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FINRA Series 7

Category - Series 7

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An investment company incapable of issuing a long-term debt instrument is:

a face-amount certificate company
a unit investment trust
a closed-end investment company
an open-end investment company

Explanation

Answer: D - an open-end investment company. By definition, open-end funds may not issue senior securities. They only issue “voting stock”.

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FINRA Series 7

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FINRA Series 7

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