问题是什么？
- a.受托人未经事先法院命令不得在经纪自营商处开立经纪账户
- b.根据 SEC 规则，无论投资目标如何，仙股都被禁止进入所有信托账户
- c.没有问题，因为受托人的批准免除了公司的适当性义务
- d.该推荐与信托既定目标及受托人的信义义务相冲突✓
受托人负有按信托条款和受益人利益进行投资的信义义务。向保守、注重收入的信托推荐投机性证券是不适当的，与该义务不符，即使受托人在技术上可以授权。17 CFR 240.15l-1 (Regulation Best Interest)
在开户过程中，一家公司无法用所提供的信息核实新客户的身份，也没有合理理由相信自己知道客户的真实身份。根据 CIP，公司通常应怎么做？
- a.照常开户,只有在日后申请保证金时才核实身份
- b.请客户通过电子邮件发送一份签署的声明来自行核实身份
- c.立即开户，并将核实推迟到首笔交易交收之后
- d.拒绝开户（或关闭账户），并考虑是否提交 SAR✓
如果公司无法合理相信自己知道客户的真实身份,其 CIP 程序必须规定何时不开户、公司尝试核实期间客户可进行交易的条件、核实失败后何时关闭账户,以及何时提交 SAR(31 CFR 1023.220(a)(2)(iii))。只对保证金账户核实会让现金账户不受检查,而 CIP 适用于每个新账户。让客户自己担保自己不是核实方法;把核实推迟到首笔交易交收之后,则忽略了公司必须按其程序解决身份问题,期间只允许有限的交易。31 CFR 1023.220(a)(2)(iii)
经纪自营商须建立、维持并执行书面政策以防止滥用重大非公开信息。这些通常称为：
- a.最佳执行与订单路由标准
- b.信息隔离墙（或 'Chinese Walls'）✓
- c.招股说明书交付与获取规则
- d.注册代表的薪酬分成表
公司须维持信息隔离墙（历史上称 'Chinese Walls'）以防止重大非公开信息在部门之间流动（例如从投行流向交易部门）。根据联邦法律，这是控制内幕交易风险所必需的。Insider Trading and Securities Fraud Enforcement Act of 1988
一名代表因担心失去客户，书面承诺个人赔偿客户账户中的任何损失。这是：
- a.根据 FINRA 规则，每当客户书面投诉账户中所遭受的任何损失时，这都是必需的
- b.允许的，因为书面承诺弥补任何损失可以保护客户免受损害
- c.如果分公司经理事先口头同意该赔偿安排，则允许
- d.被禁止的，因为代表不得向客户保证不亏损或不当分担损失✓
向客户保证不亏损，或不当分担客户账户，是被禁止的。代表不得承诺弥补损失；这样做曲解了投资的本质并违反 FINRA 规则。FINRA Rule 2150
根据 FINRA 规则，注册代表通常只有在以下情况才可分享客户账户的盈亏：
- a.代表向客户出具签署的保证书，承诺以个人资金弥补账户的任何损失
- b.公司事先书面批准，且分享比例与代表本人的出资相称✓
- c.客户是直系亲属，FINRA 称这免除了公司书面批准的必要
- d.账户是全权委托账户且客户净资产超过 100 万美元，属于 FINRA 的自动豁免
分享客户账户仅在获得公司事先书面批准的情况下允许，且通常只能与代表本人投入账户的资本成比例。保证不亏损则从不允许。FINRA Rule 2150(c)(1)(A)
一名代表向一位富有的客户请求个人贷款以支付自己的开支。根据 FINRA 规则，这是：
- a.须通过在贷款前提交的 U4 表格修订件事先向 SEC 报告
- b.只要客户的净资产超过 D 条例（Regulation D）的合格投资者门槛即被允许
- c.通常被禁止，除非符合狭窄条件且公司书面程序允许并批准✓
- d.无需公司任何批准即被允许，只要贷款总额保持在 100 美元以下
向客户借款（或向其放款）通常被禁止，除非该安排符合狭窄例外（如直系亲属或放贷业务关系）且公司书面程序允许，通常需通知和批准。它带来严重的利益冲突。FINRA Rule 3240
一位客户要求开立一个仅以编号标识的账户，以对公司隐瞒账户所有人的身份。这可以吗？
- a.可以，只要客户对每一笔买入都全额以现金支付，编号账户即被允许
- b.不可以；公司可以为保密而使用编号，但仍须了解并记录真实账户所有人的身份✓
- c.可以，编号账户的设计目的就是同时对公司本身隐瞒所有人的身份
- d.不可以；FINRA 要求每个账户在对账单上都以所有人的完整法定姓名命名
公司可以出于保密使用账户编号或符号，但仍须取得客户所有权的签署声明并了解真实账户所有人的身份。对公司隐瞒所有人身份会违反 CIP 和记录保存规则。
与基本现金账户相比，客户开立并使用保证金账户须额外签署什么文件？
- a.所持每个仓位的发行人 10-K 年度报告的签署副本
- b.保证金（信贷）协议，通常还有抵押协议✓
- c.无需任何其他文件，因为新账户表格已经授权保证金交易
- d.所持每个仓位的经公证的股息再投资选择书
与基本现金账户不同，保证金账户要求客户签署保证金（信贷）协议，通常还有抵押协议和贷款同意书。这些记录借贷关系和公司的权利，是保证金交易的前提。
两名交易员反复相互买卖同一证券，实益所有权毫无变化，以制造活跃成交量的虚假表象。这种操纵被称为：
- a.抢先交易客户订单 (front-running)
- b.对零售客户账户的过度交易 (churning)
- c.利用重大消息的内幕交易 (insider trading)
- d.洗售交易 (wash trading / 对敲)✓
