Category: MSRB

Study Question of the Month – October 2016

This month’s study question from the Solomon Online Exam Simulator question database is now available! Continue reading

This month’s study question from the Solomon Online Exam Simulator question database is now available!

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

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Question (Relevant to the Series 6, Series 7, Series 24, Series 26, Series 27, Series 51, Series 52, Series 53, and Series 82):

Which of the following claims would be covered by SIPC?

A. Claims of officers or partners of the failed firm

B. Claims involving nontransferable assets

C. Claims of subordinated lenders

D. Claims of persons who own more than 5% of the failed firm

Answer: B. SIPC only covers losses due to firm bankruptcy. It does not cover market losses. Nontransferable assets, such as proprietary funds and bonds in default, are covered as long as they are within the $500,000 limit for the account.

Additionally, the following claims are excluded from SIPC coverage:

  • Claims of officers or partners of the failed firm
  • Claims of persons who own more than 5% of the failed firm
  • Claims of subordinated lenders

Don’t Forget! Now You Can Register for the Series 50 Permanent Exam

As of September 12, 2016, the MSRB has opened the Series 50 permanent exam for municipal advisor firms to register their municipal advisor representatives. Continue reading

As of September 12, 2016, the MSRB has opened the Series 50 permanent exam for municipal advisor firms to register their municipal advisor representatives.

Here are a few things to remember:

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  • If you are required to take the Series 50 exam, you have a one-year grace period (ending September 12, 2017) during which you can engage in municipal advisory activities before you must pass the exam.
  • If you took the Series 50 pilot exam and did not pass, your first attempt at the Series 50 permanent exam is free.
  • The passing score for the Series 50 exam is 71%.
  • You have 180 minutes to complete the test.
  • The exam fee is $265.
  • If you used Solomon’s pilot exam study materials and did not pass, we will renew your materials at no charge. Just give us a call at 503-601-0212.

Visit http://apps.finra.org/testcenter/1/locations.aspx to find a testing location near you!

Announcing the Release of the Solomon Exam Prep Android Mobile App!

With the release of the Solomon Exam Prep app, you have full mobile access to your Solomon study materials with the click of a button. Continue reading

Do you need to take a securities licensing exam?

Do you wish you had more time to study?

With the release of the Solomon Exam Prep Android app, you have full mobile access to your Solomon study materials at the click of a button.

  • Easier and quicker—Just click the Solomon Exam Prep icon on your phone to be taken directly to your account.
  • Access all your materials—The app provides full site functionality and access to your study guide, exam simulator, audiobook, and video lecture.
  • No typing on tiny keyboards—Don’t worry about typing in a web address! Our app will take you right where you need to be.

Move into the future of mobile securities exam prep with the Solomon Exam Prep app!

To download the app, please visit: goo.gl/IkNceh

Solomon Exam Prep has helped thousands of financial professionals pass their FINRA, NASAA, and MSRB licensing exams, including the Series 6, Series 7, Series 24, Series 26, Series 27, Series 28, Series 50, Series 51, Series 52, Series 53, Series 62, Series 63, Series 65, Series 66, Series 79, Series 82, and the Series 99.

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Solomon Exam Prep Launches MSRB Series 50 Permanent Exam Study Program

Solomon Exam Prep has published study materials for professionals required to take the upcoming Series 50 permanent exam. Continue reading

series50cover_fmtSolomon Exam Prep has published study materials for professionals required to take the upcoming Series 50 permanent exam. 

Portland, OR, August 22, 2016. After helping hundreds of individuals study and pass the MSRB Series 50 Pilot Exam, Solomon Exam Prep is proud to present a new, revised, and updated Series 50 exam prep program. The new program contains over 1,250 original practice questions.

“We were pleased with our students’ success on the Series 50 pilot exam: an 93.87% pass rate versus the national Series 50 pass rate of 84%.  And we are excited to announce the launch of the Solomon Series 50 exam prep program,” said Jeremy Solomon, president of Solomon Exam Prep.  “The MSRB updated and revised their Series 50 exam content outline and we responded to the regulators’ exam content changes, as well to student feedback from the pilot exam. For example, we added and updated material on MSRB Rules G-20, G-37, and G-42 governing activities of municipal advisors,” said Jeremy Solomon.

The Solomon Exam Prep Series 50 study program includes a Series 50 Exam Guide (digital and hard copy), a Series 50 Exam Simulator, and a Series 50 Video Lecture. Solomon Exam Prep’s innovative technology lets students study anytime, anywhere.

Informed by Professor Karen Solomon’s Ph.D. research on learning and memory, Solomon study materials emphasize learning then practicing, learning then practicing . . . With over 1,250 original practice questions, Solomon Series 50 students have a deep and robust pool of practice questions to hone their Series 50 exam knowledge and give them the active knowledge they need to pass the test. “Practice really does make perfect,” says Jeremy Solomon.

