Series 26 - Hiring and Qualifications
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| Branch Office Registration | show 🗑
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| show | Form BD -
A. will be processed within 180 calendar days
B. Will pay membership fee AND separate annual assessment based on gross income generated
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| show | Conducted at the FINRA District Office
***if any additional info is needed before interview, will be requested within 30 days of received app - respondent has 60 days to provide info***
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| What is an executive representative and what position must they hold? | show 🗑
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| show | Conducted within six months of member's registration to determine if they are operating in conformity with financial rules
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| What form is filed when a member is terminated, and when does it take place? | show 🗑
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| If a member cancels their FINRA membership or it is revoked, how long does FINRA have jurisdiction? | show 🗑
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| Investor Protection and Education - each member firm must annually provide the following: | show 🗑
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| What would a member of AP have to do if they are seeking an Order of Expungement from the Web CRD? | show 🗑
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| Statutory Disqualification - Firm will be denied membership if application or any AP: | show 🗑
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| Statutory Disqualification - Individual will be disqualified as applicant if the individual: | show 🗑
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| What are Forms MC-400 and MC-400A? | show 🗑
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| show | MC-400 is for individuals, MC-400A is for firms, filing fee is $1500
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| show | Decision rendered by Department of Member Regulation, reviewed and approved by the NAC
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| show | 1. Tier I: most serious offenders, requires annual examination
2. Tier II: Disqualifying misconduct, conducted during FINRA's routine examinations of member firm
3. Tier II: no special supervision
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| show | -Tier I: $1500 annually
-Tier II: $1000 annually
-Tier III: no charge
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| What form would you still have to file if you wanted a SD person to be employed in a clerical position? | show 🗑
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| What are the requirements when registering an associated person? | show 🗑
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| show | -Name, address, aliases
-5-year residency history
-10-year employment history (principal only verifies last 3)
-Info on charges, arrests, convictions to any felony or misdemeanor relating to business
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| How long does one have to amend their U4 of any changes? What if it involves SD? | show 🗑
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| How long does one have to submit a Form U5? | show 🗑
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| Define parking the license. | show 🗑
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| What happens when a person goes on active military service? | show 🗑
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| What is the taping rule? | show 🗑
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| What is the criteria for the taping rule? | show 🗑
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| Persons Exempt from FINRA Registration | show 🗑
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| show | Must be registered with FINRA but are exempt from having to pass qualification exam
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| show | Mutual fund shares, UITs, Face Amounts, and closed-end investment company shares of IPOs only
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| show | Provide quotes and process orders but not solicit transactions or new accounts, render investment advice, recommend, or effect transactions
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| What can a licensed Series 26 principal do and not do? | show 🗑
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| show | Provide investment advice, provide it as regular part of business, receive compensation specifically for that advice
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| Who is exempt from the definition of an investment adviser? | show 🗑
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| A foreign advisor with no place of business in the United States who has fewer than ______ U.S. based clients and an AUM of less than _____ million is exempt from the definition of an investment adviser. | show 🗑
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| show | -Banks, bank holding companies
-Publishers of newspapers that do not render specific advice and must not be published based on market events
-BDs whose advice is incidental and no commission is received
-Persons that advise solely on U.S. gov. sec.s
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| The following advisers must register with the SEC (federal level) according to the IA Act of 1940: | show 🗑
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| show | State, 90 million
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| show | The adviser's principal business consists of acting as investment adviser, and a substantial part of their business consists of rendering investment supervisory services
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| Define investment adviser representative. | show 🗑
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| Investment adviser representatives must pass what qualifying exams? | show 🗑
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