Pandemic Study Tip: Practice With a Mask

Since Prometric test centers now require test-takers to wear a mask when taking a securities exam Continue reading

Since Prometric test centers now require test-takers to wear a mask when taking a securities exam, Solomon Exam Prep recommends that individuals studying for a securities licensing exam — such as the SIE, the Series 7 or the Series 65 — take at least one practice exam at home wearing a mask. Solomon Exam Prep’s Exam Simulator offers quizzes and timed and untimed practice exams. Wearing a mask while using the Solomon Exam Simulator will better simulate the pandemic test center experience and help you prepare for your exam.

Solomon Exam Prep, a leader in FINRA, MSRB, NASAA and NFA securities licensing exams, has helped thousands pass the SIE and the Series 3, 6, 7, 14, 22, 24, 26, 27, 28, 50, 51, 52, 53, 54, 63, 65, 66, 79, 82 and 99.

FINRA delays Online Testing Service

It was previously announced that FINRA and NASAA had been working to introduce an online testing service as an alternative to candidates taking their exam at traditional test centers, to be launched Continue reading

It was previously announced that FINRA and NASAA had been working to introduce an online testing service as an alternative to candidates taking their exam at traditional test centers, to be launched on May 24th.

FINRA has now announced that this service, which is currently in its pilot phase, requires further validation before it can be implemented and therefore will not be launched on May 24th as planned. This also means that there will be a delay in booking appointment times for the five exams that will be included in its initial launch, including the SIE, Series 6, Series 7, Series 63, and Series 66 exams.

FINRA has also updated policies for test candidates, extending enrollment windows that have either expired, or are due to expire between March 16th and June 30th, 2020. This includes all FINRA, NASAA and MSRB exam enrollment dates, with affected enrollment windows being systematically updated in CRD.

Prometric will continue to reopen test centers in accordance with local, state and federal regulations. You can check their Site Openings page, which is continually being updated. You can also read more about the Prometric policies to ensure candidate safety on their Covid-19 Update page.

If your Solomon Exam Prep materials are due to expire before June 1st, contact Customer Service on 503 601 0212 or by email at info@solomonexamprep.com for a complimentary extension until August 1st.

Masks and other new Prometric test centers requirements

Prometric has announced social distancing procedures with the re-opening of test centers. Test-takers must bring and wear a mask while at the test center. Anyone without a mask Continue reading

Prometric has announced social distancing procedures with the re-opening of test centers.  Test-takers must bring and wear a mask while at the test center.  Anyone without a mask will be denied entry and marked as a “no show.”

Other changes: 

  • Test takers will be required to stand on the ‘stand here’ sign or ‘X’ in place on the floor, designating a safe distance away from the test center employee.
  • Test takers will be seated in a manner that ensures distancing guidelines are satisfied during testing.
  • Monitoring of the test room will be done exclusively using existing DVR monitoring. Physical walk throughs will be waived unless there is adequate space to comply with local government distancing guidelines.
  • Return of scratch paper instead of dry erase boards.
  • Test center staff to clean all surfaces, including every workstation, admin desk, and proctor desk, between each test taker and at the start and end of each day.

For the full list of Prometric test center procedures and requirements, please click here.

You can also see a list of which test centers have reopened here.

Franklin & Marshall College Partners with Solomon on Summer SIE Class

Solomon Exam Prep is delighted to announce that Franklin & Marshall College of Lancaster, PA will use Solomon’s Securities Industry Essentials (SIE) exam curriculum. Continue reading

Solomon Exam Prep is delighted to announce that Franklin & Marshall College of Lancaster, PA will use Solomon’s Securities Industry Essentials (SIE) exam curriculum. The one-credit course, Security Analysis, will be held June 8 – July 7, 2020. Solomon Exam Prep SIE exam materials help prepare students to sit for the FINRA SIE examination.

Solomon Exam Prep has helped thousands pass their securities exams including the SIE and the Series 3, 6, 7, 14, 22, 24, 26, 27, 28, 50, 51, 52, 53, 54, 63, 65, 66, 79, 82 and 99.

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FINRA and NASAA to launch online testing May 24

FINRA and NASAA plan to launch a new online testing service May 24, 2020. The online test service will allow exam candidates to use their personal or Continue reading

FINRA and NASAA plan to launch a new online testing service May 24, 2020. The online test service will allow exam candidates to use their personal or firm-provided, camera-equipped computer to take qualifications examinations. Prometric staff will proctor the examination through the camera and other online tools.

Launch exams for this new online service include the Securities Industry Essentials (SIE), Series 6, Series 7, Series 63, Series 65, and Series 66 exams. Starting May 11, candidates and firms will be able to begin scheduling their online test appointments for May 24 and beyond.

For more information about online testing and availability of test centers during COVID-19, go to FINRA’S COVID-19 exam page.

Notice Filing vs. State Registration

Notice filing is a topic that often confuses people studying for the Series 63 Uniform Securities Agent State Law exam or the Series 65 Uniform Continue reading

Notice filing is a topic that often confuses people studying for the Series 63 Uniform Securities Agent State Law exam or the Series 65 Uniform Investment Adviser Law exam or the Series 66 Uniform Combined State Law exam. Some mistakenly assume that notice filing is the same as state registration. While there are some similarities, notice filing and state registration are different and the Series 63, Series 65 and Series 66 exams require that you understand the distinction.

So what is notice filing, and how does it work?

To understand the concept of a notice filing, it’s important to know a bit about the entities to which it applies: federal covered advisers and federal covered securities. First, let’s look at federal covered advisers. A federal covered adviser is an SEC-registered adviser that offers investment advice in exchange for compensation. Any adviser with assets under management of $110 million must register as a federal covered adviser.