Important Things to Know about the Series 50 Exam

Launch date: September 12, 2016

Number of questions on the exam: 100

Passing score: 71%

Time to take the exam: 180 minutes

Exam fee: $265

Registration form: U4 for FINRA members or U10 for non-FINRA members

Exam location: Pearson VUE or Prometric testing centers

Who must take the exam: According to the MSRB, “a natural person associated with a municipal advisor who engages in municipal advisory activities on the municipal advisor’s behalf, other than a person performing only clerical, administrative, support or similar functions, must qualify by examination as a municipal advisor representative.”

Five decades in the muni business didn’t guarantee I’d pass the Series 50 pilot exam. (Just knowing content doesn’t mean you are ready for the test.) Thankfully, my Solomon Exam Prep materials were fantastic at teaching complex subject matter in a way that made the answers clear, and I passed the test with ease.

If you plan to take the Series 50 exam, then I strongly recommend that you give yourself the edge that Solomon’s study materials provide.  

John Canney
Municipal Advisors Group
Boston, MA

MEDIA CONTACT

Tim Kerlin
Solomon Exam Prep
6750 SW Franklin St.
Portland, OR 97223
(503) 601-0212
tim@solomonexamprep.com
http://www.solomonexamprep.com

Now Effective: MSRB Rule G-37

On August 17, 2016, MSRB Rule G-37, known as the “pay to play” rule, will be extended to apply to municipal advisors. Continue reading

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On August 17, 2016, MSRB Rule G-37, known as the “pay to play” rule, will be extended to apply to municipal advisors.

The rule has two main components. First, it prohibits municipal securities dealers and municipal advisors from engaging in certain types of business with a municipality if they have made political contributions to an official of the municipality. This ban on business lasts two years from the date of the triggering contribution. Second, the rule requires municipal securities dealers and municipal advisors to disclose specific information related to political contributions.

The pay to play rule does carve out an exception for small contributions in elections by municipal finance professionals (MFPs) and municipal advisory professionals (MAPs) who are entitled to vote for an elected official. MFPs and MAPs are allowed to contribute up to $250 per election in which they are entitled to vote.

MSRB Rule G-37 is covered in Solomon Exam Prep Series 50, Series 51, Series 52, and Series 53 study materials. For more information, visit www.SolomonExamPrep.com or call us at 503-601-0212.

New MSRB Rule G-42: Duties of Non-Solicitor Municipal Advisors

MSRB Rule G-42, Duties of Non-Solicitor Municipal Advisors, will be effective June 23, 2016, and was recently added to the outline for the Series 50 exam. Continue reading

G-42MSRB Rule G-42, Duties of Non-Solicitor Municipal Advisors, will be effective June 23, 2016, and was recently added to the outline for the Series 50 exam.

The rule requires that municipal advisors meet certain standards of conduct in their dealings with municipal entities, which includes fulfilling two duties: a duty of care and a duty of loyalty.  Though G-42 goes into great detail about municipal advisor responsibilities, the duties of care and loyalty are the basis for everything included in the rule.

In order to fulfill its duty of care, the municipal advisor must:

• Have enough knowledge and expertise to give informed advice to the municipal entity

• Reasonably inquire into all relevant facts before allowing a municipality to proceed on a particular course of action or before giving advice

• Undertake a reasonable investigation to determine that its advice is not based on materially inaccurate or incomplete information

In order to fulfill its duty of loyalty, a municipal advisor must:

• Be honest and act in good faith

• Put the municipal client’s interests before its own financial or other interests

• Not perform municipal advisory activities for the client if its conflicts of interests will prevent it from acting in the client’s best interests

The rule requires municipal advisors to put their municipal advisory relationships in writing “prior to, upon or promptly after” the relationship begins, and requires them to disclose all conflicts of interest in writing to the municipal client.

Finally, Rule G-42 provides a list of specifically prohibited activities and explains how a firm must respond if it inadvertently provides advice to a municipal entity.

The rule was written to conform to the fiduciary duty placed on municipal advisors by the Dodd-Frank Act.

Solomon Exam Prep has helped thousands pass the Series 6, 7, 63, 65, 66, 24, 26, 27, 50, 51, 52, 53, 62, 79, 82 and 99 exams. For more information visit http://www.solomonexamprep.com/

Series 50 Permanent Exam Outline Released

The MSRB recently announced that the Series 50 permanent exam will be available starting on September 12, 2016. The Series 50 pilot exam, which was a precursor to the permanent exam, was available from January 15, 2016, to February 15, 2016, and helped to set the permanent exam passing score of 71%. Continue reading

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The MSRB recently announced that the Series 50 permanent exam will be available starting on September 12, 2016.  The Series 50 pilot exam, which was a precursor to the permanent exam, was available from January 15, 2016, to February 15, 2016, and helped to set the permanent exam passing score of 71%.

