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.
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.
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.
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:
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.
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!
FINRA recently posted the outline for the new Series 99 Operations Professionals Exam. The Madoff-inspired test is meant to ensure that Continue reading
FINRA recently posted the outline for the new Series 99 Operations Professionals Exam. The Madoff-inspired test is meant to ensure that operations professionals understand the fundamentals of the operations and regulations of a broker-dealer’s business. Click here to see the official outline.
What will be tested on the exam?
This exam will be three hours and consist of 110 questions (10 unscored) focusing on the following three topics:
Basic knowledge associated with the securities industry – basic questions about SROs, types of markets, types and characteristics of securities, broker-dealers versus investment advisers, suitability, and types of broker-dealers
Basic knowledge associated with broker-dealer operations – basic questions about types of accounts, maintenance of accounts, custody, anti-money laundering, margin, short sales, settlement, tax-reporting, and record-keeping
Professional conduct and ethical considerations – questions on FINRA conduct rules involving privacy, complaints, information barriers, written supervisory procedures, and registration
The test will be more heavily weighted toward the second category with 48 questions on broker-dealer operations. Securities industry knowledge is the second most important topic with 32 questions and the remaining 20 questions will be comprised of conduct and ethics. FINRA has yet to release the score that will be required to pass.
How difficult is the exam?
The exam outline contains 30 practice questions that represent the level of difficulty of the exam questions. Based on these sample questions the exam appears to be comparable to the Series 6 exam.
Who will have to take the exam?
Day One Professionals – Individuals who currently work as operations supervisors or operations managers or individuals who currently have the authority to materially commit capital in various back office functions. These individuals must be identified by December 16, 2011 and must register within 60 days of being identified. Those registered individuals will then have until October 17, 2012 to pass the Series 99 or a comparable exam such as the Series 6 or Series 7.
Non-Day One Professionals – Individuals who are not currently working in back-office activities, but plan to in the future. These individuals must pass the Series 99 or a comparable exam before engaging in back-office activities. They are not subject to the 12-month transition period.
Individuals who hold the following Series Exams will be exempt from taking the Operations Professionals Exam: Series 4, 6, 7, 9/10, 14, 16, 17, 23, 24, 26, 27, 28, 37, 38, 51, and 52.
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:
Since FINRA first released rules regarding these issues back in 2010, many in the finance industry have raised questions and concerns over their abilities Continue reading
Since FINRA first released rules regarding these issues back in 2010, many in the finance industry have raised questions and concerns over their abilities to comply with these rules while keeping up with explosion of social media. Last week, FINRA responded to these concerns by releasing several guidelines clarifying rules surrounding use of social media websites and personal devices for business purposes. For example, some of the guidelines included the following:
These are just a sampling of issues the recent FINRA Regulatory Notice addressed. Please click here to review the full notice.
Effective August 8, 2011, FINRA has expanded its trading pause rule to encompass all NMS stocks. The new rule states that trading Continue reading
Effective August 8, 2011, FINRA has expanded its trading pause rule to encompass all NMS stocks. The new rule states that trading in an NMS stock will be paused if the price of the security shifts, in a five-minute period, by:
– 10% for securities included in the S&P 500® Index, the Russell 1000® Index and a list of selected exchange-traded products (ETPs)
– 30% for other securities priced at $1.00 or more
– 50% for other securities priced at less than $1.00.
Prior to August 8, the trading pause rule only applied to securities included in the first category (the S&P 500® Index, the Russell 1000® Index and selected ETPs).
Relevant to the Series 24, Series 7, Series 62, and Series 55 exams.
Source: FINRA Notice 11-37
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.