洗售交易和对敲涉及制造活动假象而实际实益所有权没有真正变化的交易,误导其他投资者对供给、需求或流动性的判断。抢先交易(front-running)是抢在已知的客户待执行订单之前交易以牟利,过度交易(churning)是在客户账户中过度买卖以赚取佣金;两者都不要求交易双方实际所有权不变。内幕交易(insider trading)是利用重大未公开信息交易,与制造虚假成交量是不同的违法行为。Securities Exchange Act of 1934
在开户或服务账户时，以下哪项最明显是反洗钱危险信号？
- a.详细询问某只基金的费用率及其分档折扣（breakpoint）表的客户
- b.提供有效政府身份证件并以文件证明清晰、可核实的资金来源的客户
- c.通过每月自动工资代扣定期向 IRA 适度供款的退休人士
- d.不愿提供身份信息、想在没有明确商业目的下快速转移资金的客户✓
不愿提供身份证明、对资金来源保密、以及没有明显商业或合法目的的交易都是经典的反洗钱危险信号。提供有效证件和清晰资金来源属正常预期行为。Bank Secrecy Act
根据 FINRA 规则 2210，'函件' (correspondence) 通常指在 30 天内分发给多少零售投资者的书面通讯？
- a.25 位或更少✓
- b.超过25位
- c.最多100位
- d.仅机构投资者
根据 FINRA 规则 2210(a)(2),函件(correspondence)是在任何30个日历日内分发给25位或更少零售投资者的书面通讯。分发给超过25位零售投资者则成为零售通讯,须适用函件所没有的主管批准和备案要求。仅发给机构投资者的是机构通讯。该定义中不存在100位收件人的门槛。FINRA Rule 2210(a)(2)
根据 FINRA 规则，关于机构通讯以下哪项通常正确？
- a.它们必须由注册主管（principal）事先批准，并在 10 个营业日内向 FINRA 广告监管部门（Advertising Regulation Department）备案
- b.一旦收件人符合机构投资者资格，它们即免于 FINRA 的所有内容和监督规则
- c.只有在零售投资者最终收到副本时,内容标准才适用于它们
- d.它们不受与零售通讯相同的使用前主管批准要求约束，但仍须受监督且不得具误导性✓
根据 FINRA 规则 2210(b)(3),机构通讯在使用前不需要主管批准,但公司必须制定书面程序对其进行审查和监督。它们不像某些零售通讯那样需向 FINRA 备案,而规则 2210(d) 的内容标准仍然适用,因此无论接收者是谁,它们都必须公平、平衡且不得具误导性。收件人符合机构投资者资格并不使公司免于内容或监督规则,内容标准也不取决于之后是否有零售投资者看到副本。公司还必须确保机构通讯不被转发给零售投资者。FINRA Rule 2210(b)(3)
通常，在年满 59 岁半之前从传统 IRA 提取收益且无适用例外时，除按普通收入纳税外，还须缴纳多少额外罚金？
- a.10%✓
- b.20%
- c.15%
- d.50%
在年满 59 岁半之前从传统 IRA 提前分配，除普通收入税外通常还须缴纳 10% 的额外税，除非有适用例外（如某些医疗支出、限额内首次购房或残疾）。Internal Revenue Code
一名代表将客户的支票'临时'存入代表自己的个人银行账户，然后再转入经纪账户。这是以下哪种行为的例子？
- a.只要客户事后书面确认就属于允许的做法
- b.将客户资金与代表本人资金不当混同✓
- c.一种允许的便利做法，因为资金在当天就到达经纪账户
- d.一种允许的支票处理例外,只要主管事后批准即可
将客户资金放入代表的个人账户,即使短暂,也是将客户资金与代表本人资金不当混同,违反禁止不当使用客户资金的规则(FINRA Rule 2150(a))。客户事后的书面确认、主管事后的批准,以及资金当天到达经纪账户,都不能补救这一违规,因为资金从一开始就应通过正当的公司渠道处理。FINRA Rule 2150(a)
一名代表得知一位持有个人账户的客户已去世。适当的即时行动是什么？
- a.根据客户最后的口头指示继续交易该账户
- b.撤销未成交订单、冻结账户，并在释放资产前等待适当的法律文件✓
- c.立即卖出所有持仓，为遗产受益人锁定收益
- d.立即将所有资产转给作为最近亲属的客户在世配偶
得知客户去世后，公司应撤销未成交订单、将账户标记为已故，并在收到确定资产受益人的必要法律文件（如遗嘱执行证明书或死亡证明）前不允许进一步交易。
两位无关联的投资者各自希望在去世时其在联名账户中的份额传给自己的继承人，而非对方。他们应选择哪种登记方式？
- a.单一个人账户
- b.共有权 (TIC)✓
- c.JTWROS
- d.以其中一位所有人名义的 TOD
共有权让每位所有人持有独立的份额，去世时传给自己的遗产/继承人，适合无关联的共同所有人。相反，JTWROS 将已故者的份额传给在世所有人。
在收集信息以为新客户提供适当推荐时，以下哪项与客户的投资概况关系最小？
- a.风险承受能力和投资期限
- b.财务状况和需求
- c.客户最喜欢的运动队✓
- d.投资目标和经验
适当性要求了解客户的投资概况：年龄、财务状况、税务状况、目标、经验、投资期限、流动性需求和风险承受能力。与财务无关的个人琐事（如最喜欢的运动队）不属于该概况。FINRA Rule 2111
以下哪种情形通常不属于非法内幕交易？
- a.投资者基于自己对公开可得盈利报告的分析进行交易✓
- b.员工知悉未公布的 FDA 批准而买入股份
- c.律师在交易公开前使用客户的机密并购细节进行交易
- d.董事将未披露的季度亏损透露给朋友
基于公开信息或自己合法研究进行交易是合法的。内幕交易要求在违反义务的情况下基于重大非公开信息交易。其他选项都涉及不当获取或使用的重大非公开信息。Securities Exchange Act of 1934
CTR 与 SAR 的关键区别是什么？
- a.SAR 只有在获得客户书面同意后才可提交，而 CTR 则对客户保密
