Practice Quiz

FINRA Series 6

Category - Series 6

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Which of the following would be a reason for a person to receive a statutory disqualification from membership in FINRA?
  1. The person is on the verge of financial insolvency.
  2. The person has been barred from membership in one of the national exchanges.
  3. The person has made a misleading statement of material fact on the membership application.
  4. All of the above are reasons for a person to receive a statutory disqualification from membership in FINRA.
Explanation
Answer: D - All of the choices are reasons for a person to receive a statutory disqualification from membership in FINRA. A person is subject to a statutory disqualification from membership in any self-regulatory organization (SRO) if it is considered to be financially weak, if it has been barred from membership in any other SRO, or if it has made a misleading statement of material fact on the membership application. Nor is this an exhaustive list of reasons that a person would face a statutory disqualification.
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