Series 39 Practice Questions - Direct Participation Programs Principal Qualification Examination Exam

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Under FINRA's 2025 interpretive guidance, when can an LLC interest generally be treated like a DPP interest for Rule 2310 purposes?

Only when the LLC is listed on a national securities exchange When the LLC is taxed as a partnership and has DPP-like characteristics Only when the LLC guarantees quarterly distributions Whenever the offering is sold under Rule 144A

Correct Answer:

When the LLC is taxed as a partnership and has DPP-like characteristics

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