FINRA requires all member firms to develop a training program for registered persons and carry this training program out on an annual basis.
There is no need to check the restricted list before placing a trade.
I do not have to disclose political contributions.
The interests of client accounts will always be placed first.
Northern Lights Distributors, LLC is a mutual fund distributor and broker/ dealer.
Scammers never spoof telephone numbers in fraud schemes.
Whistleblowers include employees of broker/dealer firms that witness fraud or other activities in violation of securities laws and regulations.
NLD must report any code of ethics violations to the SEC upon their request.
If my code of ethics attestations are not completed on time each quarter, NLD is considered to have a code of ethics violation which must be reported to the SEC upon request.
The USA Patriot Act was signed into law in October 2001.
Compliance has my password for Schwab Compliance Technologies and it is okay to ask them for it.
Email and Jabber IM’s are never considered personal, are reviewed on a daily basis and are stored in the system forever.
I am allowed to day trade stocks and ETF’s.
Money Laundering is considered harmless if it is under $500.
If I sell a stock today, I have to wait for 30 days before I can buy it back.
It is okay to trade on information that has not been released to the public if your manager gives you permission.
I am not allowed to participate in any cold calling.
Generally, money laundering occurs in three stages: placement, layering and integration.
It is possible for three Representatives at a firm to be sent 1 gift to share and it must be reported.
I am not allowed to rent a helicopter to transport my client to a sales meeting.
If I am selling a stock I already own, I do not have to seek a pre-clearance request through the Schwab Compliance Technologies system.
You are only required to seek pre-clearance approval to buy a stock, not to sell one.
NLD’s code of ethics does not apply to all it Registered Representatives.
I am allowed to create a social media account so I can promote my business.
The Schwab Compliance Technologies system can be accessed anywhere you have internet access, even with internet service at your home or on your smart phone while standing in line waiting for your favorite latte to be made.
Anti-money laundering (AML) refers to a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions.
A customer who exhibits a lack of concern regarding risks, commissions, or other transaction costs is throwing up a red flag.
I do not have to report personal gifts I receive.
If I am only one day late completing my Code of Ethics quarterly attestations, I will be written up and possibly fined.
FINRA stands for: Financial Industry Rules Association.