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non-voting class B preferred stock
subordinated debentures rated BB+ by Standard & Poor’s
plant & equipment
6.25s31 callable at 100
5.50s33 callable at 100½
4.65s34 callable at 101
Zr29 callable at 100
T-bill prices have risen
The yield curve is inverting
The Fed is easing money supply
T-bill discounts have increased
at 27.49 or below
at 27.51 or above
a put option
a call feature
I and III
II and IV
III and IV
I, II, III and IV
the City Attorney for NYC
the Attorney General for NY State
the lead underwriter’s chief counsel
independent bond counsel
Company A only
Company B only
Both A & B
Neither A nor B
reinvestment will enable the shareholder to defer taxes on the distributions until such time as the newly acquired shares are liquidated
reinvestment can be done at NAV
reinvested dollars can count towards a breakpoint under the right of accumulation
none of these is untrue
a Roth IRA
a combination annuity
a variable annuity
an S&P Index Fund
two years from now
three years from now
none of these are required
II and III only
I and II only
I, II and III
that your firm is required to send the confirmations, but can hold the monthly statements for up to 3 months if he’s traveling abroad.
that your firm can hold mail for up to 3 months if he’s traveling abroad.
that your firm is required to send both the confirmations and the monthly statements and cannot hold the mail under these circumstances.
that you will inform your firm’s operations department to send the confirms and statements to your home address until Mr. Woods completes his travel.
investors purchasing fund shares at the POP
investors reinvesting distributions at the NAV
none of the above
a C Corp.
an S Corp.
under no circumstances
when the purchase is consistent with their normal investment practice and is not disproportionate in size to the overall offering.
when the purchase is being made in an account held at a brokerage firm other than their own.
both b. and c.
50% of the purchase price in a margin account
100% of the customer debit balance
140% of the customer debit balance
25% of the current market value in a long margin account
private hedge fund
closed-end investment company shares
open-end investment company shares
a reversal of a downward trend
continued bearishness ahead
the stock is approaching the resistance level
the company’s latest earnings report missed Wall St. expectations
the frequency of trades
the size of the trades
the investment objectives of the customer
the amount of time that the customer allowed to elapse between the questionable trades and the filing of the complaint
short stock/short put
short stock/long call
furnish a copy of the options disclosure document (ODD)
branch manager approval of account opening
the client’s first options trade
the special options agreement is signed and in the firm’s files
1 business day in which to validate the transfer request/instructions; 3 business days in which to effect the transfer of the account assets
1 business day in which to validate the transfer request/instructions; 5 business days in which to effect the transfer of the account assets
3 business days in which to validate the transfer request/instructions; 4 business days in which to effect the transfer of the account assets
No transfer can be effected until a Clearance Letter has been received from Homeland Security that there is no evidence of money laundering and no Suspicious Activity Report has been filed by her current firm
CCC is defensive; BFC is cyclical
CCC is cyclical; BFC is defensive
CCC and BFC are growth
CCC is defensive; BFC is growth
enables the company to engage in a shelf offering
enables the company to sell a limited number of additional shares beyond the amount initially registered with SEC, without filing a new registration statement
may only be activated when the managing underwriter is engaged in stabilizing the new issue
is also referred to as the underallotment provision
do not increase investor basis under any circumstances
increase investor basis only if the Subscription Agreement calls for non-recourse loans to be utilized
increase investor basis in real estate DPPs only
increase investor basis in all DPPs
Short 1000 shares XYZ at $50/sh.
Cr. Bal. $ 75,000Two weeks later, XYZ is trading at $40/sh. Assuming Palmer has not yet closed out his short position, his Cr. Bal. will now be:
15 year zero coupon bond
5 year T-note
20 year T-bond
25 year municipal GO callable in 5 years
real estate limited partnerships investing in fully-leased office buildings
real estate investment trusts
a raw land deal
II and III
II, III and IV
I and IV
I, II, III and IV
registered secondary distribution
3rd market transaction
municipal bond trades
a simultaneous riskless trade
a principal transaction
a 3rd market transaction
an agency cross
$10 per bond capital loss
$20 per bond capital gain
$20 taxable accretion per bond and no capital gain
No gain, no loss
the liquidation market value of CMO interests will fall.
refinancing by homeowners may result in pre-payments to CMO holders due to mortgage pay-offs.
new money investments will slow down.
default risk will increase.
equity tradable instruments
equity traded notes
exchange traded notes
government sponsored notes designed to provide liquidity to businesses
you must get your firm’s approval of this arrangement or you will be held in violation of the private securities transactions rules of the FINRA Code of Conduct.
you do not require your firm’s approval, but you do need to notify your firm of your intent to participate.
you may not participate under any circumstances since this is not a product approved by your firm.
you would have to resign your license using Form U-5 before participating in your friend’s deal.
she may withdraw up to $10,000 tax free and without penalty.
all withdrawn monies will be subject to ordinary income tax plus a 10% penalty.
the first $8,000 of withdrawal will be taxed as ordinary income plus a 10% tax penalty.
the first $8,000 of withdrawal will be taxed partly as ordinary income and partly as capital gains, plus a 10% tax penalty for premature withdrawal.
permitted so long as it is for a public order.
permitted whether for a public or a member firm order.
an order which will be triggered by a trade at or below the stop price if a sell stop order, or at or above the stop price if a buy stop order.
a stock certificate for 500 shares and a certificate for 80 shares
a stock certificate for 580 shares
580 certificates – 1 share each
5 certificates for 75 shares each; 9 certificates for 20 shares each; 5 certificates for 5 shares each
All cash and securities that can be located, identified and attributed to specific customers will be returned to those customers without limit.
Up to $500,000 in cash and securities insurance coverage is provided to each ‘separate customer’ of the bankrupt broker/dealer.
Cash claims in excess of $250,000 are uninsured by SIPC, creating a general creditor status for claimants with claims for cash above that figure.
Up to $250,000 in cash in separate commodities accounts at the bankrupt B/D is covered by SIPC insurance.
you recommend the account be opened as JTWROS
you recommend the account be opened as TIC
you recommend the account be opened as joint tenants in their entireties
you cannot open this joint account
joint & several liability
offerings of technology stocks
this is not permitted – the state must wait until the call date to issue the new bonds
this is most often referred to as advance refunding
this is not permitted – it is considered Treasury arbitrage, a violation of the law
this is permitted only so long as the holders of the 5.5% issue are given a right of first refusal on the new 4% GOs