Watch the latest Solomon Exam Prep video for a complete look at the Solomon learning system and what it offers students and firms. Continue reading
Solomon Exam Prep has helped thousands of financial professionals pass their FINRA, NASAA, MSRB, and NFA licensing exams. Watch the video for a complete look at the Solomon learning system and what it offers students and firms.
To explore Solomon Exam Prep study materials for 21 different securities licensing 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, visit the Solomon website.
Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card. Continue reading
Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.
Question
Relevant to the Series 7, Series 62, Series 65, Series 79, Series 82, and Series 99.
D. Securities issued by a company that files with the SEC are never restricted
Answer: A. Rule 144 requires purchasers of restricted securities to hold them for a certain amount of time before they sell them. If the issuer is a company that files reports with the SEC, the holding period is six months. If the issuer is a non-reporting company, the holding period is 12 months.
Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card. Continue reading
Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.
Question
Relevant to the Series 62, Series 79, and Series 82.
D. It has no dollar limit
Answer: D. A private placement offering under Regulation D, Rule 506(b) has no dollar limit. The other three responses are advantages of Regulation A offerings.
Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card. Continue reading
Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.
Question
Relevant to the Series 6, Series 7, Series 24, Series 26, Series 62, Series 79, Series 82, and Series 99.
D. A confirmation of one of Doug’s trades
Answer: B. The general tier of recordkeeping is three years, six years, and lifetime, although there are some records with retention periods of four or five years. Additionally, the firm must keep most records easily accessible for the first two years.
Customer ledgers fall in the six-year tier, Suspicious Activity Reports (SARs) fall in the five-year tier, customer complaints fall in the four-year tier, and trade confirmations fall in the three-year tier.
Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card. Continue reading
Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.
Question
Relevant to the Series 6, Series 7, Series 62, Series 65, Series 66, Series 82, and Series 99.
D. Due to a corporate merger, his shares are exchanged for shares in LargerCo
***Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.*** Continue reading
Congratulations to Margaret C., this month’s Study Question of the Month winner!
See the answer below!
***Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.***
Question (Relevant to the Series 6, Series 7, Series 62, Series 65, Series 66, Series 82)
To qualify as a long-term capital gain or loss, stock must be held for more than one year. At purchase, the holding period clock begins:
A. On the trade date
B. One day after the trade date
C. On the settlement date
D. One day after the settlement date
Answer: B. According to the IRS, the holding period clock begins the day after the shares were purchased.
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:
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.
Passed Series 62 on the first try. Much better program than other companies I used for 6, 63, and 65. Excellent test questions. Continue reading
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.
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.
This month’s study question from the Solomon Online Exam Simulator question database is now available! Continue reading
Congratulations to Nick M., this month’s Study Question of the Month winner! (Nick M. is no relation to last month’s winner.)
See the answer below!
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.***
Question (Relevant to the Series 6, Series 7, Series 62, Series 65, Series 66, and Series 99):
A single 41-year old who earns $200,000 per year wants to convert his traditional IRA to a Roth IRA. Which of the following is the best answer?
A. He may not convert because his income exceeds the limit permitted for such conversions.
B. He may convert up to $5,500 per year.
C. He may not convert because he younger than 50.
D. He may convert without restrictions.
Answer: D. If your modified adjusted gross income is greater than $133,000 (single filer) or $194,000 (married filing jointly), then you may not contribute to a Roth IRA. However, there are no income or age restrictions on converting funds from a traditional IRA to a Roth IRA. A conversion from a traditional IRA to a Roth IRA is not counted as a “rollover” under the one per year rollover rule.
