Wiley Series 24 Securities Licensing Exam Review 2019 + Test Bank
-15%
portes grátis
Wiley Series 24 Securities Licensing Exam Review 2019 + Test Bank
The General Securities Principal Examination
Wiley
John Wiley & Sons Inc
12/2018
528
Mole
Inglês
9781119554004
15 a 20 dias
Descrição não disponível.
ABOUT THE SERIES 24 EXAM xix ABOUT THIS BOOK xxiii ABOUT THE TEST BANK xxiv ABOUT THE SECURITIES INSTITUTE OF AMERICA xxv CHAPTER 1 BROKERAGE OFFICE PROCEDURES 1 Hiring New Employees 1 Resignation of a Registered Representative 2 Registration Exemptions 4 Persons Ineligible to Register 4 Disciplinary Actions against a Registered Representative 5 Termination for Cause 6 Outside Employment 6 Private Securities Transactions 7 Gift Rule 7 Sharing in a Customer's Account 8 Borrowing and Lending Money 9 Order Tickets 9 Executing an Order 10 Becoming a Stockholder 11 Violation 12 Clearly Erroneous Reports 12 Execution Errors 12 Corporate and Municipal Securities Settlement Options 13 When-Issued Securities 15 Government Securities Settlement Options 15 Accrued Interest 16 Close Outs 17 Customer Confirmations 17 Rules for Good Delivery 19 Rejection of Delivery 20 Delivery of Round Lots 20 Delivery of Bond Certificates 21 Reclamation 21 Marking to the Market 21 Customer Account Statements 22 Carrying of Customer Accounts 22 Dividend Distribution 23 Pretest 27 CHAPTER 2 RECORD KEEPING, FINANCIAL REQUIREMENTS, AND REPORTING 31 Blotters 31 General Ledger 32 Customer Accounts 32 Subsidiary (Secondary) Records 32 Securities Position Book (Ledger) Stock Record 32 Order Tickets 33 Confirmations and Notices 33 Monthly Trial Balances and Net Capital Computations 33 Employment Applications 33 Records Required to Be Maintained for Three Years 33 Records Required to Be Maintained for Six Years 34 Records Required to Be Maintained for the Life of the Firm 34 Requirement to Prepare and Maintain Records under SEC 17a-3 and 17a-4 36 Financial Requirements 37 Aggregate Indebtedness 40 Haircuts 40 Box Counts 42 Missing and Lost Securities 42 The Customer Protection Rule 43 The Early Warning Rule 47 FINRA Financial Requirements 48 Subordinated Loans 49 Temporary Subordination Agreements 50 Calculating Net Capital 51 Fidelity Bonds 51 Pretest 53 CHAPTER 3 ISSUING CORPORATE SECURITIES 59 The Prospectus 60 The Final Prospectus 61 Free Writing Prospectus 61 Providing the Prospectus to Aftermarket Purchasers 62 SEC Disclaimer 62 Misrepresentations 63 Tombstone Ads 63 Free Riding and Withholding/FINRA Rule 5130 64 Underwriting Corporate Securities 65 Types of Underwriting Commitments 66 Types of Offerings 68 Awarding the Issue 68 The Underwriting Syndicate 69 Selling Group 69 Underwriter's Compensation 69 Underwriting Spread 70 Factors That Determine the Size of the Underwriting Spread 71 Review of Underwriting Agreements by FINRA 71 Underwriter's Compensation 71 Unreasonable Compensation 72 Offering of Securities by FINRA Members 73 Exempt Securities 74 Exempt Transactions 75 Crowdfunding 81 Rule 147 Intrastate Offering 82 Rule 137 Nonparticipants 83 Rule 138 Nonequivalent Securities 83 Rule 139 Issuing Research Reports 83 Rule 415 Shelf Registration 84 Securities Offering Reform Rules 85 SEC Rule 405 85 Additional Communication Rules 86 DPP Roll-Up Transactions 87 Pretest 89 CHAPTER 4 TRADING SECURITIES 93 Types of Orders 93 The Exchanges 97 Priority of Exchange Orders 98 The Role of the Designated Market Maker 98 Crossing Stock 101 Do Not Reduce (DNR) 101 Adjustments for Stock Splits 102 Stopping Stock 103 Commission House Broker 104 Two-Dollar Broker 104 Registered Traders 104 Super Display Book (SDBK) 104 Short Sales 105 Affirmative Determination 105 Regulation SHO 106 Rule 200 Definitions and Order Marking 106 Rule 203 Security Borrowing and Delivery Requirements 