General Securities Sales Supervisor (Series10) Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Study for the General Securities Sales Supervisor (Series 10) Exam. Enhance your skills with multiple choice questions and explanations. Master your exam with detailed insights and tips!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

If securities are suspected to be lost as a result of a securities count, how long does a member firm have to notify the Securities Information Center?

One business day
Two business days
Ten business days
Immediate notification required

The correct answer is: Ten business days

The correct timeframe for notifying the Securities Information Center (SIC) regarding lost securities is ten business days following the securities count. This guideline is crucial for member firms to ensure proper tracking of securities and to adhere to regulatory requirements. When a firm suspects that securities may be lost following an inventory count, they are required to report the situation to the SIC to help prevent fraudulent activities associated with lost securities. This notification period allows firms appropriate time to conduct due diligence and confirm the status of the securities. By implementing this ten-day window, the SIC can effectively monitor and assist in tracking any reports of lost securities, thus maintaining the security and integrity of the securities market. This timeframe is distinct from more immediate reporting requirements that apply in other contexts, but in the case of suspected lost securities, it effectively balances thorough investigation with regulatory responsibilities.