Practice Quiz

FINRA Series 6

Category - Series 6

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Mr. Shortfall placed a market order to buy 100 shares of Google (GOOG) with GetErDone Broker-Dealers. The market order was executed at $530 a share. In accordance with Regulation T:
  1. Mr. Shortfall must pay for the purchased shares within 3 business days.
  2. Mr. Shortfall must pay for the purchased shares within 5 business days.
  3. GetErDone can request an extension from FINRA or another SRO for Mr. Shortfall if he is unable to pay for the shares within 5 business days.
  4. Both B and C are true statements.
Explanation
Answer: D - After his market order to buy shares of GOOG is executed, Mr. Shortfall must pay for the shares within 5 business days. If he is unable to do so within this time period, GetErDone can request an extension from FINRA or another SRO for him.
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