Audiobook Study Guide for the Series 52 Exam Now Available

An audiobook version of the Solomon Exam Prep Series 52 Study Guide is now available for the first time for professionals studying for the MSRB Series 52 exam. Continue reading

Solomon Exam Prep has just released the Solomon Series 52 Audiobook, which is a word-for-word reading of the Solomon Exam Prep Series 52 Study Guide, 5th Edition. This is the first Audiobook for the Series 52 from Solomon. With the Series 52 Audiobook, you have greater flexibility in where and how you study for the Series 52 exam.

The MSRB Municipal Securities Representative Qualification Exam (Series 52), qualifies you to work in many capacities related to municipal securities such as selling, underwriting, trading, advising, conducting research, and communicating with public investors. Therefore, to prepare for the Series 52 exam, you must study a wide range of municipal securities knowledge.

Since the Audiobook is a verbatim reading of the 5th edition of the comprehensive Solomon Exam Prep Series 52 Study Guide, it provides another effective way to learn the Series 52 material. The audiobook can be used in tandem with the Solomon Series 52 Study Guide and/or Exam Simulator to create a rich study experience benefiting a variety of learners.

The Benefits of Audiobooks

Jeremy Solomon, Solomon Exam Prep President and Co-founder, points out that for people who find reading challenging because of learning disorders, vision impairments, or some other cause, it can be easier and more enjoyable to learn by listening.

“Besides the advantage of being able to learn on the go, listening to an audiobook version of their Solomon Study Guide can benefit our customers in many ways.”
Jeremy Solomon
Solomon Exam Prep President and Co-founder

Curious about the many benefits of Solomon Audiobooks? Check out our blog post to read more: “Study Tip for Securities Licensing Exams: Learn by Listening.”

Series 52 Study Materials

The 10-hour Solomon Series 52 Audiobook can be purchased individually or as part of a study package, along with the Solomon Series 52 Study Guide and Exam Simulator. The Audiobook is streamable via the Solomon website or free Solomon app for Apple and Android devices. You can also download the tracks to play them offline.

To learn more about Solomon Exam Prep’s Series 52 study materials, including Study Guide, Exam Simulator, and Audiobook, visit the Solomon Series 52 product page.

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Series 52 Solomon Study Guide, 5th Edition, Now Available

The Solomon Series 52 Study Guide, 5th edition, covers everything you need to know to pass the Series 52 Exam and become a Municipal Securities Representative. Continue reading

For those interested in becoming Municipal Securities Representatives, passing the Series 52 exam (plus the co-requisite Securities Industry Essentials, or SIE, exam) is necessary. The MSRB Municipal Securities Representative Qualification Exam, also known as the Series 52, qualifies you to work in many capacities related to municipal securities. These include selling, underwriting, trading, advising, conducting research, and communicating with public investors.

Passing the Series 52 exam requires you to learn about many topics within the three main subject areas of the exam:

    • Municipal Securities
    • Economic Activity, Government Policy, and the Behavior of Interest Rates
    • Securities Laws and Regulations

At 75 questions, the Series 52 might not be the longest securities licensing exam. However, you’ll need to master a lot of knowledge, and Solomon recommends 60 hours of study time. A good study plan is a must. How should you prepare for the Series 52?

Solomon Exam Prep has just released the 5th edition of “The Solomon Exam Prep Guide: Series 52 MSRB Municipal Securities Representative Qualification Examination.” With this updated version of the Study Guide, professionals seeking their Series 52 license can learn the content they need to know to pass the Series 52 exam.

The Series 52 Study Guide is comprehensive and presents exam topics in easy-to-understand language. Charts, graphs, and practice questions throughout the text support learners in understanding and applying key concepts.

“Passing the Series 52 can be challenging because of the vast amount of material it covers. It helps to have study materials written in plain English and guided by research-based teaching methods, like the Solomon system.”
Jeremy Solomon
Solomon Exam Prep President and Co-founder
What changes with this new edition?

The core content of the Series 52 Study Guide remains the same, but the 5th edition of the Series 52 Study Guide includes the following content updates:

    • Expanded and updated coverage of 529 college savings plans
    • Additional information about the order period for new issues
    • Expanded and revised coverage of inflation and interest rates
    • Expansion and update of the process for close-outs
    • Expansion and update of material on limitations on gifts, gratuities, and non-cash compensation
    • A new appendix summarizing the most important and relevant MSRB rules

Updates are also reflected in the Solomon Series 52 Exam Simulator, which complements the Study Guide with over a thousand practice questions.