In preparation for the release of the permanent exam, the MSRB updated the Series 50 outline to reflect current rules.  Specifically, the following references were added to Function One of the outline:

  • Rules governing activities of municipal advisors (for example, professional qualification, fiduciary duty, and recordkeeping)
  • Rule G-20 (“Limitations on Gift Giving”), as it applies to municipal advisors
  • Rule G-37 (“Pay to Play” Rule), as it applies to municipal advisors
  • Rule G-42 (“Duties of Non-Solicitor Municipal Advisors”)

The MSRB also removed the reference to Rule G-32 (“Disclosure in Connection with Primary Offerings”) from Function One, most likely because this is more relevant to brokers, dealers, and municipal securities dealers than it is to municipal advisors.

Additionally, Function Two of the outline now refers to “rating agencies” instead of the “major three rating agencies.”

Finally, the MSRB added three new sample questions at the end of the outline to replace sample questions 2, 3, and 4.

Solomon Exam Prep has helped thousands pass the Series 6, 7, 63, 65, 66, 24, 26, 27, 50, 51, 52, 53, 62, 79, 82 and 99 exams. For more information visit SolomonExamPrep.Com or call 503.601.0212.

MSRB Series 50 Pilot Exam Becomes Permanent

Today, the MSRB announced that the permanent Municipal Representative Qualification Exam (Series 50) will be made available on September 12, 2016. On that day, a municipal advisor will be able to open a 120-day examination window for a municipal advisor representative. Continue reading

prod_bkSEP50Today, the MSRB announced that they will make the permanent Municipal Representative Qualification Exam (Series 50) available on September 12, 2016. On that day, a municipal advisor will be able to open a 120-day examination window for a municipal advisor representative.

Also, anyone who took the Series 50 pilot exam was notified today whether or not they passed. Individuals who took the Series 50 pilot but did not pass will have an extended exam window of one year (September 12, 2016 – September 12, 2017) to retake the exam one time for free.

Other relevant Series 50 exam information:

  • The permanent Series 50 exam will have 100 questions.
  • The passing score of the permanent Series 50 exam will be 71%.
  • Students taking the permanent Series 50 will have 3 hours to take the exam.
  • The fee to take the Series 50 exam will be $265.
  • If you took and passed the Series 50 pilot exam and you stop working for a municipal advisor, your Series 50 qualification will remain valid for two years.
  • The MSRB is providing a one-year grace period during which individuals will be able to take the municipal advisor representative exam while still engaging in municipal advisory activities. That means that municipal advisor representatives are not required to have the Series 50 qualification until September 12, 2017.
  • Municipal advisor representatives may indicate that they passed the Series 50 exam but suggesting that passing the Series 50 makes you more qualified than someone who hasn’t could be misleading and might get you in trouble with the MSRB or the SEC.
  • The Series 50 content outline is being updated and will be made available on the MSRB web site by July 1, 2016.

Solomon Exam Prep is updating its Series 50 materials based on customer feedback and based on regulatory and MSRB exam outline changes. Solomon Series 50 pilot students who did not pass the Series 50 pilot exam, will receive another 180-days of access to their Solomon Series 50 study materials. Please contact us either by phone at 503.601.0212 or via email (info@solomonexamprep.com) to have your account reset.

Follow us to keep up-to-date with all Series 50 updates and news!

MSRB Includes Municipal Advisors in Gift Limitations

MSRB Rule G-20 limits broker-dealers from giving gifts worth more than $100, if the gift is given in relation to municipal securities activities. Effective May 6, 2016, this rule extends to municipal advisors and their associated persons. Continue reading

Rule G-20

MSRB Rule G-20 limits broker-dealers from giving gifts worth more than $100, if the gift is given in relation to municipal securities activities.  Effective May 6, 2016, this rule extends to municipal advisors and their associated persons.

There are a few exceptions to this rule, which include:

• Occasional gifts of meals or tickets to the theatre or sporting events, if the municipal advisor accompanies the client
• Legitimate business functions recognized by the IRS as deductible business expenses
• Promotional gifts that bear the municipal advisor’s logo
• Gifts that commemorate a transaction, for example, a plaque given upon closing
• Gifts of negligible value, like pens
• Personal gifts given on special, infrequent occasions, like weddings or funerals

When determining the value of the gift, the municipal advisor must take the higher of the cost or the market value.  This means that if a municipal advisor is given tickets that are worth $200, and the municipal advisor passes those tickets along to a client, that gift exceeds the $100 limit, even though the municipal advisor did not pay for it.

Note: Rule G-20 limits broker-dealers and municipal advisors to gifts of $100 per person, per year.  This means that three $50 gifts in a 12-month period will exceed the $100 limit.