- b.只有在客户明确要求公司为该账户提交时，两份报告才会送交 FinCEN
- c.公司提交 CTR 是自愿的，而即使活动明显看似可疑，提交 SAR 也是可选的
- d.CTR 针对超过金额门槛的现金交易提交；SAR 针对可疑活动提交，与金额门槛无关✓
CTR 由营业日内超过 10,000 美元的现金交易触发，纯粹基于金额。SAR 由看似可疑的活动（如可能的洗钱）触发，公司不得向客户通风报信已提交 SAR。Bank Secrecy Act
一名代表拥有经公司接受的有效书面全权委托授权。她未先致电即在客户账户中买入一只适当的股票。这构成违规吗？
- a.否，但这样的全权委托仅在客户是代表的直系亲属时才被允许
- b.是，因为代表在每一笔订单录入前都必须致电客户取得批准
- c.否，因为有效的全权委托授权允许在交易适当且妥善记录的情况下无需就每笔订单事先咨询即可交易✓
- d.是，因为 FINRA 禁止在任何零售经纪账户中使用全权委托授权，无论是书面还是口头
在拥有经公司接受的有效书面全权委托授权时，代表可在不就每笔交易联系客户的情况下下达适当的订单，前提是订单标记为全权委托且账户受妥善监督。若无此授权，同样的交易将属未授权。FINRA Rule 3260
禁止'私下销售' (selling away) 主要是为了确保：
- a.客户可以免付任何场外投资发行的佣金
- b.代表在公司之外进行的交易中赚取更高的佣金
- c.公司能监督其代表的证券交易以保护客户✓
- d.只有机构投资者获准购买私募配售证券
私下销售被禁止，是因为在公司不知情下进行的私募证券交易脱离其监督，使客户暴露于未经审查、可能欺诈的投资。要求事先通知和批准使公司能够监督并保护客户。FINRA Rule 3280
一名代表想在发给零售客户的宣传册中加入'本基金保证一年内让您的钱翻倍'这一措辞。根据 FINRA 通讯标准，这是：
- a.FINRA 规则 2210 要求会员公司发给客户的每一份零售基金宣传册中都必须包含的披露用语
- b.被禁止的，因为通讯必须公平、平衡，不得虚假、夸大或承诺具体结果✓
- c.可接受，因为注册主管（principal）的事先书面批准可以弥补夸大的业绩主张
- d.只要该保证以小字号脚注形式出现在宣传册的披露事项中即可接受
FINRA 通讯规则要求内容公平、平衡、不误导。承诺保证或具体的投资结果，或作出夸大或无依据的主张，无论主管是否批准都被禁止。FINRA Rule 2210
A market order is characterized by:
- a.Execution only at a specified price or better
- b.Remaining dormant until a trigger price is reached
- c.A guarantee of a specific execution price
- d.Immediate execution at the best available price✓
A market order executes immediately at the best available price, prioritizing speed over price. Price-specific execution describes a limit order; dormant-until-triggered describes a stop order; no order guarantees a price.
A customer places a buy limit order at $50. The order will:
- a.Fill only at $50 or lower, and may not fill at all✓
- b.Fill immediately at the best price currently available
- c.Convert into a market order as soon as it is entered
- d.Fill at $50 or higher, tracking the offer upward
A buy limit at $50 fills only at $50 or lower and may never fill if the market stays above it. It does not fill immediately, become a market order, or fill above the limit.
Under current rules, regular-way settlement for most securities occurs:
- a.On the same day as the trade
- b.Two business days after the trade date (T+2)
- c.One business day after the trade date (T+1)✓
- d.Three business days after the trade date (T+3)
Regular-way settlement is now T+1 — one business day after the trade (SEC Rule 15c6-1, since May 28, 2024). Same day is a cash settlement; T+2 and T+3 are outdated.
When a firm arranges a trade between a customer and a third party without taking the security into its own inventory, it is acting as a(n):
