Practice Quiz

FINRA Series 7

Category - Series 7

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An ERISA benefits plan qualified under Section 401(a) of the Internal Revenue Code may:
  1. purchase any IPO security provided the plan is not sponsored solely by a broker/dealer
  2. apply for an exemption
  3. only purchase securities rated “A” or better
  4. purchase only securities issued by the state or federal government
Explanation
Answer: A - purchase any IPO security provided the plan is not sponsored solely by a broker/dealer. An ERISA plan that is qualified under Section 401(a) may purchase any IPO security provided that the plan sponsor is not a broker/dealer.
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