Series 52 Study Materials

The Series 52 Study Guide is available as a digital subscription with a hardcopy upgrade option. You can purchase the guide individually or in a package with accompanying Series 52 study products. You also benefit from free tools and resources, including Study Schedules in digital and pdf format, which guide you every step of the way.

To learn more about Solomon Exam Prep’s Series 52 study materials, including Study Guide and Exam Simulator, visit the Solomon Series 52 product page.

Also coming soon is the Solomon Series 52 Audiobook! The Audiobook is a word-for-word recording of the Solomon Series 52 Study Guide, giving you greater flexibility in where and how you study for the Series 52 exam.

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How to Pass the MSRB Series 52 Exam

What is the Series 52 exam? Learn what a Series 52 license qualifies you to do, what the exam covers, and how you should prepare for it. Continue reading

What is the Series 52 exam?

If you work for a municipal securities dealer and want to underwrite, trade, and sell municipal securities, then you’ll need to pass the Series 52 exam. You’ll also need to pass the Series 52 exam if you work for a municipal dealer and want to do the following activities:

    • Offer financial advice and consultant services to issuers of municipal securities
    • Conduct research and give investment advice on municipal securities
    • Communicate directly or indirectly with public investors about municipal securities

Also known as the Municipal Securities Representative Qualification Examination, the Series 52 was created by the Municipal Securities Rulemaking Board (MSRB). The MSRB is the principal regulator of the municipal securities market. It establishes rules and professional qualification standards for municipal securities dealers and municipal advisors. Those standards include qualification exams for professionals who work in the municipal securities industry. Passing the Series 52 qualifies you to work as a Municipal Securities Representative.

What are municipal securities?

Governments need to finance their activities by raising money, but they can’t sell stocks like businesses. Instead, governments issue municipal bonds (munis) to fund day-to-day operations and special projects.

Are there any prerequisites for the Series 52?

Yes. To become a Municipal Securities Representative, you must also pass the FINRA Securities Industry Essentials (SIE) exam. The SIE is an entry-level securities qualification exam. Unlike the Series 52, you don’t need to be employed and sponsored by a broker-dealer to take the SIE. It’s “co-requisite” with the Series 52, so you can take the exams in any order, but Solomon recommends you take the SIE first. The SIE is a foundational exam, and the knowledge you learn studying for the SIE will help you when you study for the Series 52.

About the Exam

The Series 52 exam consists of 75 scored and five unscored multiple-choice questions covering the three topic areas of the MSRB Series 52 Content Outline. The five additional unscored questions are ones that the exam committee is trying out. These are unidentified and are distributed randomly throughout the exam.

About the Series 52 exam

Note: Scores are rounded down to the next lowest whole number (e.g. 69.9% would be a final score of 69% – not a passing score for the Series 52 exam).

Topics Covered on the Exam

The MSRB divides the questions on the Series 52 exam into three main areas:

Topics on the Series 52 exam

Within these three main parts, you’ll need to learn about many topics, including:

    • Municipal bonds
    • Municipal fund securities
    • MSRB rules
    • Customer accounts
    • Municipal securities trading
    • Recordkeeping
    • Suitability
    • Settlement and delivery
    • Taxation
    • Federal securities acts
    • The SEC
    • Municipal securities underwriting
    • Marketability
    • Political contribution rules
    • Supervisory obligations
    • Market indicators
    • Economic theory
    • Fiscal and monetary policy
    • Interest rates
    • Business cycles
    • The Federal Reserve Board

The MSRB updates its exam questions regularly to reflect the most current rules and regulations. Solomon recommends that you print out the current version of the MSRB Series 52 Content Outline and use it in conjunction with the Solomon Series 52 Study Guide. The Content Outline is subject to change without notice, so make sure you have the most recent version.

Question Types on the Exam

The Series 52 exam consists of multiple-choice questions, each with four options. You will see these question structures:

Closed Stem Format:

This item type asks a question and gives four possible answers to choose from.

Which of the following is a reason that a municipal government might issue a revenue bond instead of a general obligation bond?

    1. The issuer wishes to pay less interest to the bondholders.
    2. The issuer has met its statutory debt limit and does not want to seek voter approval for the issue.
    3. The issuer wants the bond to have a higher credit rating.
    4. The issuer has the ability to impose taxes.
Incomplete Sentence Format:

This kind of question has an incomplete sentence followed by four possible conclusions.

