Category: Series 50

The Clock Is Ticking: Series 50 Deadline is September 12, 2017

If you are a municipal advisor representative and have not yet passed the Series 50 exam, time is running out. As of this writing, you have 78 days until the September 12 deadline. After that, you will not be able to engage in municipal advisory activities until you have a Series 50 license. Continue reading

If you are a municipal advisor representative and have not yet passed the Series 50 exam, time is running out. As of this writing, you have 78 days until the September 12 deadline. After that, you will not be able to engage in municipal advisory activities until you have a Series 50 license.

A municipal advisor is any firm that provides advice to, or on behalf of, municipal entities or an obligated person, and a municipal advisor representative is an individual who works on the municipal advisor’s behalf.

According to Lynette Kelly, executive director of the MSRB, in The Bond Buyer, “after September 12, any firm that doesn’t have an individual qualified [as a municipal advisor representative] cannot represent that they can engage in municipal advisory activities.” In other words, you can’t do the work without the license.

The MSRB released the 110-question permanent Series 50 exam September 12, 2016, allowing municipal advisor representatives a one-year grace period to pass the test and get a Series 50 license.

If you fail the Series 50 exam, you must wait 30 days before taking it again. If you fail three times in a row, you must wait 180 days before retaking it.

Need help? The Solomon Exam Prep pass rate for the Series 50 exam is 94.29%. Click here for more information, or give us a call at 503-601-0212 for more information!

It’s Settled: SEC Shortens Regular-Way to T+2

If you’ve ever traded securities or studied for a securities licensing exam, then you’ve probably come across T+3. No, it’s not an herbal supplement or an embarrassing medical procedure. Continue reading

If you’ve ever traded securities or studied for a securities licensing exam, then you’ve probably come across T+3. No, it’s not an herbal supplement or an embarrassing medical procedure. T+3 refers to the regular-way settlement period for most securities transactions. This means that securities must be paid for and delivered by three business days from the trade date. T+3 also means you don’t become the owner of record of a security until three business days after you purchase it.

Well, add T+3 to the list of things that have gone out of style. Effective May 30, 2017, the SEC will shorten the regular-way settlement period to two business days. And so will begin the age of T+2, which is intended to “increase efficiency and reduce risk for market participants,” according to SEC Acting Chairman Michael Pinowar.

This shorter settlement period for the trading of secondary market securities has been discussed by the SEC for years. The change is expected to lower margin requirements for clearing agency members, reduce liquidity stress when markets are volatile, and harmonize settlement with European markets, which moved to T+2 in 2014.

This settlement period will not apply to every securities transaction, though. T+2, like T+3 before it, will apply to:

  • Stocks
  • Bonds
  • Municipal securities
  • Exchange-traded funds
  • Mutual funds traded through a brokerage firm
  • Unit investment trusts
  • Limited partnerships that trade on an exchange

The securities industry moves fast. Don’t get left behind! Visit www.solomonexamprep.com or call us at 503-601-0212 for more information about the latest securities exam preparation and education.

Solomon has helped thousands pass their 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 Series 99.

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/