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FINRA Series 7

Category - Series 7

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Which of the following clients could not open a margin account?

an uncovered option writer
a corporation
a husband and wife in a joint account
a custodian under UGMA

Explanation

Answer: D - a custodian under UGMA. The Uniform Gifts to Minors Act requires securities registration in the name of the custodian for the benefit of the minor. A margin account does not qualify because such an account has all securities registered in street name.

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FINRA Series 7

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