A make whole call provision is a provision in a bond that allows the issuer to:

    1. Call the bond and pay the bondholder a lump sum payment that includes not just the principal but also the net present value of all future coupon payments that the bondholder would have received if not for the call.
    2. Call the bond and pay the bondholder a lump sum payment that includes the call price of the bond.
    3. Redeem the entire issue early to issue a new set of bonds at a lower interest rate.
    4. Call the bond when the total amount of the interest payments is equivalent to the amount of the principal.
“EXCEPT” Format:

This type requires you to recognize the one choice that is an exception among the four answer choices.

A financial advisor may buy securities from an underwriter for its own or its customers’ accounts if all of the following are true except:

    1. The advisor must not receive any additional underwriting compensation when buying securities for their own account.
    2. The advisor must not receive any additional underwriting compensation when buying securities for customer accounts.
    3. The advisor must disclose the conflict of interest to their customers at or before confirmation of the sale.
    4. The advisor must disclose the conflict of interest to the issuer.
Complex Multiple-Choice (“Roman Numeral”) Format:

For this question type, you see a question followed by two or more statements identified by Roman numerals. The four answer choices represent combinations of these statements. You must select the combination that best answers the question.

_________ risk is a concern for bondholders when interest rates _________.

    1. Interest rate; rise
    2. Call; rise
    3. Interest rate; fall
    4. Call; fall
    1. II and IV
    2. II and III
    3. I and IV
    4. I and III
  1.  

Answers: 1. B   2. A   3. D   4. C

For an even better idea of the possible question types you might encounter on the Series 52 exam, try Solomon Exam Prep’s free Series 52 Sample Quiz.

Taking the Series 52 Exam

The Financial Industry Regulatory Authority (FINRA) administers the Series 52 exam, and you must take it at a Prometric test center. Like all qualifying exams in the securities industry, the Series 52 is closed-book, and you’re not allowed to bring anything into the exam. The test center will provide you with any materials you need to complete the exam. For instance, the test center will likely provide a whiteboard with markers or scratch paper and a pencil, as well as a basic electronic calculator. The inspection and sign-in requirements at test centers are stringent, so plan to arrive at least 30 minutes before your scheduled test appointment.

Test-Taking Tips

When taking the exam, it helps to keep some test-taking strategies in mind. Try not to spend too long on one question—this may cause you to run out of time and not get to other questions you know. If you don’t know the answer to a question, guess at the answer and “flag” it. There’s no penalty for guessing, so it’s beneficial to answer every question.

After you’ve finished all the questions, you can come back to any flagged questions. This strategy allows you to efficiently answer the ones you know. You might also learn something later in the exam that helps you answer an earlier question. Just remember to save enough time to return to the questions you didn’t answer. However, it’s not a good idea to simply skip all of the difficult questions with the plan to answer them later. You should make a serious effort to answer each question before moving on to the next one since your thoughts are often clearer earlier on during the exam.

How to Study for the Series 52 Exam

Follow Solomon Exam Prep’s proven study system:
    • Read and understand. Read the Solomon Study Guide, carefully. Many students read the Study Guide two or three times before taking the exam. To increase your ability to focus while reading, or as an alternative to reading, the Solomon Series 52 Audiobook will be launching soon! The Audiobook is a word-for-word reading of the Study Guide.
    • Answer practice questions in the Exam Simulator. When you finish reading a chapter in the Study Guide, take 4–6 chapter quizzes in the Exam Simulator. Use these quizzes to give yourself practice and to find out what you need to study more. Make sure you read and understand the question rationales. When you’re finished reading the entire Study Guide, review your handwritten notes once more. Finally, start taking full practice exams in the Exam Simulator. Aim to pass at least six full practice exams and try to get your average score to at least 80%. When you reach that point, you’re probably ready to sit for the Series 52 exam.
Use these effective study strategies:
    • Take handwritten notes. As you read the Study Guide, take handwritten notes and review your notes every day for 10–15 minutes. Studies show that taking handwritten notes in your own words and then reviewing them strengthens learning and memory.
    • Make flashcards. Making your own flashcards is another proven method to reinforce memory and strengthen learning.
    • Research. Research anything you don’t understand. Curiosity = learning. Students who take responsibility for their own learning by researching anything they don’t understand get a deeper understanding of the subject matter and are much more likely to pass.
    • Become the teacher. Studies show that explaining what you’re learning greatly increases your understanding of the material. Ask someone in your life to listen and ask questions, or explain it out loud to yourself. Studies show this helps almost as much as explaining to an actual person (see Solomon’s previous blog post to learn more about this strategy!).
Take advantage of Solomon’s supplemental tools and resources:
    • Use all the resources. The Series 52 Resources folder in your Solomon student account has helpful study tools, including documents that summarize important exam concepts. There’s also a detailed study schedule that you can print out – or use the online study schedule and check off tasks as you complete them.
    • Use Ask the Professor. If you have a content-related question, click the Ask the Professor button in your account dashboard and get personalized help from a Solomon professor.
  • Good practices while studying:
    • Take regular breaks. Studies show that if you’re studying for an exam, taking regular walks in a park or natural setting significantly improves scores. Walks in urban areas or among people did not improve test scores.
    • Get enough sleep during the period when you are studying. Sleep consolidates learning into memory, studies show. Be good to yourself while you’re studying for the Series 52: exercise, eat well, and avoid activities that will hurt your ability to get a good night’s sleep.

