Series 24:Time-frames

  1. What falls under the 30 sec time-frame?
    FINRA definition of 'immediate' order entry (limit order display/protection)
  2. What falls under the 90 secs time-frame?
    Trades must be reported (reporting to the tape)
  3. What falls under the 15min time-frame?
    Reporting requirement to TRACE
  4. What falls under the 2 business day time-frame?
    • a. Locate before contacting SIC
    • b. File form 4 for changes in ownership of control person
  5. What falls under the 3 day time-frame?
    Form 211 is filed to become an OTC market maker
  6. What falls under the 10 day time-frame?
    • Complaints alleging fraudB/D's must sell-out customersInv. Co. advertising, website sheetsMSRB Rule 37 must file within Quarter end
    • Deadline for filing Form 13D
    • must provide customer copy of the predispute arbitration agreement when requested
    • extension of tender offer if change is made to offer
  7. What falls under the 15 day time-frame?
     If a firm fails to pay arbitration rewards within 30 days, FINRA may suspend or revoke the firm's membership after giving 15 days' written notice.
  8. What falls under the 20 day time-frame?
    cooling off period and tender offers
  9. What falls under the 21 day time-frame?
    Pre-Conference Hearing (COP violation)
  10. What falls under the 25 day time-frame?
    • a. Code of Procedure - response to FINRA
    • b. Prospectus available to 2ndry mkt buyers (listed/nasdaq)
  11. What falls under the 30 day time-frame?
    When payment must be made on a monetary reward due to arbitration.
  12. What falls under the 45 day time-frame?
    • a. Response to arbitration
    • b. B/D's must buy-in missing securities (qrtly Sec Count)
  13. What falls under the 60 day time-frame?
    • a. 10k filed from year end
    • b. Hearing Decision
    • c. Tape recording must be in place
    • d. Adj of Fidelity Bond
    • e. Final Sttlmnt of muni syndicate
  14. What falls under the 90 day time-frame?
    • a. Final stlmnt of Corp. syndicate
    • b. Frozen Account (failure to pay)
    • c. SEC trading halt in specific security
    • d. Prospectus delivery for new issue (unlisted/non-nasdaq)
    • e. Form 144 is good after filing
    • f. Deb to equity canno exceed 79% for more than 90 days.
  15. What falls under the 2x monthly time-frame?
    Report of Short positions
  16. What falls under the monthly time-frame?
    • a. Account statements to custs: penny stocks, activity, free credit balances
    • b. Trial Balances - all B/D's
    • c. File FOCUS I
  17. What is T+3+2?
    Days before B/D takes action for a buy-in or sell-out (initial)
  18. What falls under the quarterly time-frame?
    • a. FOCUS I & FOCUS II
    • b. Securities Count
    • c. 10Q
    • d. Report on Tape Recording to FINRA
    • e. file Customer Complaints to FINRA
  19. What falls under the 9 month time-frame?
    Rule 147 restriction on sales to out of state buyers ends
  20. What must occur annually?
    • a. Audit from Independent Accountant for net captial
    • b. Compliance and AML training
    • c. Inspect OSJ, Supervising Branch, Reps
    • d. Review Fidelity Bond
    • e. Reg SP - Discloure and Opt Out
  21. What falls under the 1 year time-frame?
    • a. Minimum duration for Subordiante Loans
    • b. Representation Letters must be on file
    • c. Established Customers
    • d. Established B/D's
  22. What falls under the 2 year time-frame?
    • a. Tape recording
    • b. Readily accessible B/D Files
    • c. U-5 to re-affliate without examination
    • d. MSRB G-37/G-38 ban lifted on particicpating in u/w
  23. What falls under the 3 year time-frame?
    • a. Record retention for most B/D Files
    • b. Shelf registration for WKSI
    • c. Inspection of non-Supervisory Branch
  24. What falls under the 5 year time-frame?
    • a. CTRSAR - record retention
    • b. U-4 Residency
  25. What falls under the 6 year time-frame?
    • a. Documents of orginal entry (blotters, ledgers, journals, customer statements)
    • b. Statute of limitations - Code of Arbitration
  26. What falls under the 10 year time-frame?
    B/D Corporate records
Card Set
Series 24:Time-frames
A list of all the different time-frames listed in the Series 24 material.