Exam Alert: FINRA requires firms to file SSOI supplement to FOCUS Reports

FINRA Rule 4524, which became effective on February 28, 2012, allows FINRA to require member firms to file supplemental reports to their Financial and Operational Combined Uniform Single (FOCUS) Report. Continue reading

FINRA Rule 4524, which became effective on February 28, 2012, allows FINRA to require member firms to file supplemental reports to their Financial and Operational Combined Uniform Single (FOCUS) Report.  FINRA will require firms to file the Supplemental Statement of Income (SSOI), which provides a more detailed breakdown of certain financials than the Statement of Income page of the FOCUS Report.  Firms that derive more than 10% of their revenues from unregistered offerings will be required to complete an Operational Page that requires additional information about each unregistered offering.  Firms will have to file the SSOI within 20 business days of the end of each calendar quarter, and the due date for the first required SSOI is October 26, 2012.

Source: FINRA Regulatory Notice 12-11

This alert applies to the Series 24, the Series 26 and the Series 99.

Solomon Exam Prep Introduces Series 82 Online Exam Simulator

Solomon Exam Prep is pleased to announce our industry-leading online exam simulator for the Series 82!

If you have to take the FINRA Series 82 Private Securities Offerings exam, and want as much practice as possible before you do, then the Solomon Exam Prep online exam simulator is right for you. Continue reading

Solomon Exam Prep is pleased to announce our industry-leading online exam simulator for the Series 82!

If you have to take the FINRA Series 82 Private Securities Offerings exam, and want as much practice as possible before you do, then the Solomon Exam Prep online exam simulator is right for you.

The Exam Simulator features an unlimited number of randomly-generated section quizzes as well as full-length exams, both in timed and untimed modes. New questions are added regularly to the Solomon Exam Prep Series 82 question database, so that you get the best experience possible in this fast-changing industry.

Studies have shown that self-testing is a powerful tool for learning.  It just goes to show that the old saying is true: practice really does make perfect.

Begin practicing for your Series 82 exam with the Solomon Exam Prep Series 82 Online Exam Simulator today!

Solomon Exam Prep Partners with Garrett College

We’re pleased to announce that Garrett College is joining with Solomon Exam Prep to offer securities licensing exam training classes and materials to the Garrett College community.

As part of their Continuing Education and Workforce Development program, Garrett College offers a wide variety of noncredit educational opportunities to serve the students as well as the Garrett County community, local businesses, agencies, and groups. This new partnership with Solomon Exam Prep will expand their offerings into the realm of financial services training. Continue reading

We’re pleased to announce that Garrett College is joining with Solomon Exam Prep to offer securities licensing exam training classes and materials to the Garrett College community.

As part of their Continuing Education and Workforce Development program, Garrett College offers a wide variety of noncredit educational opportunities to serve the students as well as the Garrett County community, local businesses, agencies, and groups. This new partnership with Solomon Exam Prep will expand their offerings into the realm of financial services training.

Solomon Exam Prep has helped thousands of financial professionals pass their FINRA and NASAA licensing exams, and we look forward to sharing our expertise with the Garrett College community. Whether they are new to financial services or seasoned professionals looking to expand their businesses and needing to pass the necessary exams, the Solomon Exam Prep training system addresses the learning needs of all kinds of test takers.

Welcome Garrett College Continuing Education students!

Exam Alert: FINRA recommends heightened supervision for complex products

On January 17, 2012, FINRA highlighted the need for firms to have adequate supervisory and compliance programs in place in order for registered representatives to recommend complex products. FINRA identified several characteristics that may cause a product to be considered “complex,” such as embedded derivatives or contingencies. The notice states that agents should determine suitability, consider the customer’s financial sophistication, discuss the products with the customer, and consider alternative investments that could meet the customer’s goals. The firm should also review the performance of the products and train the agents about the products. Continue reading

On January 17, 2012, FINRA highlighted the need for firms to have adequate supervisory and compliance programs in place in order for registered representatives to recommend complex products.  FINRA identified several characteristics that may cause a product to be considered “complex,” such as embedded derivatives or contingencies.  The notice states that agents should determine suitability, consider the customer’s financial sophistication, discuss the products with the customer, and consider alternative investments that could meet the customer’s goals.  The firm should also review the performance of the products and train the agents about the products.