You can pass the MSRB Series 52 Exam! It just takes focus and determination. Solomon Exam Prep is here to support you on your path to becoming a municipal securities representative!

Explore all Solomon Exam Prep Series 52 study materials, including the Study Guide and Exam Simulator.

And join the Solomon email list to find out when the Series 52 Audiobook is released! Just click the button below:

What Does “Tender” Mean on Securities Exams?

For a number of securities exams, you should understand the term “tender.” Solomon explains what the term means and how it’s used in the securities industry. Continue reading

When studying for a securities exam such as the FINRA Securities Industry Essentials (SIE) exam and the Series 7, Series 14, Series 24, Series 79, or the MSRB Series 50, Series 52, Series 53, or Series 54, it’s likely you will encounter the word “tender.” This bit of terminology may be confusing at first. But learning the ways “tender” is commonly used in the securities industry will prevent you from getting tripped up when you see it on an exam.

You may have heard this word in connection with stock buybacks. When a company offers to buy its shares back from stockholders, the company is said to be conducting a tender offer. The stockholders who take the company up on the offer are said to be tendering their shares. A company may also make a tender offer to a different company’s shareholders, for example if it wants to acquire the other company. 
  
The word “tender” comes from the field of law. To tender is to make a binding offer to enter into an agreement. (It also has a second meaning of presenting payment, which is why your dollar bill has the phrase “legal tender” on it.) So when you tender a security you own, you are offering to sell it on terms that have been spelled out between you and the other party. In the case of a tender offer, the company must specify these terms when it makes the offer and shareholders must take them or leave them. In many cases, the U.S. Securities and Exchange Commission (SEC) requires that these terms include a window of time during which shareholders who tendered their shares may change their minds. In that case, the “binding offer” is not binding right away. 
  
Another securities-related use of “tender” is when a security gives its owner the right to sell it back to the issuer. Exercising this right is sometimes called tendering the security. For example, a municipal bond might have a tender option that gives the bondholder the right to sell it back to the municipality at a certain time for a certain price. Additionally, some variable-rate municipal securities come with a mandatory tender that is triggered when the rate is adjusted. When this happens, the bondholder must choose between tendering the bond or accepting the new rate. 
  
So if you see the word “tender” on a securities exam, it means that the owner of a security is offering to sell it under specific terms and conditions, and the owner’s ability to back out of the offer may be limited.

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What Are the Permitted Activities of a Series 7 General Securities Representative?

Solomon Exam Prep explains what a Series 7 General Securities Representative can and cannot do and how this compares to other rep-level registrations. Continue reading

Of the representative-level FINRA registrations categories, the General Securities Representative (Series 7) registration is considered by many to be the most valuable, due to the range of products it allows you to sell. But how “general” is it? Are there other representative-level registrations that permit you do things a Series 7 representative cannot?

What is a Series 7 representative permitted to do?

FINRA allows a General Securities Representative to solicit the purchase and sales of all securities products, including:

    • Stocks, whether from IPOs, private placements, or secondary market trading
    • Other corporate securities, such as bonds, rights, and warrants
    • Mutual funds
    • Closed-end funds
    • Money market funds
    • Unit investment trusts (UITs)
    • Exchange-traded funds (ETFs)
    • Real estate investment trusts (REITs)
    • Variable contracts (insurance products whose funds are invested in securities)
    • Municipal securities
    • Municipal fund securities, such as 529 plans
    • Options
    • Government securities
    • Direct participation programs (DPPs)
    • Venture capital
    • Hedge funds

This long list of products means that a Series 7 registered rep may perform the functions of an Investment Company and Variable Contracts Representative (Series 6), Direct Participation Programs Representative (Series 22), or Private Securities Offerings Representative (Series 82).

