Syed's Section
Management Team
Management Team
This member of the Management Team led a Run Club at their office pre-pandemic, and made the group entirely virtual when in-person gatherings came to a pause.
Who is Maureen Nieda
According to Form U4, you may exclude ________ related activity that is exclusively charitable, civic, religious or fraternal and is recognized as ______.
What is a.) non-investment and b.) exempt
During the last year, this new rule has been commonly tested within exams for firms that have retainer fees as a source of revenue.
What is ASC 606
Documents generated within Exam Workspace are housed in this folder in the Exam File.
What is Reports
The Risk Review that determines whether the firm has effective controls in place with respect to regulatory filings for Form CRS, and if the filings are made in an accurate and timely manner.
What is BI6
a.) This member of the Management Team picked up a new hobby using YouTube as their only source for learning. b.) The hobby is.
a.) Who is Syed Bukhari and b.) Woodworking
Lack of _____ does not negate the requirements under FINRA Rule 3270.
What is compensation
This problematic activity, which is prohibited by FINRA Rule 2040, is often identified by conducting a review of the general ledger.
What is transaction-based compensation to unregistered persons.
It is the responsibility of the Lead Examiner to upload the ________ in the _______ folder upon announcing an exam.
What is a.) Risk Assessment Report in b.) Supporting Documents
a.) This obligation requires a firm to establish, maintain and enforce written policies and procedures reasonably designed to achieve compliance with Reg BI. b.) It is addressed in this Risk Review.
What is a.) Compliance Obligation and b.) BI2
This member of the Management Team was once a Surveillance Director at FINRA.
Who is Tom Mellet
FINRA Rule 3280 differentiates between these two types of transactions (2 part answer).
What is a.) Transactions for Compensation and b.) Transactions Not for Compensation
Testing the firm's compliance with these rules is required when conducting First Firm Exams pursuant to Rule 15b2-2 under the Exchange Act.
What is financial responsibility rules (or financial controls)
Source documents renamed by the staff and only saved to a temporary records location for operational ease in their analysis should NOT be saved under this folder.
What is Workpapers
a.) This obligation requires a firm or associated person to provide in writing, prior to or at the time of the recommendation, full and fair disclosure of all material facts relating to the scope and terms of the relationship with the retail customer. b.) It is addressed in this Risk Review.
What is a.) Disclosure Obligation and b.)RI4
This member of the Management Team was an "RPR Champion for the North Region" in 2016, when they worked as an Examiner.
Who is Steve Rowen
As part of FINRA Rule 3280, this term means "any compensation paid directly or indirectly from whatever source in connection with or as a result of the purchase or sale of a security."
What is Selling Compensation
According to SEA Rule 15c3-1, firms are expected to demonstrate this type of compliance with the Capital Rules.
What is moment to moment
If information from Surveillance Workspace is used to make a material decision regarding the inclusion of risks, or risks considered, not included, that document/record must be uploaded in this subfolder within this folder (2 part answer)
What is a.) Surveillance Workspace Support Subfolder and b.) Supporting Documents
a.) This obligation enhances regulatory requirements for firms and their associated persons for retail customer recommendations that were formerly under a suitability standard. b.) It is addressed in this Risk Review.
What is a.) Care Obligation and b.) BI5
This member of the Management Team was part of "Team FINRA" when they won the championship for the New York Urban Professionals Volleyball League.
Who is Dan Bessel
This specific section of the "OBA Rule" states a "member also must evaluate the proposed activity to determine whether the activity properly is characterized as an outside business activity or whether it should be treated as an outside securities activity subject to the requirements of Rule 3280."
What is the Supplementary Material of 3270
Firms that engage in underwriting activity on a Firm Commitment basis are expected to take this type of charge.
What is Open Contractual Commitment (referred to as OCC charges)
All files in the Supporting Documents folder should have this naming convention.
What is FileName_FirmName_Matter# (i.e. Contact Letter_ACME Investments_20201234567)
a.) This obligation requires firms to maintain and enforce policies that are reasonably designed to identify and appropriately address instances that may lead the firm or its associated persons to place their interests ahead of their customer when making recommendations. b.)It is addressed in this Risk Review.
What is a.) Conflict of Interest Obligation and b.) BI3