This month’s study question from the Solomon Online Exam Simulator question database is now available. Continue reading
This month’s study question from the Solomon Online Exam Simulator question database is now available.
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This question is relevant to the Series 6, 7, 14 and 79 exams.
Which of the following is not typically part of an underwriting agreement?
A. Description of the per-share underwriting spread
B. Description of a Greenshoe option
C. Terms between syndicate members and selling group dealers
D. Terms under which the underwriter can terminate the contract
Correct Answer: C
Explanation: The underwriting agreement, which is typically signed the evening before or the morning of the effective date of a securities issue typically includes the per-share underwriting spread, an over-allotment (Greenshoe) option if granted, and the underwriter’s termination rights. It also is the document that contains the public offering price or a formula to derive it.
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Solomon Exam Prep has learned that FINRA is considering making the following changes to the securities exam system… Continue reading
Solomon Exam Prep has learned that FINRA is considering making the following changes to the securities exam system:
- In 2015, the Series 55 and the Series 56 will be combined to become the Series 57. The Series 57 will not have a prerequisite. A Series 57 rep will need the Series 24 to become a principal.
- In 2016, FINRA will begin a new exam, to be called the Securities Industry Essentials exam (SIE). The SIE will cover basic security industry knowledge and will become a prerequisite to the Series 6, Series 7, Series 22, Series 57, Series 79, Series 82, Series 86/87, and Series 99. You will not need be sponsored by a FINRA member firm to take the SIE. SIE exam results will not appear in BrokerCheck.
- After passing the SIE, individuals can continue on to what FINRA is calling a “top-off exam” for the Series 6, Series 7, Series 79, Series 82 and Series 99. So, for example, if someone wants to be Series 7 and Series 79 registered, the individual will take and pass the SIE then take and pass the top-off exams for the Series 7 and Series 79. FINRA says the SIE is estimated to be 100 questions, and the top-off exams will consist of the remaining balance of questions (i.e. Series 7 currently has 250 questions, so the Series 7 top-off would contain 150 questions.)
- Those who are currently registered will be grandfathered in and will not need to take the SIE.
- Individuals who have been out of the industry 2-4 years will only need to take the top off. Individuals who have been out of the industry for more than four years will need to take the SIE and top off.
- FINRA will be retiring the Series 62 exam.
Follow Solomon Exam Prep as we keep you up-to-date on these important changes.
To ring in the New Year, Solomon Exam Prep is pleased to announce the publication of new Exam Study Guides for the FINRA Series 6, FINRA Series 7, and NASAA Series 65. Continue reading
Solomon Exam Prep has been publishing study materials for securities exams for over ten years. Keeping our materials up-to-date and constantly adding product offerings is just part of the reason why Solomon Exam Prep boasts a first-time pass rate of 92% across all exams with thousands of happy customers.
To ring in the New Year, Solomon Exam Prep is pleased to announce the publication of new Exam Study Guides for the FINRA Series 6, FINRA Series 7, and NASAA Series 65.
President and founder Jeremy Solomon emphasizes the importance of up-to-date study materials: “Once upon a time, you could use an old textbook from a friend and expect to pass your Series 7. In those pre-Dodd-Frank and Bernie Madoff days, regulations and securities licensing exams in particular, didn’t change that often. Today like everything else, the rules and the exams change at a dizzying pace. Financial scandals, and the changing views of Congress, the regulators and the courts, mean that students who want the best chance of passing need current materials. Even more so now that the required passing scores of many exams have been increased. The bar has never been higher.”
With detailed explanations, visual study aids, and example questions, these new Study Guides will keep you engaged as you prepare for your exam. Solomon Exam Prep also produces Online Exam Simulators, Audiobooks and On-Demand Study Courses to make learning even easier. Check out the Solomon Exam Prep website for the full suite of product offerings: http://solomonexamprep.com.
Updated for 2015, Solomon’s Exam Study Guides are the key to helping you pass your exam!