Finra Exam Series-6 Topic 6 Question 6 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 6
Topic #: 6

Mr. Shortfall placed a market order to buy 100 shares of Google (GOOG) with GetErDone Broker-Dealers. The market order was executed at $530 a share. In accordance with Regulation T:

AMr. Shortfall must pay for the purchased shares within 3 business days.

BMr. Shortfall must pay for the purchased shares within 5 business days.

CGetErDone can request an extension from FINRA or another SRO for Mr. Shortfall if he is unable to pay for the shares within 5 business days.

DBoth B and C are true statements.

Show Suggested Answer

Suggested Answer: D

After his market order to buy shares of GOOG is executed, Mr. Shortfall must pay for the shares within 5 business days. If he is unable to do so within this time period, GetErDone can request an extension from FINRA or another SRO for him.

by Elvera at May 03, 2022, 10:08 PM

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