During the 90-day apprenticeship period, which activity is NOT allowed for a new registered representative?

• A. Soliciting customers for new issues offered by the firm
• B. Submitting bids and offers to other municipal dealers
• C. Sending bids for bonds to issuers
• D. Submitting quotes for inclusion in Bloomberg

Answer: (A)

During the 90-day apprenticeship period, a new registered representative works under close supervision and should avoid activities that amount to soliciting or selling to customers. The action that isn’t allowed is actively soliciting customers for a new issue offered by the firm, because selling or marketing a brand-new security to clients is a sales activity that requires fuller qualification and experience.

The other tasks described fit under supervised or non-solicitative activities. Submitting bids and offers to other municipal dealers is part of trading activity that a trainee can assist with under supervision. Sending bids for bonds to issuers involves issuer communications that can occur during training. Submitting quotes for inclusion in Bloomberg is a data/market-activity task and does not constitute soliciting customers for new issues.