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SEC 3.4

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3 Questions

  1. Henry, a customer of Seacoast Securities, granted his representative, Nancy, discretionary trading authority. Sometime later Nancy retires from Seacoast Securities. What happens to the discretionary power? A. Seacoast may reassign the power to Henry's new representative. B. The power continues as it authorizes Seacoast Securities to trade. C. The power ends. D. Nancy may continue to place trades in the account.

The power ends.

  1. A durable LPOA ends when the customer A. is incapacitated. B. passes away. C. issues verbal instructions revoking the POA. D. is out of the country for more than six months.

passes away.

  1. After a carrying firm receives and validates a transfer initiation form, the transfer must be completed in how many days? A. Three business days B. One business day C. Three calendar days D. Five business days

Three business days

Test your knowledge on what happens to discretionary trading authority when a representative retires. Learn if the power ends, continues with the firm, or can be reassigned to a new representative.

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