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ABA: The American Bankers Association
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The following questions are representative of the types of questions you will find on the examination.

1. Which of the following acts requires that every transfer agent register with the SEC?

a. Securities Act of 1933, as amended
b. Securities Exchange Act of 1934, as amended
c. Trust Indenture Act of 1939, as amended
d. Shareholder Communications Act of 1985

2. Which of the following bank officers should NOT be a member of the Corporate Trust Review Committee?

a. A bank auditor
b. A real estate account officer
c. A personal trust account officer
d. A trust investment officer

3. The MOST likely immediate result of your failure to perform your responsibilities in a timely manner when serving as agent for the redemption of put or demand securities is:

a. An over issuance of securities
b. An open market purchase of securities at your organization's expense
c. Termination of your appointment
d. Re-opening the put window on your own initiative

4. In accordance to SEC transfer agent regulations, non-routine items must meet which of the following turn-around requirements?

a. 3 business days
b. 5 business days
c. Within a reasonable time
d. Not more than 20 business days

5. Acceleration of debt usually occurs as a result of all of the following EXCEPT upon the:

a. Occurrence of a voluntary chapter 11 bankruptcy filing
b. Direction of a certain percentage of bondholders, after the occurrence of an event of default
c. Direction of a credit enhancer, after the occurrence of an event of default
d. Notice to the obligor of the occurrence of a covenant default


Answer Key
b
d
b
c
d