355 道题
某会员的研究部门即将发布对 XYZ 的下调评级报告。交易部门得知后，今天在报告发布前卖出了公司持有的部分 XYZ 库存。下列哪项说法正确？
- a.这违反了 Rule 5280，因为交易部门依据的是关于该报告的非公开的事先信息✓
- b.这是允许的，因为报告将在一个交易日内发布
- c.这是允许的，因为公司只是为自己的账户交易，而不是为客户
- d.只有交易部门是卖空而不是卖出库存时才违反 Rule 5280
Rule 5280(a) 禁止会员依据关于某证券研究报告内容或发布时间的非公开事先信息，建立、增加、减少或清算该证券或其衍生品的库存头寸。为公司自有账户交易正是该规则针对的行为，没有任何时间窗口可以豁免，减少已有的多头头寸与卖空同样受到约束。Rule 5280(b) 还要求在研究部门与交易部门之间建立信息流动方面的政策。FINRA Rule 5280(a)
某公司的交易员得知一位客户将在一小时内卖出 250,000 股 ABC，这很可能压低股价。在该订单执行或报告之前，交易员为公司自有账户买入了 ABC 的看跌期权。下列哪项说法正确？
- a.这笔买入是允许的，因为订单是公司下的，而不是客户下的
- b.这笔买入是允许的，因为 Rule 5270 只涵盖股票本身的交易
- c.如果交易员在大宗交易报告之前再把看跌期权卖出，这笔买入就是允许的
- d.这笔买入违反了 Rule 5270，因为期权属于该规则涵盖的相关金融工具✓
Rule 5270 禁止会员或关联人员在掌握关于即将发生的大宗交易的重大非公开信息时，在该信息公开或过时之前，执行该证券或相关金融工具（如期权或其他衍生品）的订单。250,000 股远高于通常被视为大宗交易的 10,000 股水平。该规则适用于会员拥有权益的账户，所以自营订单也在其内，事后平掉头寸并不能弥补违规。FINRA Rule 5270(a) and (c)
某会员接受了一位零售客户以 $20.00 限价买入 300 股 DEF 的订单，并持有该订单而未执行。随后该会员为自有账户以 $19.95 买入了 1,000 股 DEF。按 Rule 5320，会员随后必须立即做什么？
- a.以 $20.00 的限价执行客户的 300 股
- b.以 $19.95 或更好的价格执行客户的 300 股✓
- c.以 $19.95 的价格为客户执行全部 1,000 股
- d.什么都不用做，因为会员买入价低于客户的限价
Rule 5320(a) 禁止持有客户订单的会员，在未立即执行客户订单的情况下，以足以满足该订单的价格为自有账户做同方向交易；执行时，数量不超过自营交易的数量，价格须与自营交易相同或更好。自营价格 $19.95 足以满足 $20.00 的限价，所以必须以 $19.95 或更好的价格成交客户的 300 股。以 $20.00 成交会让客户的价格比公司自己得到的更差，数量以客户的 300 股为限，而买入价低于限价恰恰是触发该义务的条件。FINRA Rule 5320(a)
一名交易员通过一系列买入，在时间上有意把一只交易清淡的股票推高，以吸引其他投资者买入，随后把自己的股票卖进上涨行情中。按《交易所法》第 9(a)(2) 条，是什么要素使这一系列交易违法？
- a.她把自己的股票在价格上涨后获利卖出
- b.她的目的是诱使他人买入，并为此推高了价格✓
- c.她使用了发行人盈利方面的非公开信息
- d.她买入的股票在其主要市场交易清淡
第 9(a)(2) 条规定，单独或与他人一起进行一系列证券交易，造成实际或表面上的活跃交易，或抬高或压低价格，目的是诱使他人买入或卖出该证券，属于违法。诱使他人的目的，是区分操纵与普通交易的要素。获利不是要素，清淡的市场只是背景，内幕信息则是第 10(b) 条下的另一种违法行为。Securities Exchange Act Section 9(a)(2)
某会员本可以直接在最佳市场执行客户的一笔上市股票市价单，却改为把订单经由一家经纪商的经纪商路由，后者向该会员提供免费服务。这样做是否满足会员的最佳执行义务？
- a.不满足，因为以服务作为回报并不能为绕开最佳市场而插入第三方开脱✓
- b.满足，因为客户的订单仍然以报价范围内的价格成交
- c.满足，因为市价单经由经纪商的经纪商路由始终可以接受
- d.不满足，因为会员没有就这次路由取得客户的同意
Rule 5310(a)(2) 禁止以与合理审慎取得最有利价格的义务不一致的方式，在会员与最佳市场之间插入第三方。对市价单而言，使用经纪商的经纪商并非理所当然可以接受：按 Rule 5310(b)，会员须证明自己无法直接执行，必须借助第三方才能为客户取得有利的执行。Rule 5310(c) 补充规定，以回报服务或业务为由把订单经由第三方路由，并不能免除会员的义务。成交价落在报价范围内并不满足该义务，该义务是寻求合理可得的最有利价格，而客户的同意也不能把互惠安排变成最佳执行。FINRA Rule 5310(a)(2), (b) and (c)