107 Threshold Securities 108 Block Trades 109 Trading Along 110 Circuit Breakers 110 Limit up Limit down (LULD) 111 Listing Requirements for the NYSE 111 Reading the Consolidated Tape 112 Exchange Qualifiers 114 Over-the-Counter/Nasdaq 114 High Frequency and Algorithmic Trading 125 Market Centers 127 SEC Regulation NMS 128 SEC Regulation ATS 128 Direct Market Access 129 Nasdaq International 131 Non-Nasdaq OTCBB 131 Pink OTC Market 132 Third Market 132 Nasdaq Market Center for Listed Securities 132 Fourth Market 133 Nasdaq Listing Standards 133 Market Maker Regulations and Responsibilities 134 Times for Entering a Quote 134 Withdrawing Quotes 137 Handling and Displaying Customer Limit Orders 138 The Order Audit Trail System (OATS) 140 The Manning Rule 141 Automated Confi rmation System (ACT)/Trade Reporting Facility (TRF) 141 ACT Trade Scan 142 Nasdaq Trade Reporting Facility (TRF) 142 Step Out Trades 146 Market Making During Syndication 147 Regulation M, Rule 101 147 Penalty Bids 148 Regulation M, Rule 102 148 Regulation M, Rule 103 148 Passive Market Makers' Daily Purchase Limit 149 Regulation M, Rule 104 149 Syndicate Short Positions 151 Regulation M, Rule 105 151 Trade Reporting and Compliance Engine (TRACE) 151 Broker vs. Dealer 154 FINRA 5 Percent Markup Policy 154 Markups/Markdowns When Acting as a Principal 155 Riskless Principal Transactions 156 Proceeds Transactions 157 Dominated and Controlled Markets 157 Net Transactions with Customers 158 Firm Quote Rule 158 The Firm Quote Compliance System (FQCS) 159 Trade Complaints between Members 159 Rogue Trading Prevention 160 Arbitrage 160 Pretest 163 CHAPTER 5 RECOMMENDATIONS TO CUSTOMERS 169 Investment Objectives 170 Capital Asset Pricing Model (CAPM) 172 Risk vs. Reward 172 Alpha 174 Beta 175 Developing the Client Profi le 175 Suitability Standards 176 Professional Conduct when Making Recommendations 177 Recommending Mutual Funds 178 Periodic Payment Plans 179 Mutual Fund Current Yield 179 Fair Dealings with Customers 179 Recommendations to an Institutional Customer 183 Short Sales in Connection with Recommendations 184 Issuing Research Reports 184 Regulation FD 187 Recommendations through Social Media 187 Pretest 191 CHAPTER 6 GENERAL SUPERVISION 195 The Role of the Principal 195 Supervisor Qualifications and Prerequisites 196 Continuing Education 197 Tape Recording Employees 199 Heightened Supervisory Requirements 199 Information Obtained from an Issuer 200 Customer Complaints 200 Investor Information 201 Member Offices 201 Annual Compliance Review 203 Business Continuity Plan 204 Currency Transactions 204 The Patriot Act 205 U.S. Accounts 206 Foreign Accounts 206 Identity Theft 207 FINRA Rules on Financial Exploitation of Seniors 207 Pretest 209 CHAPTER 7 CUSTOMER ACCOUNTS 213 Holding Securities 215 The Depository Trust Company (DTC) 216 Mailing Instructions 217 Individual Account 217 Joint Account 217 Joint Tenants with Rights of Survivorship (JTWROS) 217 Joint Tenants in Common (JTIC) 218 Transfer on Death (TOD) 218 Death of a Customer 218 Corporate Accounts 219 Trust Accounts 219 Partnership Accounts 220 Trading Authorization 220 Operating a Discretionary Account 220 Managing Discretionary Accounts 221 Third-Party and Fiduciary Accounts 221 Uniform Gifts to Minors Act (UGMA) 223 ABLE Accounts 225 Accounts for Employees of Other Broker Dealers 226 Numbered Accounts 226 Prime Brokerage Accounts 226 Account Transfer 227 Margin Accounts 228 Guaranteeing a Customer's Account 230 Day Trading Accounts 230 Commingling Customer's Pledged Securities 230 Wrap Accounts 231 Regulation S-P 231 Pretest 233 CHAPTER 8 MARGIN ACCOUNTS 237 Regulation of Credit 237 House Rules 240 Establishing a Long Position in a Margin Account 240 An Increase in the Long Market Value 241 Special Memorandum