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7. Series 57 Regs

FINRA Series 57 Exam - Equity Markets Securities Regulations

QuestionAnswer
disclosure is alowed for net transactions is Market makers must aply for an excused withdrawal Equipment failure.
includes a quote only period of how long? If a NYSE-listed stock is halted due to the pending Once the security is re-opened on the NYSE
fifinal 5 minutes prior to the market's close, when does trading in the stock resume? At the opening of trading what is a stock's reference The stock's opening price.
capital of The defifinition of a prime broker is A financial firm that performs a suite of bundled services for hedge funds and other large institutional clients.
technical problem and should be bypased for order routing, a broker-dealer's normal response is to The situation that normaly causes a broker-dealer to Another broker-dealer or exchange is having a technical problem and should be bypased when routing orders.
transactions? A trading system that provides quotation and trade An Alternative Trading System (ATS).
execution for its users, like an exchange, but is exempt from registration as an exchange is caled The purpose of an Alternative Trading System (ATS) Provide market liquidity, via quote and execution services, as an alternative to the registered exchanges.
required to report trades? What are Alternative Trading Systems (ATS's) seconds of execution. Establish writen standards for granting aces. They are not alowed to prohibit or limit aces by aplying
consists of For which trades do NMS Rule 605 reports capture made during normal market hours. Trades made during normal market hours.
execution data? Who publishes NMS Rule 605 reports and how often? Market centers (exchanges) publish this data monthly.
The purpose of NMS Rule 606 reports on order Provide transparency into a broker-dealer's order routing by disclosing payment for order flow received and
routing is to Who prepares NMS Rule 606 reports on order routing profit-sharing arangements. Broker-dealers prepare the reports quarterly.
and how often? What types of orders are included in NMS Rule 606 Market orders, limit orders and other non-directed orders. Directed orders are not included.
broker-dealer has routed her orders, the firm is required to provide A NMS Rule 606 report on order routing must The top 10 venues to which the broker-dealer routs orders and any other venue to which the firm routes at least
directed orders to NYSE Arca. What data must the quarterly Rule 606 report disclose for NYSE Arca? For purposes of large trader identifification (LTID), a and other non-directed orders routed to NYSE Arca. A firm or person whose NMS transactions equal or exced either: Two milion shares or $20 milion during
large trader is defifined as What thre requirements must large traders must any calendar day, or 20 milion shares or $20 milion during any calendar month. 1. Obtain a large trader ID (LTID). 2. disclose the LTID to broker-dealers. 3. File form 13H within 45 calendar
met? How often must large traders fifile Form 13H and what days of year-end (by February 15). The form must be filed anualy, within 45 days calendar of year-end (by February 15).
is the deadline? Once a firm qualififies as a large trader, it can only Remaining below the thresholds for a ful calendar year. The designation of large inactive trader begins the
become a large inactive trader by A registered representative emails al of his folowing calendar year. No, this is a blanket recomendation, which is a violation of suitability rules.
non-public advance knowledge of the content of a research report is caled Regulation NMS Rules 605 and 606 require uniform Where customer orders are being routed and the quality of execution received.
information about Under Reg NMS Rule 605, how frequently must Monthly
market centers fifile reports? Under Reg NMS Rule 606, how frequently must Quarterly
broker-dealers fifile reports? Once a large trading firm becomes inactive, it does Its transactions are equal to or greater than the threshold level.
not ned to fifile Form 13H until How do active large traders identify themselves to By filing Form 13H.
regulators and the public? If a large trader fails to identity itself by fifiling Form Only if the large trader is considered active. Inactive status (and no filing) is available for large traders who do
13H, has it comited a violation? How is a large trade defifined under SEC rules? not exced a threshold level. A large trader is any person or entity that efects transactions that exced two milion shares or $20 milion in
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