Practice Quiz

FINRA Series 7

Category - Series 7

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Bubba opens a new account with a broker/dealer and asks for a copy of the firm’s financial statement. If the firm has not been subject to a formal audit by an independent public accountant for quite some time, what should it do in response to the request?
  1. give Bubba its latest available statement
  2. wait until after the next audit is completed before providing a statement to Bubba
  3. delay sending a statement until Bubba has had an account with the firm for at least six months
  4. refuse to provide a financial statement
Explanation
Answer: A - give Bubba its latest available statement. Bubba, like any customer, must be provided with the most recent available information.
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