Practice Quiz

FINRA Series 7

Category - Series 7

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Which of the following is not a practice of a mutual fund custodian?
  1. changing shareholder registrations on the fund’s records
  2. disbursing dividends and capital gains to the fund’s shareholders
  3. lending the fund’s securities to banks or broker/dealers
  4. maintaining sales records for the fund’s underwriter
Explanation
Answer: C - lending the fund’s securities to banks or broker/dealers. This practice is not permitted under federal law.
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