Exam Alert: FINRA provides guidance on ETF and DPP advertising

On October 27, 2011, FINRA provided guidance on its rules that govern communications with the public regarding exchange-traded products. Specifically, FINRA reminded firms that research reports on exchange-traded funds (ETFs) must filed with FINRA within ten days of first use. FINRA also reminded firms that firms must file sales literature for direct participation programs (DPPs). Continue reading

On October 27, 2011, FINRA provided guidance on its rules that govern communications with the public regarding exchange-traded products.  Specifically, FINRA reminded firms that research reports on exchange-traded funds (ETFs) must filed with FINRA within ten days of first use.  FINRA also reminded firms that firms must file sales literature for direct participation programs (DPPs).

Source: FINRA Regulatory Notice 11-49

This alert is relevant to the Series 6, 7, 24, 26, 62, and 82.

Exam Alert: TRACE pilot program for reporting asset-backed securities transactions to end

On November 18, 2011, a TRACE pilot program for reporting transactions in asset-backed securities will end. This shifts the old next-day reporting requirement to the new same-day reporting requirement for transactions in asset-backed securities that are executed before 5 PM ET. Continue reading

On November 18, 2011, a TRACE pilot program for reporting transactions in asset-backed securities will end.  This shifts the old next-day reporting requirement to the new same-day reporting requirement for transactions in asset-backed securities that are executed before 5 PM ET.  Transactions that happen after 5 PM ET will still be reported on the next day.

Source: Trade Reporting Notice – 11/7/11

Relevant to the Series 62 and the Series 24.

Exam Alert: SEC gives guidance on cyber attack threat disclosure

On October 13, 2011, the Securities and Exchange Commission issued new guidelines that clarify the application of existing disclosure rules. Specifically, the SEC has identified cyber attack incidents, along with the risk of cyber attacks, as material information that must be disclosed to investors. Continue reading

On October 13, 2011, the Securities and Exchange Commission issued new guidelines that clarify the application of existing disclosure rules.  Specifically, the SEC has identified cyber attack incidents, along with the risk of cyber attacks, as material information that must be disclosed to investors.

Source: CF Disclosure Guidance: Topic No. 2

Further reading: “SEC tells companies to disclose cyber attacks”

This alert applies to the Series 24, 26, 55, 6, 62, 63, 65, 66, 79, 82, 99, and 7.

Exam Alert: Private fund advisers may be required to file with FINRA

The SEC and the CTFC have together proposed a rule that would require private fund advisers to file Form PF periodically. On October 6, 2011, the SEC announced that if Form PF is adopted, private advisers will file the form with FINRA’s IARD. Continue reading

The SEC and the CFTC have together proposed a rule that would require private fund advisers to file Form PF periodically.  On October 6, 2011, the SEC announced that if Form PF is adopted, private advisers will file the form with FINRA’s IARD.  The filing fees for Form PF would be $150 for quarterly filings and $150 for annual filings.

Source: Federal Register Volume 76, Number 194

This alert applies to the Series 65, Series 66, Series 24, Series 62, and Series 82.

Exam Alert: FINRA to require electronic submission of annual audit reports

Effective November 8, 2011, FINRA will require annual audit reports to be submitted in electronic form. This is a change from the current rule, which requires hard copies to be submitted to FINRA. This change is only applicable to annual audit reports with a fiscal year end on or after September 30, 2011. Continue reading

Effective November 8, 2011, FINRA will require annual audit reports to be submitted in electronic form.  This is a change from the current rule, which requires hard copies to be submitted to FINRA.  This change is only applicable to annual audit reports with a fiscal year end on or after September 30, 2011.

Relevant to the Series 24 and Series 26 exams.

Source: FINRA Notice 11-46

Android Apps have arrived at Solomon Exam Prep

If you’re looking to study for a FINRA or NASAA licensing exam on the go and use an Android phone, you’re in luck. Solomon Exam Prep has arrived Continue reading

If you’re looking to study for a FINRA or NASAA licensing exam on the go and use an Android phone, you’re in luck. Solomon Exam Prep has arrived in the Android Market! Solomon Exam Prep mobile apps offer hundreds of practice exam questions designed to help you study for the Series 7, Series 6, Series 63, Series 65, Series 66, Series 62 and Series 79 exams at your convenience.

All Solomon Exam Prep apps retail for $9.99 aside from the Series 62 app, which is $18.99. If you’re studying for the Series 3, 4, 7 or 24 exams, you can also check out our Options app for those tricky options questions.  Curious about whether our apps are right for you? Lite versions are available to give you a free preview.

