FREE Certified Regulatory Compliance Manager Trivia Questions and Answers
Which of the following marketing initiatives would NOT imply that a bank would be free from SEC registration requirements?
In the United States, banks are exempt from registration with the Securities and Exchange Commission (SEC) under certain conditions when engaging in certain securities-related activities. However, the exemption does not apply to activities that go beyond traditional banking activities.
Tellers at ACME Bank are encouraged to assist in the sale of insurance products to both potential and current clients.
While it may be challenging for tellers to handle multiple types of products, ACME Bank's decision to have tellers help sell insurance products to new and existing customers raises potential concerns.
A contract to ship goods to Country M, a nation that is being boycotted, was signed by PTestGeeks Co. A letter of credit approved by First National Bank will be used for payment. Before being paid, PTestGeeks Co. must attest by the terms of the letter of credit that none of its directors is a citizen of any country that Country M has chosen to boycott. After confirming all the paperwork is in place, First National Bank issues the letter of credit to PTestGeeks. Does First National Bank need to notify the IRS about its involvement in a boycott?
Which one of the following bank policies is in violation of the Interagency Policy Statement on the Retail Sales of Nondeposit Investments?
The policy stating that tellers and new accounts personnel will receive a $25 fee for all customers referred to the nondeposit investment department on the customer's purchase of an investment product does NOT comply with the Interagency Policy Statement on the Retail Sales of Nondeposit Investments.
What disclosures must the bank's investment sales representative give the client by the Interagency Statement on Retail Sales of Nondeposit Investment Products?
Under the Interagency Statement on Retail Sales of Nondeposit Investment Products, the bank's investment sales representative must disclose to the customer that the investment product is not guaranteed by the bank.
A principal in municipal securities must directly supervise municipal securities activities. This entails going through all but one of the items below. What activity DOES NOT directly entail the direct supervision of municipal securities operations?
Which bank products are NOT governed by the Interagency Statement on Retail Sales of Nondeposit Investment Products' disclosure requirements?
Variable-rate savings accounts are NOT subject to the disclosure provisions of the Interagency Statement on Retail Sales of Nondeposit Investment Products.