Besides sales, General Securities Representatives may also perform certain activities closely related to sales. They may:

    • recommend investments after performing a suitability analysis for the customer
    • accept unsolicited orders
    • open customer accounts, subject to approval by a principal

What is a Series 7 representative NOT permitted to do?

Though a General Securities Representative may solicit purchases of IPO shares, he may not work on underwriting or structuring an IPO, or any other securities offerings. This means that he is not permitted to advise an issuer on an offering. This work requires registration as an Investment Banking Representative (Series 79). Likewise, working on municipal underwriting requires registration as a Municipal Securities Representative (Series 52).

A Series 7 representative is also not qualified to perform the back-office functions of an Operations Professional (Series 99). Among these functions are maintaining possession or control of the firm’s securities, calculating margin for margin accounts, and sending trade confirmations and account statements.

Of course, every registered representative must also pass the FINRA Securities Industry Essentials (SIE) exam. The SIE doesn’t qualify you to do anything, instead it is a foundational exam that focuses on industry terminology, securities products, the structure and function of the markets, regulatory agencies and their functions, and regulated and prohibited practices. Unlike other FINRA securities exams, you do not need to be employed or sponsored by a broker-dealer in order to take the SIE. The only requirement is that you be 18 years old.

If you’re considering taking the Series 7 exam, Solomon Exam Prep is here to help. Solomon provides a wide variety of study materials, together with resources such as study schedules, the Ask The Professor function, and helpful exam information. Explore Solomon’s Series 7 study materials.

For more helpful securities exam-related content, study tips, and industry updates, join the Solomon email list. Click the button below:

Solomon Study Question of the Month for April

This month’s study question from the Solomon Exam Prep Online Exam Simulator question database is now available. Continue reading

Study Question

This month’s study question from the Solomon Online Exam Simulator question database is now available.

*** Comment below or submit your answer to info@solomonexamprep.com to be entered to win a $20 Starbucks gift card.***

This question is relevant to the SIE and the Series 7, 14, 50, 52, and 54.

Question: A Municipal Finance Professional (MFP) hosted a $500 plate fundraiser for a governmental issuer. Does this event trigger a ban on business for two years?

A. Yes, it will trigger a ban because an MFP may not host a fundraiser.

B. Yes, it will trigger a ban because the cost per plate is above the de minimis amount.

C. No, it will not trigger a ban because the MFP did not contribute money, only time and space.

D. No, it will not trigger a ban because the MFP was holding the fundraiser, not the municipal dealer.

Correct Answer: A

Explanation: MFPs are not permitted to solicit funds for municipal issuers or their officials without triggering a two-year ban on business for their firm. Thus, holding fundraisers is not allowed. Municipal dealers are also forbidden from holding fundraisers.


To explore free samples of Solomon Exam Prep’s industry-leading online exam simulators for the SIE, Series 7, Series 14, Series 50, Series 52, Series 54, and other FINRA, MSRB, NASAA, and NFA exams, visit the Solomon website here.

Best Execution: It’s Not Just for Capital Punishment!

MSRB Rule G-18, effective March 21, 2016, establishes a best-execution rule for municipal security transactions. The rule requires brokers and dealers to make reasonable efforts to find as favorable a price as possible for a customer’s transaction, given the prevailing conditions of the market. G-18 is comparable to FINRA Rule 5310, though it is designed specifically to meet the needs of the municipal securities market. —This post is relevant to the Series 52 and Series 53.— Continue reading

Rule G-18
MSRB Rule G-18, effective March 21, 2016, establishes a best-execution rule for municipal security transactions.  The rule requires brokers and dealers to make reasonable efforts to find as favorable a price as possible for a customer’s transaction, given the prevailing conditions of the market. G-18 is comparable to FINRA Rule 5310, though it is designed specifically to meet the needs of the municipal securities market.

In deciding how and where to execute a trade, a broker-dealer is expected to consider these factors:

• The character of the market for the security, such as its price, volatility, and liquidity
• The size and the type of transaction
• The number of markets checked
• The information reviewed to determine the current market for the security or similar securities
• The accessibility of the quotation
• The terms and conditions of the transaction as communicated to the broker-dealer

Because municipal securities trade over-the-counter, the term “market” should be interpreted broadly to include trading among broker’s brokers, alternative trading systems, or other counter-parties. Dealers must be especially vigilant with transactions in markets where trading is thin and limited pricing information is available.