- a.Principal earning a markup
- b.Market maker on both sides
- c.Underwriter of a new issue
- d.Agent earning a commission✓
Arranging a trade with a third party without holding inventory makes the firm an agent earning a commission. A principal uses its own inventory and earns a markup; this is neither a market-making nor an underwriting role here.
A firm that sells a customer securities out of its own inventory is acting as a principal and is compensated through:
- a.A separate, disclosed commission
- b.A markup built into the price✓
- c.An annual 12b-1 fee
- d.An advisory wrap fee
Selling from its own inventory, the firm is a principal compensated by a markup in the price. A commission is agency compensation; 12b-1 and wrap fees are unrelated.
A trade confirmation must disclose:
- a.The customer's personal income tax bracket for the year
- b.The firm's total quarterly revenue
- c.The names of the firm's other customers
- d.Whether the firm acted as agent or principal✓
A confirmation must disclose whether the firm acted as agent or principal (Rule 10b-10), so the customer knows how the firm was paid. The other items are not confirmation disclosures.
To be entitled to a declared cash dividend, an investor must own the stock:
- a.Before the ex-dividend date✓
- b.On the payable date
- c.On the declaration date only
- d.Any time after the record date
To receive a dividend, an investor must own the shares before the ex-dividend date. Owning on the payable date, the declaration date only, or after the record date is too late.
In a joint account held as tenants with right of survivorship (JTWROS), when one owner dies, that owner's share:
- a.Passes to the deceased owner's estate under the will
- b.Is forfeited to the brokerage firm holding it
- c.Must be liquidated by the firm within thirty days
- d.Passes automatically to the surviving owner(s)✓
In JTWROS, a deceased owner's share passes automatically to the surviving owner(s). Passing to the estate describes tenants in common; the firm does not take it, and no forced sale occurs.
In a tenants-in-common (TIC) account, a deceased owner's share passes to:
- a.The deceased owner's estate✓
- b.The surviving co-owners automatically
- c.The brokerage firm
- d.The SEC
In tenants in common, a deceased owner's share passes to that owner's estate, not to the co-owners. That automatic transfer to survivors is the JTWROS feature.
