General Securities Sales Supervisor (Series10) Practice Exam

For a campaign contribution from a joint account, what is true regarding signatures?

1. Both must be present for the contribution to be valid

2. Only one signature is needed from either party

3. Only the member firm may sign

4. Signature rules depend on the amount contributed

The correct answer is: Both must be present for the contribution to be valid

For a campaign contribution made from a joint account, it is essential that both parties provide their signatures for the contribution to be valid. This requirement is in place to ensure that both account holders agree to the contribution and that their intent is clear. Each individual in the joint account holds equal rights and responsibilities regarding the account's funds, which extends to decisions about political contributions. Therefore, both signatures must be present to demonstrate mutual consent. The other choices do not correctly reflect the regulatory requirements. Having only one signature would not adequately represent the agreement of both parties in a joint account scenario. Allowing only the member firm to sign also does not align with the principle of joint account control, where both parties should have a say. Lastly, signature requirements do not vary based on the contribution amount; they remain constant regardless of how much is being contributed. Consequently, the necessity for both signatures establishes a clear record of consent for the contribution.