Whether you’re looking for a supplement to your Solomon Exam Prep classes and workbooks or you just want to do some quick review on your own, our Android apps will allow you to study for the following exams anywhere you have your phone:

  • FINRA Series 7 General Securities Representative exam
  • FINRA Series 6 Investment Company Products/Variable Contracts Limited Representative exam
  • FINRA Series 62 Corporate Securities Limited Representative exam
  • NASAA Series 63 Uniform Securities Agent State Law exam
  • NASAA Series 65 Uniform Investment Adviser Law exam
  • NASAA Series 66 Uniform Combined State Law exam
  • FINRA Series 79 Limited Representative Investment Banking exam (lite only)
  • An Options-only app great for specialized study for the Series 3, 4, 7 and 24 exams

Download Our Apps at: https://play.google.com/store/apps/developer?id=Solomon+Exam+Prep

For more information about Solomon Exam Prep, go to www.SolomonExamPrep.Com.

Solomon Exam Prep attending WIFS National Conference in October

This year, Solomon Exam Prep will feature a booth at the Women in Insurance & Financial Services (WIFS) National Conference in Portland, OR on October 20-22. Continue reading

This year, Solomon Exam Prep will feature a booth at the Women in Insurance & Financial Services (WIFS) National Conference in Portland, OR on October 20-22. WIFS is a great organization dedicated to encouraging women in the financial services sector and helping them develop their talents and careers. Stop by the Solomon Exam Prep booth in the exhibit hall or meet with Professor Karen Solomon at 1 pm on Thursday the 20th for her one hour session on the NASAA Series 65 exam.

To find out more information about the WIFS National Conference this year, please click here. Learn more about WIFS as an organization by checking out their website: www.wifsnational.org.

Exam Alert: FINRA revises Series 7 outline, effective November 7

The FINRA General Securities Representative Series 7 exam is about to change and the passing score will increase from 70 Continue reading

The FINRA General Securities Representative Series 7 exam is about to change and the passing score will increase from 70 to 72! While the exam outline is longer (47 pages vs. the current 40) and is divided into five major categories, rather than the current seven, it appears that the most significant change may be the increase in the passing score.  These changes will take effect for anyone taking the exam on or after November 7, 2011.

Jeremy Solomon, President of Solomon Exam Prep, recommends that “anyone considering taking the Series 7 do so ASAP, before the changes take effect and, like the Series 63, 66 and 65 last year, it becomes more difficult to pass this important securities licensing exam.”

To look at FINRA’s newly published outline for the Series 7 to take effect on November 7, 2011, please click here!

Exam Alert: IRS publishes outline for Registered Tax Return Preparer exam

If you prepare tax returns, no doubt you have heard about the upcoming IRS Registered Tax Return Preparer exam requirements. This new exam will focus on Continue reading

If you prepare tax returns, no doubt you have heard about the upcoming IRS Registered Tax Return Preparer exam requirements. This new exam will focus on the completion of Form 1040 series and ethical responsibilities of tax preparers. The IRS recently published an outline that shows what applicants will need to study to pass the exam.  It is divided up into seven domains:

  1. Preliminary work and collection of taxpayer data (15% of the exam)
  2. Treatment of income and assets (22% of the exam)
  3. Deductions and credits (22% of the exam)
  4. Other taxes (11% of the exam))
  5. Completion of the filing process (10% of the exam)
  6. Practices and procedures (5% of the exam)
  7. Ethics (15% of the exam)

The IRS will begin requiring this exam in October 2011, although if you have a PTIN before then, you have until December 31, 2013 to take the test. Additionally, certain tax preparers are exempt from this exam requirement. This includes attorneys, CPAs, enrolled agents and those supervised by any of the former categories. Details for this exam are still being ironed out. However, the IRS has indicated that the exam will be approximately 120 questions and will last between 2-3 hours.

Solomon Exam Prep is working on materials to help you prepare for this important new test. If you would like to be updated on our progress with materials for this exam, please join our mailing list by clicking here.

Exam Alert: Delayed results for new Series 99 exam candidates

FINRA announced last week that if you take the Series 99 within the first 60 days of October 17, 2011, your exam result will not be Continue reading

FINRA announced last week that if you take the Series 99 within the first 60 days of October 17, 2011, your exam result will not be provided to you the day of the test.  Instead, candidates will be notified of their results on or shortly after December 16, 2011.  This delay is to give FINRA a chance to review the effectiveness of the exam, which will include analyzing candidates’ performance during this initial period.  Those who fail the exam during this initial 60 days will be allowed to re-take the exam at no additional charge.

Find more details about the Series 99 exam from FINRA by clicking here.