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FINRA.Series7.v2023-03-17.q141
Question 63

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Question 63/141

In a securities underwriting a participating firm is said to be liable severally but not jointly. What is this type
of underwriting is called?

A. a Western account

B. an Eastern account

C. a best efforts offering

D. an all or none offering

Correct Answer: A

a Western account. In a Western account each underwriter has a divided liability and is
responsible only for his portion of the issue. In Eastern accounts, generally used for municipal issues, the
underwriter is responsible for a percentage of any unsold portion. This is called an undivided liability.

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