Category: FINRA

Exam Alert: FINRA amends TRACE reporting requirements, moves trade processing onto MPP

The SEC has approved amendments to FINRA’s reporting requirements for transactions in TRACE-eligible securities other than asset-backed securities. These amendments are associated with FINRA plans to move trade processing for TRACE-eligible securities that are not currently on the multi product platform (MPP) onto the MPP. Continue reading

The SEC has approved amendments to FINRA’s reporting requirements for transactions in TRACE-eligible securities other than asset-backed securities.  These amendments are associated with FINRA plans to move trade processing for TRACE-eligible securities that are not currently on the multi product platform (MPP) onto the MPP.  The affected securities include corporate bonds and agency debt securities.  The changes include:

-Firms can report the actual date of execution for transactions executed on non-business days.

-Firms must report the size of a transaction as the total par value or principal value traded.

-Firms must report the total dollar amount of the commission.

-Firms must report the date of settlement.

The amendments and the platform migration will take effect February 6, 2012.

 

Source: FINRA Regulatory Notice 11-53

 

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

Take advantage of our NEW reduced prices for our Series 99 products!

Blame the eggnog or perhaps it’s just the holiday spirit, but we have recently reduced our prices for our Series 99 Operations Professional Exam study materials! Continue reading

Blame the eggnog or perhaps it’s just the holiday spirit, but we have recently reduced our prices for our Series 99 Operations Professional Exam study materials! This Bernie Madoff-inspired exam was designed to encourage accountability amongst back office professionals. We currently offer a class and online exam simulator to help you with all your study needs. Our class price has been reduced to $139.95 and our online exam simulator is a steal at $69.95. If you purchase the Basic Package, you will save an extra 10% off the total price!

For more information about our Series 99 products, please click here.

Practice makes perfect: Study for the Series 55 Equity Trader Exam with the new Solomon Series 55 Online Exam Simulator

Test your knowledge about piggybacking, pink sheets and MPIDs with our industry-leading online exam simulator for the FINRA Series 55 exam. Take short topic quizzes, full-length exams with immediate feedback or simulate Continue reading

Test your knowledge about piggybacking, pink sheets and MPIDs with our industry-leading online exam simulator for the FINRA Series 55 exam.  Take short topic quizzes, full-length exams with immediate feedback or simulate the real thing by taking full-length timed exams.  New questions are added regularly to the Solomon Exam Prep Series 55 question database so the product stays current in this fast-changing industry.

In a 2011 study, published in the journal Science, two Purdue University Psychologists showed that practicing memory retrieval via testing is the best strategy for learning.  For more information about the landmark study, click here.

The old saying is true:  Practice makes perfect … so start practicing for the Series 55 by clicking here!

Exam Alert: FINRA provides guidance on TIPS fund advertising

On October 27, 2011, FINRA provided guidance on its rules that govern communications with the public regarding Treasury Inflation-Protected Securities (TIPS) funds. Specifically, if a TIPS fund’s current yield is adjusted monthly based on changes in the inflation rate, communication must explain that these changes can cause the yield to vary greatly from month to month. If an advertisement includes an unusually high current yield, “the material must disclose that the yield is attributable to the rise in the inflation rate, which might not be repeated.” Continue reading

On October 27, 2011, FINRA provided guidance on its rules that govern communications with the public regarding Treasury Inflation-Protected Securities (TIPS) funds.  Specifically, if a TIPS fund’s current yield is adjusted monthly based on changes in the inflation rate, communication must explain that these changes can cause the yield to vary greatly from month to month.  If an advertisement includes an unusually high current yield, “the material must disclose that the yield is attributable to the rise in the inflation rate, which might not be repeated.”

Source: FINRA Regulatory Notice 11-49

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

Exam Alert: FINRA provides guidance on the use of FINRA in firm trademarks

On October 27, 2011, FINRA provided guidance on its rules that govern communications with the public regarding indicating FINRA membership. Specifically, FINRA stated that firms and associated persons may not use FINRA’s trademark in the firm’s or individual’s trademark. The firm’s or individual’s trademark also must not include references to FINRA membership. Continue reading

On October 27, 2011, FINRA provided guidance on its rules that govern communications with the public regarding indicating FINRA membership.  Specifically, FINRA stated that firms and associated persons may not use FINRA’s trademark in the firm’s or individual’s trademark.  The firm’s or individual’s trademark also must not include references to FINRA membership.

Source: FINRA Regulatory Notice 11-49

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

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: 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

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!