Update: Series 54 Deadline Extended to November 30
Principals at municipal advisor firms must pass the Series 54 exam by November 30, 2021, to continue acting as principals. Continue reading
Principals at municipal advisor firms must pass the Series 54 exam by November 30, 2021, to continue acting as principals. Continue reading
Principals at municipal advisor firms must pass the Series 54 exam by November 12, 2021, to continue acting as principals. Continue reading
FINRA partner Prometric has developed ProProctor for online, remote test taking. Here are some takeaways about the process. Continue reading
It was previously announced that FINRA and NASAA had been working to introduce an online testing service as an alternative to candidates taking their exam at traditional test centers, to be launched Continue reading
It was previously announced that FINRA and NASAA had been
working to introduce an online testing service as an alternative to candidates
taking their exam at traditional test centers, to be launched on May 24th.
FINRA has now announced that this service, which is
currently in its pilot phase, requires further validation before it can be
implemented and therefore will not be launched on May 24th as
planned. This also means that there will be a delay in booking appointment
times for the five exams that will be included in its initial launch, including
the SIE, Series 6, Series 7, Series 63, and Series 66 exams.
FINRA has also updated policies for test candidates,
extending enrollment windows that have either expired, or are due to expire
between March 16th and June 30th, 2020. This includes all
FINRA, NASAA and MSRB exam enrollment dates, with affected enrollment windows
being systematically updated in CRD.
Prometric will continue to reopen test centers in accordance
with local, state and federal regulations. You can check their Site Openings page, which is
continually being updated. You can also read more about the Prometric policies
to ensure candidate safety on their Covid-19 Update page.
If your Solomon Exam Prep materials are due to expire
before June 1st, contact Customer Service on 503 601 0212 or by
email at info@solomonexamprep.com
for a complimentary extension until August 1st.
It has now been announced that FINRA and NASAA plan to implement a new remote testing service, which will allow exam candidates to take selected exams using a camera-equipped computer. Continue reading
Due to the COVID-19 pandemic, on March 17 Prometric closed its testing centers in the US and Canada, with these closures being extended until May 31st. It has now been announced that FINRA and NASAA plan to implement a new remote testing service, which will allow exam candidates to take selected exams using a camera-equipped computer. Exam testing will continue to be administered by Prometric, with their staff supervising the exams via video and online monitoring tools.
While this remote testing service is currently in its trial phase, FINRA plans to launch the service “in the near future” for selected exams, including the SIE, Series 6, Series 7, Series 63 and Series 66. It is expected that further exams will be included in the weeks following the launch of this innovative service.
Details will be available on FINRA’s COVID-19 information page from May 1st.
Prometric also announced that it plans to resume testing at certain test centers on May 1st, with limited capacity to maintain safe social distancing protocols. Further information will be updated on the Prometric Coronavirus Update page.
Solomon Exam Prep is offering complimentary extensions for students who have Solomon study materials expiring before June 1st. Contact Customer Service at info@solomonexamprep.com or phone us on 503 601 0212 to have your Solomon study materials extended until August 1st.
In accordance with CDC and WHO guidelines, it was announced by Prometric that they will be extending the closure of their test centers nation-wide until May 31st Continue reading
In accordance with CDC and WHO guidelines, it was announced by Prometric that they will be extending the closure of their test centers nation-wide until May 31st, and plan to resume testing after that time. You can read more about the announcement on the Prometric website regarding these closures. Here, you will also find some helpful information about newly introduced social distancing policies and procedures to ensure safety during your testing appointment.
Solomon Exam Prep understands the stress that this uncertainty can bring and wish to offer free extensions for students who have materials due to expire before June 1st. We will extend these materials free of charge until August 1st. Email info@solomonexamprep.com or contact us by phone on 503 601 0212 to request your complimentary extension. Solomon Exam Prep continues to support our customers during this time and encourage you to contact us if you have any questions or concerns.
The North American Securities Administrators Association (NASAA) has announced that it will implement updates to the Series 63, Series 65 and Series 66 examinations on July 1, 2016. What has changed? Continue reading
The North American Securities Administrators Association (NASAA) has announced that it will implement updates to the Series 63, Series 65 and Series 66 examinations on July 1, 2016.
The changes are aimed at better aligning the skills and knowledge required by professionals in the securities industry.
The new exam outlines are similar to the current exam outlines, but some significant changes have been made.
What has changed?
Series 63
Series 65
Series 66
How will this affect my Solomon Exam Prep products?
Solomon Exam Prep will be updating all products offered for the NASAA exams. For those students that currently have materials and are testing after July 1, 2016, we have added an addendum to their Resources folder (located on their student account), that includes all rule changes and updates.
Our Online Exam Simulator has already been adjusted to reflect the new changes, so students will see an option to take full exams structured prior to July 1 or after July 1 – this will allow for any and all students to utilize our products regardless of their anticipated exam date. We are always adding new questions to our database and that will be reflected in the Online Exam Simulator.
In the coming weeks we will also be releasing a new/ updated digital Study Guide that will reflect the upcoming changes. Any current students will have the option of having their digital Study Guide changed to the new edition at that time, or they can continue to study with our current edition and the supplied addendum.
