Dispute Resolution & Mediation Flashcards
7 cards from real Series 66 – Uniform Combined State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Dispute Resolution & Mediation flashcards as text
An investor loses money and wants to rescind a purchase under the Uniform Securities Act. What must the investor generally tender?
Answer: The security
Rescission requires tendering the security (or its value if disposed of) in exchange for consideration, interest, and fees.
Which person has authority to issue a cease-and-desist order against a firm for violating the Act?
Answer: State securities administrator
The administrator may issue orders and seek civil or administrative remedies.
A firm and customer agree after a dispute arises to submit the matter to arbitration. This is known as a:
Answer: Submission agreement
A submission agreement is signed once the dispute exists; FINRA uses a Uniform Submission Agreement.
Which is true regarding an explained decision in FINRA arbitration?
Answer: It is provided if all parties jointly request it in advance of the hearing
Under Rule 12904, explained decisions are available when all parties jointly request them before the hearing.
Statutory employment discrimination claims by an associated person against a member are:
Answer: Arbitrated only if the parties agreed to it after the dispute arose
FINRA Rule 13201 excludes statutory discrimination claims unless agreed after the dispute arises.
The six-year eligibility rule in FINRA arbitration is best described as:
Answer: An eligibility rule that does not extend applicable statutes of limitations
Rule 12206 is an eligibility rule, and the arbitrators or court may still apply the limitations period.
Which responsibility belongs to a neutral mediator?
Answer: Facilitating communication and exploring settlement options
A mediator facilitates, and does not adjudicate, the dispute.
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