SIE Understanding Trading, Customer Accounts and Prohibited Activities Question 61: Answer and Explanation

Question: 61

Which of the following directs FINRA member firms to keep record of the supervisor approving establishment of the account?

• A. 1934 Act 15c2-12 – Municipal Securities Disclosure
• B. FINRA 2231 – Customer Account Statements
• C. FINRA 4512 – Customer Account Information
• D. FINRA 4514 – Authorization Records for Negotiable Instruments Drawn

Correct Answer: C

Explanation:

C: Choice C is correct because this rule requires the member firm to maintain various items of information, including contact information, whether minor or of legal age, registered representative assigned to service the account, signature of supervisor approving establishing the account, and if an organization, legal names of authorized persons. Choices A, B, and D are incorrect because they do not deal with the recording of the supervisor's name or signature.