SIE Overview of the Regulatory Framework Question 16: Answer and Explanation
Question: 16
Which of the following is an obligation of each member firm under FINRA Rule 3110(e) – Responsibility of Member to Investigate Applicants for Registration?
- A. Document the applicant's identity
- B. Review the applicant's driver's license
- C. Review the applicant's passport
- D. Document contacting the applicant's employers for the last twenty years
Correct Answer: A
Explanation:
A: Choice A is correct because the member firm is obligated to document the applicant's identity. Choices B and C are incorrect because neither the driver's license nor the passport are required as the documentation. Choice D is incorrect because the member is required to document contacting employers of only the last three years.
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