A custodial account under UGMA/UTMA:
- a.May name several minors as beneficiaries at once
- b.Has one custodian and one minor beneficiary✓
- c.Is controlled by the minor from the day it opens
- d.Reverts to the donor once the minor is 18
A UGMA/UTMA account has one custodian and one minor beneficiary, and the assets become the minor's at the age of majority. It cannot name multiple minors, the minor does not control it initially, and it does transfer at majority.
Before a representative may exercise discretion over which security to buy in a customer's account, the firm must have:
- a.Verbal authorization from the customer
- b.Written approval from the branch manager alone
- c.Prior written discretionary authorization from the customer✓
- d.Customer authorization signed after the first trade
FINRA Rule 3260(b) says no member or registered representative may exercise discretionary power in a customer's account unless the customer has given prior written authorization to a stated individual and the member has accepted the account in writing. A verbal instruction is not enough, a manager's approval cannot replace the customer's own authorization, and authorization signed after the first trade comes too late.FINRA Rule 3260(b)
Under the Federal Reserve's Regulation T, the initial margin requirement for a purchase of marginable securities is currently:
- a.50% of the purchase price✓
- b.25% of the purchase price
- c.30% of the purchase price
- d.100% of the purchase price
Regulation T sets the initial margin requirement at 50% of the purchase price. The 25% figure resembles a maintenance minimum; 100% would be a cash purchase.
Excessive trading in a customer's account primarily to generate commissions is called:
- a.Front running
- b.Churning✓
- c.Selling away
- d.Backing away
Excessive trading to generate commissions is churning, a suitability/fair-dealing violation. Front running, selling away, and backing away are different violations.
A representative who arranges a private securities transaction outside the firm without giving the firm prior written notice has engaged in:
- a.Churning
- b.Front running
- c.Unauthorized trading
- d.Selling away✓
Participating in a private securities transaction without first giving the firm written notice is selling away (FINRA Rule 3280 requires prior written notice). Churning is excessive trading to generate commissions, front running is trading ahead of a customer's order, and unauthorized trading is trading in a customer's account without the customer's authority.FINRA Rule 3280
Which of the following violates the prohibition on insider trading?
- a.Buying a stock the day after reading its published annual report
- b.Tipping material nonpublic information to a friend who then trades on it✓
- c.Selling a stock based on a widely published wire-service news article
- d.Placing a limit order below the current market price to average in
Tipping material nonpublic information to someone who then trades violates the insider-trading prohibition — you need not trade yourself. Trading on public information or placing a routine limit order is lawful.
A Currency Transaction Report (CTR) is generally required for cash transactions:
- a.Of $10,000 or more in a single day
- b.Exceeding $5,000 in a single day
- c.Exceeding $10,000 in a single day✓
- d.Exceeding $3,000 in a single day
A CTR is required when currency transactions by or for one person total more than $10,000 in a single business day (31 CFR 1010.311 and the aggregation rule in 1010.313). Exactly $10,000 does not trigger it, because the rule says 'more than $10,000'. The $5,000 and $3,000 figures belong to other rules (suspicious activity reporting and certain funds-transfer and monetary-instrument recordkeeping). Splitting cash to stay under the threshold is structuring, which is itself a federal offense.31 CFR 1010.311
When a firm files a Suspicious Activity Report (SAR):
- a.It may not disclose the filing to the customer involved✓
- b.It must notify the customer in writing within 30 days of the filing
- c.It may tell the customer once the account involved has been closed
- d.It may tell the customer if the customer asks whether a report was filed
A SAR, and any information that would reveal its existence, is confidential, so a firm and its personnel may not disclose the filing to the customer involved. The prohibition has no exception for a closed account or a direct question from the customer, and there is no customer-notification requirement at all.31 CFR 1023.320(e)
The Customer Identification Program (CIP) requires a firm at account opening to collect and verify a customer's:
- a.Annual salary and current employer only
- b.Name, date of birth, physical address, and taxpayer identification number✓
- c.Personal credit score
- d.A complete list of every brokerage firm where the customer previously held accounts
The CIP requires collecting and verifying a customer's name, date of birth, physical address, and taxpayer identification number at account opening. Salary, credit score, and prior-firm lists are not the CIP's four required elements.
An investor who sells stock short faces:
- a.Risk capped at the original investment
- b.No real risk if the stock is widely held
- c.Theoretically unlimited risk if the price rises✓
- d.A guaranteed profit in efficient markets
A short seller faces theoretically unlimited risk if the price rises, because there is no ceiling on how high a stock can go. The risk is not capped, is not eliminated by wide ownership, and is never a guaranteed profit.
