Author: Asay

New $60 FINRA Exam Could Save Musk and Tesla $40 Million

After agreeing to resign as Tesla Chairman, add two independent directors, and pay $40 million in fines, some have noted that Elon Musk could prevent future SEC mishaps by studying for the new FINRA Securities Industry Essentials (SIE) exam. Continue reading

After agreeing to resign as Tesla Chairman, add two independent directors, and pay $40 million in fines, some have noted that Elon Musk could prevent future SEC mishaps by studying for the new FINRA Securities Industry Essentials (SIE) exam.

Students who study for a securities exam with Solomon Exam Prep learn that providing investors with false or misleading information is a violation of the Securities Exchange Act.

Jeremy Solomon, President of Solomon Exam Prep, suggests that due to Musk’s demanding schedule as the founder and president of multiple companies, Musk use the Solomon online SIE exam guide and SIE exam simulator. With nearly 3,000 practice questions, Musk should be able to master the SIE material. “If he’s having trouble,” however, “I am willing to offer Elon private tutoring.  “But it has to be on earth,” Solomon says. “I am afraid of heights.”

Solomon Exam Prep has helped thousands pass securities licensing exams including the Series 3, 6, 7, 24, 26, 27, 28, 50, 51, 52, 53, 62, 63, 65, 66, 79, 82, 99 and SIE exams.

The SIE exam launched October 1 is open anyone 18 and older, no prerequisites or background check required.  Best of all it costs just $60,  quite a bit less than a $40 million fine, notes Jeremy Solomon.

#FINRA, #SecuritiesIndustryEssentials, #ElonMusk, #SEC, #series7exam, #Tesla

October Study Question of the Month

Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card. Continue reading

Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.

Question

Relevant to the Series 7, Series 62, Series 65, Series 79, Series 82, and Series 99.

 

 

 

 

 

What is the holding period for restricted securities issued by a company that files reports with the SEC?
 
A. Six months
B. Nine months
C. Twelve months

D. Securities issued by a company that files with the SEC are never restricted

Answer: A. Rule 144 requires purchasers of restricted securities to hold them for a certain amount of time before they sell them. If the issuer is a company that files reports with the SEC, the holding period is six months. If the issuer is a non-reporting company, the holding period is 12 months.

September Study Question of the Month

Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card. Continue reading

Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.

Question

Relevant to the Series 62, Series 79, and Series 82.

 

 

 

 

 

Which of the following is an advantage of a 506(b) offering?
 
A. Sold shares are not restricted
B. It may be advertised to the public because it is considered a public offering
C. Instead of a prospectus, it may use a briefer document called an offering circular

D. It has no dollar limit

Answer: D. A private placement offering under Regulation D, Rule 506(b) has no dollar limit. The other three responses are advantages of Regulation A offerings.

TESS of the FINRA

The 2018 FINRA Exam Restructuring is right around the corner, and it means changes for more than the exams themselves. Continue reading

The 2018 FINRA Exam Restructuring is right around the corner, and it means changes for more than the exams themselves. FINRA allows anyone 18 and older to take the new Securities Industry Essentials Exam (SIE). That means you can take the SIE exam without being employed by a FINRA member firm.

This makes it a lot easier for people to enter the securities industry, but it also means that FINRA needs a new way for individuals to register for the SIE.

Enter TESS.

TESS stands for Test Enrollment Services System.

Through TESS you can request an exam, make payments, schedule an appointment, and view your test results. Launching on October 1st, TESS is built specifically for individuals to register for their exams. Eligibility is simple: you must be over 18, have a social security number, and not already be registered in Web CRD.

Once you’re registered, it’s easy to enroll for exams. And if you’re already registered with Web CRD, your credentials will allow you to access TESS as well. Within 72 hours of completing an exam, TESS will display the exam result and the test date under the “My Exams” section.

Taking FINRA exams is easy with TESS!

Questions? Visit the TESS FAQ, email info@solomonexamprep.com, or call 503-601-0212!

August Study Question of the Month

Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card. Continue reading

Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.

Question

Relevant to the Series 6, Series 7, Series 24, Series 26, Series 62, Series 79, Series 82, and Series 99.

 

 

 

 

 

Which of these records about your customer Doug is your firm required to retain for five years?
 
A. Doug’s customer ledger
B. A SAR you filed on Doug
C. A complaint Doug filed about you

D. A confirmation of one of Doug’s trades

Answer: B. The general tier of recordkeeping is three years, six years, and lifetime, although there are some records with retention periods of four or five years. Additionally, the firm must keep most records easily accessible for the first two years.

Customer ledgers fall in the six-year tier, Suspicious Activity Reports (SARs) fall in the five-year tier, customer complaints fall in the four-year tier, and trade confirmations fall in the three-year tier.