Series 57 books and records, trade reporting and settlement questions

A: The OTC Reporting Facility serves OTC equity and restricted equity securities rather than NMS stocks. B: The Alternative Display Facility is permitted, but either Trade Reporting Facility may also accept the report. C: An off-exchange NMS stock report may go to the Alternative Display Facility or to either authorized Trade Reporting Facility. D: An exchange is not interchangeable with a FINRA reporting facility for an off-exchange execution.

A: The Wednesday reversal of B occurred after the 8:00 p.m. cutoff, so its deadline moves to 8:00 p.m. on the next business day. B: A's later-date cancellation occurred before 8:00 p.m. Wednesday and is due by the cutoff on that cancellation date. C: The later-date Restricted Equity Security cancellation of A is due by 8:00 p.m. Wednesday, not within 10 seconds of the event. D: For a Restricted Equity Security event after the execution date, a cancellation before 8:00 p.m. is reported by that date's cutoff; a reversal at or after 8:00 p.m. is reported by 8:00 p.m. on the following business day.

A: The criterion bars the trade from passing through any system account without a profit condition. B: Subscriber consent cannot remove the no-system-account demonstration. C: Any passage through a system account fails the criterion. D: The trade must not pass through any account of the system.

A: A market order appears in both the broad first population and the quote-quality second population. B: Plain market orders receive volume, speed, spread, and quote-quality treatment, but not the resting-order-fill measures. C: The first population expressly includes market orders, while the third does not. D: The third population is limited to specified midpoint-or-better, non-marketable, and stop non-marketable limit orders.

A: The submission precedes the effective date rather than arriving on it. B: The 20-day period runs before effectiveness, not after first use. C: The operator reports the order type before it becomes available. D: The operator provides all order types and later changes 20 days before they take effect.

A: The duty also reaches the firm's proprietary accounts. B: The duty also reaches all customer accounts. C: The record covers short stock positions rather than every long and short position. D: The qualifying organization maintains short stock positions across both account populations.

A: Investment company and periodic plan statements run on a quarterly period, not a monthly one, even though five business days is the correct dispatch interval. B: Investment company and periodic plan statements are sent within five business days after each quarterly period ends. C: The five-business-day clock starts after the quarterly period ends, not after each transaction. D: The quarterly period is correct, but statements are due within five business days after it ends. Fifteen business days is the separate response period for an information request about a trade more than 30 days old.

A: All three duties recognize the qualifying correspondent route. B: The Alternative Display Facility rule carries the same mutual-agreement alternative. C: That duty reaches eligible facility securities that are also eligible for net settlement, while the two facility duties add no such qualifier. D: Designated securities are national market system stocks, which exclude options.