p011075 - Financial and Operations Principal Qualification...

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Financial and Operations Principal Qualification Examination (Test Series 27) Study Outline Copyright © 2006 Financial Industry Regulatory Authority, Inc All rights reserved
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1 Study Outline The FINRA Financial and Operations principal Qualification Examination (Series 27) is designed to test a candidate’s knowledge of applicable rules and statutory provisions relating to broker-dealer financial responsibility and recordkeeping and the protection afforded investors under the Securities Investor Protection Act of 1970. The examination and this study outline are divided into seven general areas, which are listed below with the number of points assigned to each. Section Description Number Of Points 1 Keeping and Preservation of Records and Broker- Dealer Financial Reporting Requirements 15 2 Net Capital Requirements 44 3 Customer Protection 36 4 Municipal Securities Rulemaking Board Regulations 9 5 Federal Reserve Board Regulations 8 6 Uniform Practice Rules 12 7 Other Relevant Regulations and Interpretations 21 Total 145 Structure of the Examination The examination is composed of 145 multiple-choice questions covering all of the materials in the following outline in accordance with the subject-matter distribution shown above. Candidates will be allowed 3 1/2 hours to complete the examination. A candidate must correctly answer 70 percent of the questions to receive a passing grade. At the completion of the examination, each candidate will receive an informational breakdown of their performance on each section and their overall score. The examination is a closed-book test and candidates will not be permitted to use any reference material during their testing session. Scratch paper and a basic electronic calculator will be provided by the test center administrator. Severe penalties are imposed on candidates who cheat on securities industry qualification examinations. Examination questions are updated regularly to reflect the most current interpretations of the rules and regulations. Questions on new rules will be added to the pool of questions for this examination within a reasonable period of their effective dates. To ensure that new questions meet acceptable testing standards prior to use, each examination includes 5 additional, unidentified "pre-test" questions that do not contribute towards the candidate's score. The 5 questions are randomly distributed throughout the examination. Therefore, each candidate takes a total of 150 questions, of which 145 questions are scored. Information about qualifications exams may be found at www.finra.org/Industry/Compliance/Registration/QualificationsExams/RegisteredReps/Qualifica tions/index.htm .
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2 There are also sample Series 27 test questions written in the various formats. They do not mirror the difficulty level of the actual test questions or the subject matter distribution of the test itself. Their use is merely to familiarize the candidate with the styles of multiple-choice questions used
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This note was uploaded on 08/30/2011 for the course FIN 101 taught by Professor Ands during the Spring '11 term at Bloomsburg.

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p011075 - Financial and Operations Principal Qualification...

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