A very narrow bid-ask spread on a security generally indicates that the security is:
- a.Highly liquid and heavily traded✓
- b.Thinly traded and hard to sell quickly
- c.About to be delisted by the exchange
- d.Exempt from SEC registration rules
A narrow bid-ask spread signals a highly liquid, heavily traded security. Wide spreads indicate thin markets; the spread does not by itself signal delisting or an exemption.
A stop order:
- a.Executes immediately at the best price then available in the market
- b.Remains dormant until the market reaches a trigger price, then activates✓
- c.Guarantees the customer execution at one specific price regardless of market conditions
- d.Can be entered only as a buy order under FINRA's order-entry rules
A stop order stays dormant until the market hits its trigger price, then activates (becoming a market order). It does not execute immediately, guarantee a price, or work only for buys.
A market maker in a security:
- a.Posts a bid only, leaving the offer side to the exchange floor
- b.Charges its customers a separate advisory fee on each trade
- c.Is prohibited by FINRA from trading securities for its own account
- d.Continuously quotes both a bid and an ask, providing liquidity✓
A market maker continuously quotes both a bid and an ask, supplying liquidity and profiting from the spread. It both buys and sells, charges no separate advisory fee, and does trade for its own account.
A firm's obligation to use reasonable diligence to know the essential facts about each customer is established by:
- a.Regulation T
- b.The Bank Secrecy Act and the USA PATRIOT Act
- c.The Investment Company Act of 1940
- d.FINRA Rule 2090 (Know Your Customer)✓
The know-your-customer duty is set by FINRA Rule 2090. Regulation T governs margin, the BSA governs anti-money-laundering, and the 1940 Act governs investment companies.
一笔交易在周一上午以“现金”方式(cash settlement)成交。根据 FINRA 规则 11320,证券应在何时交付?
- a.周三,即两个营业日之后,2024年5月28日之前适用的周期
- b.周二,即下一个营业日,与常规交割交易相同
- c.同一个周一(交易日)✓
- d.由卖方选择的日期,如同卖方期权交易
根据 FINRA 规则 11320(a),“现金”交易须在交易当日于买方营业处所完成交付,因此周一的现金交易应在周一交付。规则 11320(b) 规定的常规交割(regular way)为交易日之后的第一个营业日,自2024年5月28日起为 T+1,因此周一成交的常规交割交易应在周二交付。周三是原来 T+2 周期下的常规交割日。卖方期权(seller's option)允许卖方选择较晚的交付日,与现金交易属于不同的交割类型。FINRA Rule 11320(a)
根据 FINRA 规则 4512,新客户账户记录上必须有谁的签名,以表明该账户已按公司政策被接受?
- a.开立账户的客户,须在每一份新账户表格上签名
- b.会员公司的合伙人、高级职员或经理✓
- c.将该账户介绍给公司的注册代表
- d.客户在账户上指定的可信联系人
FINRA 规则 4512(a)(1)(D) 要求有合伙人、高级职员或经理的签名,表明该账户已按公司的账户接受政策和程序被接受。该规则并不要求每份新账户记录都由客户签名,不过保证金账户或期权账户等类型依据其他规则另有须签署协议的要求。负责该账户的注册代表必须记录姓名,但该规则并不要求此人签字作为接受账户的证明。可信联系人是公司可就客户账户事宜联系的人,无需在任何文件上签名。FINRA Rule 4512(a)(1)(D)
根据 FINRA 规则 3280,代表在参与场外证券交易(私下销售,selling away)之前须向公司提供书面通知,这一义务主要是为了确保:
- a.代表在出售每项场外发行之前必须向 SEC 注册
- b.公司可以分享代表在场外产品上赚取的佣金
- c.公司能监督其代表的证券交易以保护客户✓
- d.只有机构投资者获准购买私募配售证券
设立通知要求,是为了让公司能够监督其代表的证券交易以保护客户。在公司不知情的情况下进行的私人证券交易脱离了公司的监督,可能使客户面临未经审查甚至欺诈性的发行。规则 3280 是对公司的通知与批准规则,并非代表向 SEC 注册的步骤,也没有为公司分享场外佣金提供途径。私募配售并不限于机构投资者。SEC 已于2026年9月15日批准 FINRA 新规则 3290;待 FINRA 公布生效日期后,它将取代规则 3270 和 3280,在此之前规则 3280 仍然适用。FINRA Rule 3280