Account (SMA) Long Margin Account 243 A Decrease in the Long Market Value 244 The Minimum Equity Requirement for Long Margin Accounts 245 Establishing a Short Position in a Margin Account 246 A Decrease in the Short Market Value 247 An Increase in the Short Market Value 248 The Minimum Equity Requirement for Short Margin Accounts 249 Margin Requirements for Day Trading 250 Combined Margin Accounts 251 Portfolio Margin Accounts 252 Securities Backed Lines of Credit 252 Minimum Margin for Leveraged ETFs 253 Pretest 255 CHAPTER 9 INVESTMENT COMPANIES 259 Investment Company Philosophy 259 Types of Investment Companies 260 Open-End vs. Closed-End Funds 261 Exchange-Traded Funds (ETFs) 262 Exchange-Traded Notes (ETNs) 262 ETFs That Track Alternatively Weighted Indices 263 Diversified vs. NonDiversified 263 Investment Company Registration 264 Registration Requirements 264 Investment Company Components 266 Mutual Fund Distribution 269 Selling Group Member 269 Distribution of No-Load Mutual Fund Shares 270 Distribution of Mutual Fund Shares 270 Mutual Fund Prospectus 270 Additional Disclosures by a Mutual Fund 272 Anti-Reciprocal Rule 272 Money Market Funds 273 Valuing Mutual Fund Shares 273 Changes in the NAV 274 Sales Charges for Open-End Funds 275 Sales Charges for Closed-End Funds 275 Front-End Loads 275 Back-End Loads 276 Other Types of Sales Charges 276 Recommending Mutual Funds 277 12B-1 Fees 277 Calculating a Mutual Fund's Sales Charge Percentage 278 Finding the Public Offering Price 279 Sales Charge Reductions 279 Breakpoint Schedule 280 Letter of Intent 280 Breakpoint Sales 281 Rights of Accumulation 281 Automatic Reinvestment of Distributions 282 Combination Privileges 282 Conversion or Exchange Privileges 282 30-Day Emergency Withdrawal 283 Voting Rights 283 Yields 284 Portfolio Turnover 284 Voluntary Accumulation Plans 284 Dollar-Cost Averaging 285 Contractual Accumulation Plans 286 Hedge Funds 287 Floating Rate Bank Loan Funds 288 Structured Retail Products/SRPs 288 Real Estate Investment Trusts (REITs) 289 Non-Traded REITs 289 Pretest 291 CHAPTER 10 VARIABLE ANNUITIES AND RETIREMENT PLANS 295 Annuities 295 Annuity Purchase Options 300 Accumulation Units 301 Annuity Units 301 Annuity Payout Options 302 Factors Affecting the Size of the Annuity Payment 303 Taxation 304 Sales Charges 304 Variable Annuity vs. Mutual Fund 304 Retirement Plans 305 Individual Plans 305 Individual Retirement Accounts (IRAs) 305 Keogh Plans (HR-10) 311 Tax-Sheltered Annuities (TSAs) and Tax-Deferred Accounts (TDAs) 312 Corporate Plans 314 Employee Stock Ownership Plans (ESOPs) 316 Profit-Sharing Plans 316 401(k)s and Thrift Plans 316 Rolling Over a Pension Plan 317 Employee Retirement Income Security Act of 1974 (ERISA) 317 The Department of Labor Fiduciary Rules 318 Pretest 321 CHAPTER 11 SECURITIES INDUSTRY RULES AND REGULATIONS 325 The Securities Exchange Act of 1934 325 The Securities and Exchange Commission (SEC) 326 Extension of Credit 327 Trading Suspensions 327 Issuers Repurchasing Their Own Securities 327 Tender Offers 329 SEC Reporting 330 The National Association of Securities Dealers (NASD) 331 Becoming a Member of FINRA 333 Foreign Broker Dealers 335 Compensation Paid to Unregistered Persons 335 Registration of Agents/Associated Persons 335 Retiring Representatives/Continuing Commissions 336 State Registration 336 Retail Communications/Communications with the Public 337 FINRA Rule 2210 Communications with the Public 338 Broker Dealer Websites 340 Blind Recruiting Ads 341 Generic Advertising 341 Tombstone Ads 341 Testimonials 342 Free Services 342 Misleading Communications 343 Securities Investor Protection Corporation Act of 1970 343 Customer Coverage 343 The Securities Acts Amendments of 1975 345 The Insider Trading and Securities Fraud