Source: FINRA Regulatory Notice 12-03

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

Exam Alert: Disclosures required by the Department of Labor do not need to be filed with FINRA

On October 20, 2010, the U.S. Department of Labor (DOL) adopted a rule that requires retirement plan administrators to show participants in participant-directed individual account plans (e.g., 401(k) plans) information on alternative investment options. On January 13, 2012, FINRA stated that communications that contain only the information required by the DOL rule do not need to be filed with FINRA. Note that communications that have additional information not required by the DOL rule must be filed with FINRA. Continue reading

On October 20, 2010, the U.S. Department of Labor (DOL) adopted a rule that requires retirement plan administrators to show participants in participant-directed individual account plans (e.g., 401(k) plans) information on alternative investment options.  On January 13, 2012, FINRA stated that communications that contain only the information required by the DOL rule do not need to be filed with FINRA.  Note that communications that have additional information not required by the DOL rule must be filed with FINRA.

Source: FINRA Regulatory Notice 12-02

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

Exam Alert: FINRA alters short interest reporting requirements

Effective December 15, 2011, FINRA has modified the rules for submitting short interest data. Specifically, when reporting such data for a security that is primarily listed on the BATS Exchange, the new exchange/market code “H” is used. Continue reading

Effective December 15, 2011, FINRA has modified the rules for submitting short interest data.  Specifically, when reporting such data for a security that is primarily listed on the BATS Exchange, the new exchange/market code “H” is used.

Source: FINRA Regulatory Notice 11-55

This alert applies to the Series 24.

Exam Alert: FINRA modifies rules to protect certain documents from discovery

The SEC has approved a change to FINRA Rule 9251, effective December 2, 2011. This change to the rule explicitly protects from discovery documents that federal law prohibits FINRA from disclosing. Continue reading

The SEC has approved a change to FINRA Rule 9251, effective December 2, 2011.  This change to the rule explicitly protects from discovery documents that federal law prohibits FINRA from disclosing.  Previously, FINRA’s Enforcement and Market Regulation Departments needed to seek a “good cause” determination to withhold the documents – this is no longer the case.

Source: FINRA Regulatory Notice 11-50

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

Exam Alert: New passing score for the Series 99 is 68%

First off, congratulations to all of our students who have passed the Series 99: FINRA Operations Professional Exam! We know many of you were anxious about this brand new exam Continue reading

First off, congratulations to all of our students who have passed the Series 99: FINRA Operations Professional Exam! We know many of you were anxious about this brand new exam (and brand new experience with standardized testing for many of you). But your hard work paid off, so well done!

As our students let us know they’ve passed, they’ve also told us that the current passing score for the Series 99 is 68%. Don’t let that low score fool you – this exam will still require hard work and diligent studying to pass. We continue to monitor this brand new exam and will keep you updated to any changes to the passing score or to the exam. Be sure to subscribe to our Blog and regularly check our Exam FAQs and Exam Updates pages to keep current with exam information!

Sign-up for our NEW live, online Series 62 class today

Solomon Exam Prep’s line of study materials for the Series 62 exam is growing. We are excited to announce our new live, interactive online classes for the FINRA Series 62 Corporate Securities Limited Representative Qualification Exam! Continue reading

Solomon Exam Prep’s line of study materials for the Series 62 exam is growing. We are excited to announce our new live, interactive online classes for the FINRA Series 62 Corporate Securities Limited Representative Qualification Exam!

Studying for the Series 62 can be a daunting task: the 50-page FINRA outline is long enough to intimidate even the best of test takers! Let Professor Karen Solomon, Ph.D. guide you through the intricacies of corporate securities including corporate bonds, rights, warrants, money-market funds and REITS. Professor Solomon will give you the best need-to-know information in four 2-hour sessions. This live, online class will feature practice questions mixed throughout the easy-to-understand lectures. And your questions are not just allowed, but encouraged! If you miss some or all of the sessions, not to worry: with your purchase, you will also enjoy 15 days access to your recorded class!

Our next class starts Monday, January 30, 2012. Visit our website or give us a call at (503) 601-0212 to sign-up today!