Category: Series 66

Exam Alert: SEC requires private fund advisers to file Form PF

A new SEC rule requires investment advisers with at least $150 million in private fund assets under management to periodically file Form PF. Large private fund advisers are required to file more frequently and to provide more detailed information than small private fund advisers. Continue reading

A new SEC rule requires investment advisers with at least $150 million in private fund assets under management to periodically file Form PF.  Large private fund advisers are required to file more frequently and to provide more detailed information than small private fund advisers.  Most private advisers must begin filing December 15, 2012.  Private advisers with $5 billion or more in private fund assets must begin filing June 15, 2012.

Source: SEC Release 2011-226

This alert applies to the Series 65, 66, 24, 62, and 82.

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: SEC gives guidance on cyber attack threat disclosure

On October 13, 2011, the Securities and Exchange Commission issued new guidelines that clarify the application of existing disclosure rules. Specifically, the SEC has identified cyber attack incidents, along with the risk of cyber attacks, as material information that must be disclosed to investors. Continue reading

On October 13, 2011, the Securities and Exchange Commission issued new guidelines that clarify the application of existing disclosure rules.  Specifically, the SEC has identified cyber attack incidents, along with the risk of cyber attacks, as material information that must be disclosed to investors.

Source: CF Disclosure Guidance: Topic No. 2

Further reading: “SEC tells companies to disclose cyber attacks”

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

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.

Android Apps have arrived at Solomon Exam Prep

If you’re looking to study for a FINRA or NASAA licensing exam on the go and use an Android phone, you’re in luck. Solomon Exam Prep has arrived Continue reading

If you’re looking to study for a FINRA or NASAA licensing exam on the go and use an Android phone, you’re in luck. Solomon Exam Prep has arrived in the Android Market! Solomon Exam Prep mobile apps offer hundreds of practice exam questions designed to help you study for the Series 7, Series 6, Series 63, Series 65, Series 66, Series 62 and Series 79 exams at your convenience.

All Solomon Exam Prep apps retail for $9.99 aside from the Series 62 app, which is $18.99. If you’re studying for the Series 3, 4, 7 or 24 exams, you can also check out our Options app for those tricky options questions.  Curious about whether our apps are right for you? Lite versions are available to give you a free preview.

Whether you’re looking for a supplement to your Solomon Exam Prep classes and workbooks or you just want to do some quick review on your own, our Android apps will allow you to study for the following exams anywhere you have your phone:

  • FINRA Series 7 General Securities Representative exam
  • FINRA Series 6 Investment Company Products/Variable Contracts Limited Representative exam
  • FINRA Series 62 Corporate Securities Limited Representative exam
  • NASAA Series 63 Uniform Securities Agent State Law exam
  • NASAA Series 65 Uniform Investment Adviser Law exam
  • NASAA Series 66 Uniform Combined State Law exam
  • FINRA Series 79 Limited Representative Investment Banking exam (lite only)
  • An Options-only app great for specialized study for the Series 3, 4, 7 and 24 exams

Download Our Apps at: https://play.google.com/store/apps/developer?id=Solomon+Exam+Prep

For more information about Solomon Exam Prep, go to www.SolomonExamPrep.Com.

Study Alert: New memory retention study finds reading hard copy is better than reading online

A University of Oregon study shows that readers of the printed New York Times “remember significantly more news stories than online news readers.” Continue reading

A University of Oregon study shows that readers of the printed New York Times “remember significantly more news stories than online news readers.”  Additionally, the study shows that print readers “remember significantly more topics than online newsreaders” and that print readers remembered “more main points of news stories.”

For anyone studying for an exam and thinking about what type of study material to use, this study from Arthur D. Santana, Randall Livingstone and Yoon Cho is something to be aware of.  Click on the following link below for the full article:

http://img.slate.com/media/66/MediumMatters.pdf.

Exam Alert: FINRA Charges New Fees for Canceling or Rescheduling Exams

FINRA has changed its rules regarding fees for canceling and rescheduling exams. Beginning September 1, 2011, if you cancel or reschedule an exam within Continue reading

FINRA has changed its rules regarding fees for canceling and rescheduling exams.  Beginning September 1, 2011, if you cancel or reschedule an exam within 3-10 business days of the scheduled date, you will be charged one-half of the exam fee being canceled or rescheduled.  If you cancel or reschedule within two days prior to the exam date, you will be charged the full exam fee.

You can check out the full notice from FINRA by clicking here.

Exam Alert: SEC alters investment adviser registration and reporting requirements

The SEC has adopted changes to the registration and reporting requirements that private fund advisers face. Unless the private fund adviser meets Continue reading

The SEC has adopted changes to the registration and reporting requirements that private fund advisers face.  Unless the private fund adviser meets an exemption, they must register with the SEC.  Exemptions from registration are provided for venture capital fund advisers and private fund advisers with less than $150 million in assets under management in the U.S., though these advisers must still report certain business information.  Foreign private advisers are exempt from the registration and reporting requirements.

Source: SEC Release 2011-133

Exam Alert: Mid-sized advisers must register with the states

The SEC has modified the standards for federal investment adviser registration. They have raised the bar for federal registration from Continue reading

The SEC has modified the standards for federal investment adviser registration.  They have raised the bar for federal registration from $25 million in assets under management to $100 million.  Advisers with between $25 million and $100 million in assets under management fall into the new category of “mid-sized advisers,” which must register with the states unless they qualify for federal registration based on other criteria.  Mid-sized advisers have until June 28, 2012 to register at the state level.

Source: SEC Release 2011-133

Exam Alert: SEC approves exemption from investment adviser registration for “family offices”

On June 22, 2011, the SEC approved an exclusion for “family offices” from the regulations of the Investment Adviser Act of 1940. The new exemption applies Continue reading

On June 22, 2011, the SEC approved an exclusion for “family offices” from the regulations of the Investment Adviser Act of 1940.  The new exemption applies to a company that only provides advice to “family clients,” is wholly owned by “family clients,” and does not hold itself out to the public as an investment adviser.  “Family clients” include family members, key employees, and certain other clients.

Family offices were typically covered under the exemption for advisers with fewer than 15 clients, but that exemption will be removed under Dodd-Frank changes.

Relevant to the Series 7, 6, 65, 66, 63, 24 and Series 26 exams.

Source: SEC Release 2011-134