Welcome to ExamTopics
ExamTopics Logo
- Expert Verified, Online, Free.
Location Chicago IL, USA

Exam Series 63 topic 1 question 160 discussion

Actual exam question from FINRA's Series 63
Question #: 160
Topic #: 1
[All Series 63 Questions]

An agent working for a broker-dealer mistakenly sends an investment adviser some bonds that the adviser purchased on behalf of his client instead of directing the bonds to the financial institution that is serving as the qualified custodian of the client's funds.
If the investment adviser wants to avoid being considered custodian of this client's account, what must the adviser do?

  • A. Record what securities were sent, when he received them, and when he forwarded them--which
  • B. Record what securities were sent, when he received them, and when he forwarded them--which must be within three business days-to his client.
  • C. Record what securities were sent, when he received them, and when he forwarded them--which must be within twenty-four hours-to his client.
  • D. Record what securities were sent, when he received them, and when he forwarded them--which must be within twenty-four hours-to the qualified custodian of the client's funds.
Show Suggested Answer Hide Answer

Suggested Answer: C
In order to avoid being considered custodian of his client's account, the investment adviser needs to record what securities he had been sent, when he received them, and when he returned them-which must be within three business days-to the sender.

Comments

jaytic
1 month, 2 weeks ago
Its 3 days . B is correct
upvoted 1 times
...
Lehj
1 year, 3 months ago
Changed to 3 business days
upvoted 1 times
...
Lehj
1 year, 3 months ago
answer should be B
upvoted 1 times
...

SaveCancel