Free FINRA Series 24 (General Securities Principal) Supervision of General Broker-Dealer Activities Practice Questions
General broker-dealer activities is the largest function on the FINRA Series 24 exam (30%). Questions cover written supervisory procedures and controls, supervising associated persons, compensation, products and services, discipline, books and records, and financial responsibility.
To satisfy FINRA Rule 8110, a principal must make available to customers upon request:
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Correct Answer: B
Solution
B is correct. FINRA Rule 8110 requires firms to let customers examine the current FINRA Manual upon request. Providing electronic access satisfies the requirement; a printed copy is also acceptable.
Question 2
Medium
Where must a principal arrange to file the firm's notice of appeal from a FINRA Hearing Panel disciplinary decision?
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Correct Answer: A
Solution
A is correct. FINRA Rule 9311(c) identifies the Office of Hearing Officers as the filing recipient. The principal must arrange filing there and service of the notice on the other parties.
Question 3
Hard
A principal reviews a discretionary purchase of a non-listed DPP in a customer's account. The customer orally approves it. What must the principal require before execution?
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Correct Answer: B
Solution
B is correct. FINRA Rule 2310(b)(2)(C) bars a member from executing any direct participation program transaction in a discretionary account without the customer's prior written approval of the transaction. A non-listed program has no listed-security exception, and oral approval is not written approval. The principal must obtain written customer approval of this purchase before execution.
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