SEC 发现一家经纪自营商的员工在个人账户中利用重大非公开信息交易。SEC 仅因为该公司雇用了他，就要向公司追究民事罚款。公司没有理由预见这一不当行为，并且保有法律要求的各项政策。该公司是否应受此罚款？
- a.不应，因为仅仅雇用了交易者，并不会使公司对罚款承担责任✓
- b.应当，因为雇主对员工交易的罚款自动承担责任
- c.应当，因为该公司是这名员工个人账户的清算经纪商
- d.不应，因为罚款只适用于进行交易的人
第 21A(b)(2) 条规定，任何人都不得仅因雇用了违法者而受到罚款。公司只有在 SEC 证明下列情形之一时才可作为控制人被罚款：公司知道或轻率地无视该员工很可能实施违法行为，却未采取适当措施；或者公司明知或轻率地未建立法律要求的政策，且这一失误对违法行为的发生起到了实质性作用。因此责任不是自动产生的，承载账户也不增加任何责任。罚款并不限于交易者本人，满足上述条件时，控制人也会被追究。Exchange Act Section 21A(a)(1)(B) and (b)
一名员工在知道一项尚未公布的收购消息的情况下，以 $30 买入 2,000 股 GHI。消息公布后，GHI 有几分钟交易在 $41，在公布后的合理期间内交易在 $36，一个月后为 $34。按第 21A 条对所获利润的计算方法，SEC 向该员工追究的民事罚款最高是多少？
- a.$24,000，即 $34 价格下 $8,000 利润的三倍
- b.$36,000，即 $36 价格下 $12,000 利润的三倍✓
- c.$66,000，即 $41 短暂高点下 $22,000 利润的三倍
- d.$12,000，即 $36 价格下的利润本身，不乘倍数
第 21A(e) 条把所获利润定义为买入价与信息公开后一段合理期间的交易价之间的差额，即 $36 减 $30，每股 $6，2,000 股共 $12,000。第 21A(a)(2) 条把罚款上限定为该利润的三倍，即 3 x $12,000 = $36,000。短暂的 $41 高点和之后的 $34 都不是计量时点，罚款也不仅限于利润本身。Exchange Act Section 21A(a)(2) and (e)
一家上市公司的非高管员工在周一得知一项尚未公布的收购。周二她采用了一份书面的 Rule 10b5-1 计划，打算在 45 天后开始卖出股票。她按计划在那天卖出，收购在卖出两周后公布。该计划是否使她获得积极抗辩？
- a.能，因为第一次卖出前 30 天的冷却期已经过去
- b.不能，因为只有董事和高管才可以使用 Rule 10b5-1 计划
- c.能，因为她既不是公司董事也不是高管
- d.不能，因为她是在得知该信息之后才采用该计划的✓
Rule 10b5-1(c)(1) 只在当事人于知悉该信息之前已经订立了有约束力的合同、下达了指示或采用了书面计划时才保护其交易。她在得知收购的次日才采用计划，所以即使严格按计划卖出，也无法获得该抗辩。适用于非高管、非董事人员的 30 天冷却期只是附加条件，不能代替在知悉之前采用计划这一要求。非高管同样可以使用此类计划，所以身为普通员工既不会免除知悉测试，也不会本身就排除该抗辩。Exchange Act Rule 10b5-1(b) and (c)(1)
某只根据《投资公司法》注册的共同基金，其部分股东是经纪自营商的员工。该基金向承销会员下单申购一只普通股首次公开发行。会员是否可以把这只新股卖给该基金？
- a.可以，但仅当受限人员持有的份额不超过该基金股份的 10%
- b.可以，因为注册基金享有豁免，但须取得资格声明✓
- c.不可以，因为该基金中的受限人员股东拥有实益权益
- d.可以，但必须先由每位股东证明自己都不是受限人员
Rule 5130(c)(1) 豁免注册投资公司适用一般性禁令，所以其股东中有经纪自营商员工并不妨碍出售。10% 的限制属于另一项豁免，即 Rule 5130(c)(4)，适用于不属于特定类别的账户。该豁免并不取消 Rule 5130(b) 的前提条件：向任何账户出售新股之前，会员必须善意地在之前 12 个月内取得声明，表明该账户有资格购买；若是通道机构，则声明其所有购买均符合该规则。FINRA Rule 5130(b) and (c)(1)
某会员最近一次向一只对冲基金的账户出售新股是在 2026 年 5 月 4 日，此后再没有卖给它任何新股。从那次出售起算，会员关于该账户是否有资格的记录至少须保存到哪一天？
- a.2028 年 5 月 4 日，即最后一次出售后两年
- b.2032 年 5 月 4 日，即最后一次出售后六年
- c.2027 年 5 月 4 日，即最后一次出售后一年
- d.2029 年 5 月 4 日，即最后一次出售后三年✓
