Series 63: Exercise

Exercise

Answer yes or no—Has the agent been properly supervised?

1. 1. _ An agent of a broker-dealer commits securities fraud; however, the broker-dealer has an appropriate supervisory system in place.
2. 2. _ An agent of a broker-dealer has a spotless record on all transactions she has effected, but she has not attended a compliance meeting in the past 18 months.
3. 3. _ A firm has a set of procedures, each of which follows FINRA and SEC guidelines, yet those procedures have not been put in writing.

Answers

1. 1. Yes. So long as an appropriate supervisory system and procedures have been put in place, the actions of this agent do