Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

Start a Study Session Sign up for Question of the Day
Mr. Teche is an agent with broker-dealer CanDo, and his only compensation is the commissions he earns on trades he executes. He has applied for and been granted an adjunct teaching position with a local university that will allow him to earn money while he is establishing himself. Which of the following statements are true?
  1. As an agent with broker-dealer CanDo, Mr. Teche must notify CanDo in writing of this position prior to accepting it.
  2. CanDo can deny Mr. Teche permission to accept the adjunct teaching position.
  3. Mr. Teche is, in essence, an independent contractor with broker-dealer CanDo and can engage in any other business activity at will.
  4. Both A and B are true.
Explanation
Answer: D - Both statements A and B are true. As an agent for broker-dealer CanDo, Mr. Teche is required to inform CanDo in writing before accepting any outside position that will provide him with additional compensation, and CanDo has the right to deny Mr. Teche the permission to accept this position.
Was this helpful? Upvote!
Login to contribute your own answer or details
Start a Study Session Sign up for Question of the Day

Top questions

Related questions

Most popular on PracticeQuiz