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SEC Regulation S-P (Consumer Privacy) requires certain information to be included in privacy notices delivered to customers of broker-dealers (BDs). Which of the following information is required to be included in the privacy notice?
See the explanation below.
Regulation S-P mandates that broker-dealers disclose how they collect, protect, and share customers' nonpublic personal information. The privacy notice must include:
The categories of information collected.
The firm's policies for safeguarding data.
Opt-out rights for sharing information with unaffiliated third parties.
D is correct because privacy notices must describe policies for protecting customer information.
A, B, and C are incorrect because they do not relate to the required elements of Regulation S-P privacy notices.
For which of the following account types will the partial ownership pass into an estate account upon the death of one of the individuals listed on the account?
See the explanation below.
In a tenants in common account, each owner has a distinct percentage of ownership. Upon the death of one owner, their share does not transfer to the surviving owner(s); instead, it becomes part of the deceased's estate.
C is correct because ownership is divided, and the deceased's share passes to their estate.
A is incorrect because partnerships have different agreements governing ownership transitions.
B is incorrect because trust corporations are governed by trust agreements, not estate processes.
D is incorrect because JTWROS accounts pass ownership directly to the surviving account holder(s).
Which of the following responses best characterizes a money market mutual fund?
See the explanation below.
Money market mutual funds invest in highly liquid, short-term debt instruments, such as Treasury bills, commercial paper, and certificates of deposit. While the funds aim to maintain a stable $1 NAV, this is not guaranteed.
C is correct because the fund's investments are short term.
A is incorrect because the rate of return is not fixed; it varies with market interest rates.
B is incorrect because while the fund tries to maintain a $1 NAV, it is not guaranteed.
D is incorrect because yields do not always exceed those of savings accounts.
Which of the following entities issues certificates of deposit (CDs)?
See the explanation below.
Certificates of Deposit (CDs) are time deposit accounts issued by banks, offering fixed interest rates for a specified term. CDs are insured by the FDIC up to $250,000 per depositor, but the issuing entity is the bank itself.
B is correct because banks issue CDs.
A is incorrect because the FDIC insures CDs but does not issue them.
C is incorrect because broker-dealers may facilitate the purchase of CDs but do not issue them.
D is incorrect because the Federal Reserve does not issue CDs; it manages monetary policy.
The civil penalty for an individual who is convicted of an insider trading violation is permitted to be an amount up to how many times the profit gained or loss avoided?
See the explanation below.
Under the Insider Trading and Securities Fraud Enforcement Act of 1988, the SEC may impose a civil penalty of up to three times the profit gained or loss avoided (referred to as 'treble damages') on individuals found guilty of insider trading.
B is correct because treble damages equal three times the profit or avoided loss.
A is incorrect because the penalty is not limited to one time the profit.
C and D are incorrect because the penalty is capped at three times, not six or ten times.
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