If you have any questions about the changes or our materials, please do not hesitate to call our office at 503.601.0212 or email info@solomonexamprep.com.
FINRA Rule 2040 became effective August 24, 2015. It replaces NASD Rules 2420 and 1060(b). This change affects the Series 6, 7, 24, 26, 27, 28, 62, and 82 exams. Continue reading
FINRA Rule 2040 became effective August 24, 2015. It replaces NASD Rules 2420 and 1060(b). This change affects the Series 6, 7, 24, 26, 27, 28, 62, and 82 exams.
FINRA Rule 2040 explains that an entity must register as a broker-dealer in order to receive commissions and fees for a securities transaction, unless it is a transaction that does not require registration. FINRA does not explicitly outline which transactions do not require registration, but it states that member firms can make this determination on their own by:
Rule 2040 further states that retired representatives may continue to be paid commissions on customer accounts if the representative and member have agreed upon the continuing payments before retirement.
Finally, Rule 2040 (c) states that members may conduct transactions with foreign finders as long as certain requirements are met, including:
Source: Regulatory Notice 15-07
On September 25, 2015, FINRA implemented a new rule regarding the relationship between investment banking personnel and research analysts. FINRA rule 2241 replaces NASD Rule 2711 and NYSE Rule 472. NASD Rule 2711 was created to prevent investment bankers from pressuring research analysts at the investment bank to write favorable research reports about securities that the investment bank was distributing or planning to distribute. Continue reading
On September 25, 2015, FINRA implemented a new rule regarding the relationship between investment banking personnel and research analysts. FINRA rule 2241 replaces NASD Rule 2711 and NYSE Rule 472. NASD Rule 2711 was created to prevent investment bankers from pressuring research analysts at the investment bank to write favorable research reports about securities that the investment bank was distributing or planning to distribute.
The new rule is similar to the rules it replaces with a series of changes that will be implemented to further promote objective and reliable research.
The new rule requires member firms to establish, maintain and enforce written procedures regarding conflicts of interest between research analysts and other people within the firm (e.g., personnel from investment banking, trading and sales). The written policies and procedures should allow analysts to produce objective and reliable research that reflects their true opinions about the securities they are evaluating. The policies and procedures should prevent firms from using research to manipulate or condition the market.
Rule 2241 prevents investment banking personnel from reviewing research reports for factual accuracy before publication. This practice was allowed in the previous rule. Also, firms must specify in their policies and procedures if and when non-research personnel would be allowed to review a research report before publication. If such prepublication review by non-research personnel is permitted then a firm’s written policies and procedures must specify under what circumstances that would be necessary and appropriate. Under the new rule, a FINRA member firm’s written policies and procedures must prohibit pre-publication review of research reports by a subject company (i.e., an issuer) for purposes other than fact-checking.
The new rule says that firms must establish information barriers to ensure that research analysts are insulated from the review, pressure or oversight of other personnel, such as investment banking, sales, and trading. The rule also extends the prohibition on retaliation, preventing employees from retaliating against a research analyst for writing an unfavorable report.
Interestingly, the rule 2241 reduces the quiet periods for IPOs to 10 days for all underwriters and dealers involved in the IPO (it was formerly 40 days for managers and co-managers and 25 days for underwriters and dealers). The quiet period has been reduced to three days for managers or co-managers on follow-on offerings. During a quiet period, firms may not publish or distribute research reports about the issuer, and research analysts may not make public appearances about the issuer.
The new rule continues to prevent investment-banking personnel from supervising research analysts or exerting any influence over analysts’ compensation. In addition, research analysts may not participate in the solicitation of investment banking business. Moreover, research analysts may not communicate with a customer or prospective customer about an investment banking transaction in the presence of the firm’s management or investment banking department personnel. Similarly, investment-banking personnel are forbidden from directing a research analyst either to participate in soliciting investment-banking business or to communicate with a customer or prospective customer about an investment banking transaction.
Note: In 2012, the Jumpstart Our Business Startups (JOBS) Act loosened constraints on research analysts for emerging growth companies (EGCs), defined as businesses with less than $1 billion in revenue. Specifically, the JOBS Act prohibits regulators from imposing a quiet period on EGCs. This means that research analysts from an underwriting firm that participated in an emerging growth company’s IPO may make both public appearances and distribute research reports during the quiet period. If the company is an emerging growth company, a research analyst may attend a pitch meeting, but not participate in soliciting investment-banking business.
Source: Regulatory Notice 15-30
This alert applies to the Series 7, Series 24, Series 79, and Series 82.
On May 22, 2015, FINRA issued guidance concerning communications with the public. Here are some notable points from the guidance… Continue reading
On May 22, 2015, FINRA issued guidance concerning communications with the public. Here are some notable points from the guidance.
Sources:
Regulatory Notice 15-17: Guidance on Rules Governing Communications With the Public
FINRA Rule 2210 Questions and Answers
This alert applies to the Series 6, Series 7, Series 9/10, Series 24, Series 26, Series 39, Series 62, Series 82, and Series 99.