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FINRA Series 63 (NASAA)

Category - Series 63

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Which of the following trades is illegal?

a short sale
a margin transaction
a market-not-held order
the sale of a mutual fund if the purchaser hasn’t received a prospectus

Explanation

Answer: D - It is illegal to sell a mutual fund if the purchaser hasn’t received a prospectus. The purchaser must receive this no later than the date on which the trade confirmation is due. Short sales, margin transactions, and market-not-held orders are all legitimate.

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FINRA Series 63 (NASAA)

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FINRA Series 63 (NASAA)

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