If a dealer does not get the best price possible in the market, this does not necessarily mean that reasonable diligence was not used.  However, if the dealer makes another trade soon after and gets a better price for a similar security and there has been no significant change in the market, this is an indicator that the dealer did not use reasonable diligence.

The following are a few examples of characteristics that may be used to determine if two securities are similar:

• Issuer
• Source of repayment
• Credit rating
• Coupon
• Maturity
• Redemption features
• Sector of the market
• Geographical region
• Tax status

Broker-dealers must institute written policies and procedures that address how they will make a best-execution determination in the absence of pricing information or multiple quotations. They must document compliance with those policies and conduct reviews at least once a year to assess their effectiveness.

Broker-dealers are exempt from the best execution requirement when acting on behalf of a sophisticated municipal market professional (SMMP).  An SMMP is:

• A bank, savings and loan association, insurance company, or investment company
• A registered investment adviser
• Any other individual or entity having total assets of at least $50 million

Note: Because broker-dealers are not considered to be customers, the best-execution standard does not have to be applied to trades between broker-dealers that are not on behalf of a customer.

This post is relevant to the Series 52 and Series 53.

Study Question of the Month – December

This month’s study question from the Solomon Online Exam Simulator question database is now available! Relevant to the Series 7, Series 27, and Series 52. –ANSWER POSTED– Continue reading

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.***

Study Question

Question (Relevant to the Series 7, Series 27, and Series 52): John Johnson is interested in investing in municipal bonds, but wants to be sure he can convert his investment to cash quickly in case an unexpected expense comes up. Which of the following investments would allow John to return the investment to the issuer and receive money prior to maturity?

Answers:

A. Moral obligation bond

B. Revenue anticipation note

C. Zero-coupon bond

D. Variable-rate demand obligation

Correct Answer: D. Variable-rate demand obligation

Rationale: Variable-rate demand obligations (VRDOs) contain a put option, which gives investors the right to put the security back to the issuer at any time, at a price equal to the bond’s face value plus accrued interest. For example, assume that an investor has a VRDO with a face value of $1,000 and accrued interest of $30. The security will mature in a little under three months. Due to a pressing medical expense, the investor decides to return the VRDO to the issuer and receive the $1,030.

Congratulations Marty T., this month’s Study Question of the Month winner!

Study Question of the Month – October

This month’s study question from the Solomon Online Exam Simulator question database is now available. Relevant to the Series 7, 52, 62, 65 and 66. –ANSWER POSTED– Continue reading

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.***

Study Question

Question (Relevant to the Series 7, Series 52, Series 62Series 65 and Series 66):

The interest rate on a SLGS certificate or bond can never fall below:

Answers:

A. The Treasury rate

B. One basis point above the Treasury rate

C. One basis point below the Treasury rate

D. Zero

Correct Answer: D. Zero

Rationale: The SLGS interest rate is always one basis point below the Treasury security that has a comparable maturity, unless the Treasury rate itself equals zero, which is the floor below which the interest rate on a SLGS cannot go. In this case the Treasury rate and the SLGS rate will be equal.

 

All study questions are from Solomon’s industry-leading Online Exam Simulator.

Bank Loan Disclosures on EMMA

EMMA, the Electronic Municipal Market Access website, now allows issuers to voluntarily share bank loan disclosure information online. Continue reading

EMMA, the Electronic Municipal Market Access website, now allows issuers to voluntarily share bank loan disclosure information online.

EMMA was created by the MSRB to give investors online access to official statements for municipal bonds, as well as other disclosure documents.  By adding the ability for issuers to share bank loan disclosure information, the MSRB is helping to provide investors with more transparency and more information with which to approach the municipal market.

The information can be posted on the issuer’s customized homepage. Getting it displayed is a two-step process. First, the issuer must submit the bank loan disclosure via the EMMA Dataport Submission Portal.  Once the information is submitted, it can be published on the Customized Issuer Homepage by using the Issuer Dashboard.

Investors will find bank loan disclosures and other documentation under the Continuing Disclosure tab on the issuer’s customized homepage.

EMMA is covered on the Series 7, 50, 51, 52, and 53 exams.  For more information about EMMA and the services it provides, please visit: http://emma.msrb.org/aboutemma/overview.aspx