Finra Exam Series-7 Topic 4 Question 57 Discussion

Actual exam question for Finra's Series-7 exam

Question #: 57
Topic #: 4

In a monthly review of customer statements, Bubba notices that one of his firm's clients has paid for seven purchases five days late.

What does he do?

Adecides this situation is acceptable provided payment was received before any securities were sold

Bascertains whether the client had a sufficient bank balance on settlement date

Cnothing because this is not a violation provided the securities were not listed on the NYSE

Dascertains that extensions had been obtained under Reg T

Show Suggested Answer

Suggested Answer: D

ascertains that extensions had been obtained under Reg T. If valid reasons exist, extension of time for payment may be obtained.

by Gail at Aug 20, 2022, 03:24 PM

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