When it comes to registration, advisers are not subject to double registration, meaning that an investment adviser registered with the SEC does not need to register with any state, and an adviser that is required to register with a state does not register with the SEC. For federal covered advisers, this makes life easier because a federal covered adviser only needs to go through the rigorous registration process one time. Instead of registering in a state, on Form ADV that it files with the SEC, a federal covered adviser lists any states in which it will either have an office or more than five retail clients in a twelve-month period. The SEC then gives notice to the administrator in any state noted on the adviser’s form ADV that the adviser intends to do business in that state. This is a notice filing: a simple heads-up to the state administrator that the advisor will be doing business in its state. Depending on the requirements of the given state, the adviser may be asked to file additional paperwork and pay a fee before offering advice to clients in the state. But, happy day, the adviser gets to skip the state registration process.

Now let’s discuss notice filing for federal covered securities. What is a federal covered security? Well, many of the securities that the average investor is likely to own are federal covered securities. For example, any security traded on an exchange like the NYSE or NASDAQ is a federal covered security. Additionally, securities issued by investment companies that are registered under the Investment Company Act of 1940, such as mutual funds and closed-end funds, are federal covered securities. A federal covered security must be registered with the SEC, but the issuing company is not required to register it with any state. Instead, the issuer must note on its registration statement any state in which it intends to sell the security. The SEC then notifies the administrator of each noted state of the issuer’s intention to sell in that state. Sound familiar? It should because this is also a notice filing: a simple shout-out by the SEC to the state administrator that the security will be sold in its state. Typically the issuer is then required to submit its SEC registration documents to the administrator and pay a filing fee, but, and this is a biggie, the issuer does not need to go through the demanding state registration process in order to sell its securities in the state.

So it’s actually pretty simple. A federal covered security or adviser is registered once with the big boys at the SEC. After that, it’s all smooth sailing. No need for further registration, just a simple notice given to states in which the security will be sold or the adviser will offer investment advice.

Now that you’ve learned the difference between notice filing and state registration, let’s do a practice question to get you ready for the Series 63, Series 65 or Series 66 exam:

**

Spencer Investments is a federal covered investment adviser doing business in Oregon. The Administrator in Oregon requires a notice filing. Does this mean Spencer Investments must register in Oregon as well as with the SEC?

A. No. What it means is that Spencer needs to request that the SEC send the Oregon Administrator a copy of Spencer’s Form ADV, and Spencer needs to pay a notice filing fee to the Oregon Administrator.
B. Yes. Spencer does business in Oregon, so it must register in Oregon.
C. Spencer Investments does not have to register in Oregon but does need to fill out and file all the paperwork for registration so the Oregon Administrator is on “notice” regarding Spencer’s business in Oregon.
D. Yes. The Oregon requirements for registration may be more stringent than the SEC’s, so Spencer must comply with them to do business in Oregon.

Correct Answer: A.
No. What it means is that Spencer needs to request that the SEC send the Oregon Administrator a copy of Spencer’s Form ADV, and Spencer needs to pay Oregon a notice filing fee. A notice filing for an investment advisor is not a registration but means the registration papers Spencer Investments filed with the SEC are shared with the Oregon Administrator, and the Oregon Administrator receives a filing fee.

FINRA Extends Open Exam Windows To May 31

In response to the COVID-19 virus, FINRA has announced that it will extend Continue reading

In response to the COVID-19 virus, FINRA has announced that it will extend all exam enrollment windows that are currently open and scheduled to expire by the end of May. Each FINRA-administered exam enrollment end date will be extended through May 31, 2020.

For more information click here.

Prometric Test Centers Closed Until April 16

Solomon Offers Free 30-Day Extensions Continue reading

More Time To Study!

Solomon Offers Free 30-Day Extensions

Prometric has announced that it will close its test centers in the United States and Canada for a period of 30 days, starting today on March 17, due to the Covid-19 disease.  Prometric says it plans on  re-opening test centers effective April 16. 

In response, Solomon Exam Prep will offer a free 30-day extension to customers whose materials expire between March 17 and April 16.  Please call 503 601 0212 or email info@solomonexamprep.com to request your free 30-day extension.

Visit the Prometric website for further information regarding these closures.

The FINRA Series 22: Basic Exam Preparation

Get answers to some of your burning Series 22 questions from Jeremy Solomon, Solomon Exam Prep owner and president, plus test day tips! Continue reading

Did you know that the FINRA Series 22 exam is a much easier path to becoming a direct participation program representative than the Series 7?  A shorter exam requiring less study time, and you’re on your way to being qualified to solicit and sell interests in DPPs, including real estate, oil and gas, equipment leasing, BDCs, agricultural, like-kind exchanges, etc.

Click on the video link above and get answers to some of your burning Series 22 questions from Jeremy Solomon, Solomon Exam Prep owner and president, plus test day tips!

Solomon Live Web Classes Coming Soon….

Solomon Exam Prep’s Live Web Classes give you the opportunity to learn from and interact with an instructor in real time, from the comfort of your own home or office. Our instructors are experts and focus their classes on the aspects that will be most valuable in helping you pass your exam.

Classes are taken online via computer, tablet or smart phone. Internet access is required. The sessions are recorded and made available for later viewing if your schedule prevents you from attending all of the sessions.

Classes coming up in March and April:
Series 7 Top-Off: March 28th & 29th, 10:30 am – 3 pm ET
Series 24: March 30th – April 3rd, 2:30 – 4:30 ET
Series 63: April 2nd, 2 – 3:30 pm ET & April 3rd, 12:00 – 3:30 pm ET
Series 65: March 30th – April 3rd, 12:00 – 3:30 pm ET
Series 66: March 30th – April 3rd, 12:00 – 3:30 pm ET