Series 65: Exercise

Taken from our Series 65 Online Guide

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Exercise

choose proper or improper

1. _ Client funds and broker-dealer funds are held in the same account.
2. _ Client funds are audited by an independent accountant on a scheduled date at least once a year.
3. _ Clients receive account statements every three months.
4. _ A broker-dealer receives written consent and then hypothecates a client’s securities.

Answers

1. Improper. Commingling of funds is a violation of custody rules.
2. Improper. Although an annual audit by a third party is required, it mus

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