Rule 5130(b) 要求会员，自最后一次向某账户出售新股起，至少三年内保存有关该账户是否有资格购买新股的全部记录和信息。2026 年 5 月 4 日后的三年是 2029 年 5 月 4 日。一年和两年都低于最低要求，六年是其他规则（例如账户关闭后六年保存利润分成授权）使用的保存期，不是 Rule 5130 的。FINRA Rule 5130(b)
一名代表已取得在客户账户中分享盈亏所需的书面授权，该账户现已关闭。会员须把这些授权保存多久？
- a.保存到账户关闭之日，安排随之结束
- b.至少在分成开始之日起六年内
- c.至少在最后一次利润分成付款之后三年内
- d.至少在账户关闭之日起六年内✓
Rule 2150 补充材料 .03 要求会员把雇主和客户的书面授权，至少保存到账户关闭之日起六年。该期限从账户关闭起算，不是从安排开始或最后一次付款起算，授权必须比账户存续更久，不能在账户关闭时就失效。三年这一数字属于 Rule 5130 的记录，是另一项规则。FINRA Rule 2150(c)(1) and Supplementary Material .03
2026 年 3 月 5 日（周四），一家公司因合理相信一位 72 岁客户的账户正遭受财务剥削，对该账户的一笔支付暂时冻结。该周没有节假日。除非账户授权方和受信任联系人无法联系或涉嫌实施剥削，公司最迟须在哪一天把冻结及原因通知他们？
- a.3 月 6 日（周五），即冻结后一个营业日
- b.3 月 9 日（周一），即冻结后两个营业日✓
- c.3 月 7 日（周六），即冻结后两个日历日
- d.3 月 10 日（周二），即冻结后三个营业日
Rule 2165(b)(1)(B) 要求会员最迟在首次冻结后两个营业日内发出通知。从 3 月 5 日（周四）起按营业日计算，3 月 6 日（周五）是第一个，3 月 9 日（周一）是第二个，因为周六和周日不是营业日。两个日历日会落在周六，周五只是一个营业日，周二则多算了一天，规则并不允许。FINRA Rule 2165(b)(1)(B)
一名注册代表退休并离开证券行业。根据他在该公司注册期间善意订立的书面合同，公司继续就他以前服务的客户账户向他支付佣金。合同禁止他招揽新业务、开立新账户或为这些账户提供服务。这笔付款是否允许？
- a.允许，但仅限于退休后的第一年
- b.允许，因为这符合该规则关于退休代表的例外✓
- c.不允许，因为佣金只能支付给目前在该公司注册的人
- d.允许，但仅当他退休后继续服务这些账户
Rule 2040(b)(1) 允许会员就持续客户的账户向退休的注册代表继续支付佣金，前提是该合同是在他注册期间善意订立的，并且禁止他招揽新业务、开立新账户或为这些账户提供服务。该安排还必须符合联邦证券法。继续服务这些账户会使付款脱离该例外，规则也没有一年的限制。禁止向未注册人员付款的一般规定并不适用于这项例外。FINRA Rule 2040(b)(1)
一名刚离开会员公司、但仍受 FINRA 管辖的人，没有回应一项 Rule 8210 提出的、在调查中要求提供文件和作证的请求。FINRA 把请求寄到了 CRD 中显示的住宅地址，且并不知道该地址已过时。他说自己从未看到。他是否违反了 Rule 8210？
- a.违反，但仅当 FINRA 先取得法院命令
- b.没有违反，因为请求只有在他签收后才有约束力
- c.违反，因为通知发到其 CRD 地址即视为已收到，而不遵守即违反该规则✓
- d.没有违反，因为 Rule 8210 只适用于目前仍注册的人
Rule 8210(d) 规定，对已不再注册的人，只要通知寄到或以其他方式发送到其在 CRD 中的最后已知住宅地址，且 FINRA 工作人员并不实际知道该地址已过时，即视为已收到通知。Rule 8210(c) 随后规定，任何会员或个人都不得不提供信息或证词，也不得拒绝检查。没看到通知、没有签收，或不再注册，都不能成为借口，规则也没有把遵守与法院命令挂钩。FINRA Rule 8210(c) and (d)
某会员的交易员给客户打电话，谎称一家大型基金明天将买下全部流通股，以此力劝客户买入一只交易清淡的股票。这只股票恰好符合客户的情况。这种行为是否违反 FINRA 规则？
- a.违反，因为通过欺骗性手段诱使购买就违反了 Rule 2020，即使该股票是适当的✓
- b.不违反，因为 Rule 2020 只涵盖会员为自有账户做的交易
- c.违反，但仅当客户确实亏损
- d.不违反，因为适当的建议不会违反 FINRA 规则
Rule 2020 规定，任何会员都不得通过任何操纵性、欺骗性或其他欺诈性手段或设计，来执行任何证券交易或诱使他人买入或卖出证券。关于大型基金即将买入的虚假说法正是这样的手段，该规则关注的是购买是如何被诱使的，所以适当性无法弥补。该规则既涵盖诱使客户，也涵盖会员自身的交易，是否违规并不取决于客户最终是否亏损。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)