Enforcement Act of 1988 345 Firewall 346 The Trust Indenture Act of 1939 346 Telemarketing Rules 346 The Penny Stock Cold Call Rule 347 Violations and Complaints 348 Resolution of Allegations 349 Minor Rule Violation 349 Electronic Blue Sheets 350 Mediation 350 Code of Arbitration 351 The Arbitration Process 351 Political Contributions 353 Investment Adviser Registration 354 Investment Adviser Representative 355 The National Securities Markets Improvement Act of 1996 355 Investment Adviser Registration 356 Investment Adviser Capital Requirements 356 Exams for Investment Advisers 357 Investment Adviser Advertising and Sales Literature 357 Investment Adviser Brochure Delivery 358 Soft Dollars 358 Broker Dealers on the Premises of Other Financial Institutions 360 The Uniform Securities Act 361 Sarbanes-Oxley Act 361 SEC Regulation S-K 363 SEC Regulation M-A 363 The Hart-Scott-Rodino Act 365 FINRA Rule 5150 (Fairness Opinion) 366 SEC Regulation S-X 366 Pretest 369 ANSWER KEYS 375 APPENDIX 385 GLOSSARY OF EXAM TERMS 419 INDEX 485
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ABOUT THE SERIES 24 EXAM xix ABOUT THIS BOOK xxiii ABOUT THE TEST BANK xxiv ABOUT THE SECURITIES INSTITUTE OF AMERICA xxv CHAPTER 1 BROKERAGE OFFICE PROCEDURES 1 Hiring New Employees 1 Resignation of a Registered Representative 2 Registration Exemptions 4 Persons Ineligible to Register 4 Disciplinary Actions against a Registered Representative 5 Termination for Cause 6 Outside Employment 6 Private Securities Transactions 7 Gift Rule 7 Sharing in a Customer's Account 8 Borrowing and Lending Money 9 Order Tickets 9 Executing an Order 10 Becoming a Stockholder 11 Violation 12 Clearly Erroneous Reports 12 Execution Errors 12 Corporate and Municipal Securities Settlement Options 13 When-Issued Securities 15 Government Securities Settlement Options 15 Accrued Interest 16 Close Outs 17 Customer Confirmations 17 Rules for Good Delivery 19 Rejection of Delivery 20 Delivery of Round Lots 20 Delivery of Bond Certificates 21 Reclamation 21 Marking to the Market 21 Customer Account Statements 22 Carrying of Customer Accounts 22 Dividend Distribution 23 Pretest 27 CHAPTER 2 RECORD KEEPING, FINANCIAL REQUIREMENTS, AND REPORTING 31 Blotters 31 General Ledger 32 Customer Accounts 32 Subsidiary (Secondary) Records 32 Securities Position Book (Ledger) Stock Record 32 Order Tickets 33 Confirmations and Notices 33 Monthly Trial Balances and Net Capital Computations 33 Employment Applications 33 Records Required to Be Maintained for Three Years 33 Records Required to Be Maintained for Six Years 34 Records Required to Be Maintained for the Life of the Firm 34 Requirement to Prepare and Maintain Records under SEC 17a-3 and 17a-4 36 Financial Requirements 37 Aggregate Indebtedness 40 Haircuts 40 Box Counts 42 Missing and Lost Securities 42 The Customer Protection Rule 43 The Early Warning Rule 47 FINRA Financial Requirements 48 Subordinated Loans 49 Temporary Subordination Agreements 50 Calculating Net Capital 51 Fidelity Bonds 51 Pretest 53 CHAPTER 3 ISSUING CORPORATE SECURITIES 59 The Prospectus 60 The Final Prospectus 61 Free Writing Prospectus 61 Providing the Prospectus to Aftermarket Purchasers 62 SEC Disclaimer 62 Misrepresentations 63 Tombstone Ads 63 Free Riding and Withholding/FINRA Rule 5130 64 Underwriting Corporate Securities 65 Types of Underwriting Commitments 66 Types of Offerings 68 Awarding the Issue 68 The Underwriting Syndicate 69 Selling Group 69 Underwriter's Compensation 69 Underwriting Spread 70 Factors That Determine the Size of the Underwriting Spread 71 Review of Underwriting Agreements by FINRA 71 Underwriter's Compensation 71 Unreasonable Compensation 72 Offering of Securities by FINRA Members 73 Exempt Securities 74 Exempt Transactions 75 Crowdfunding 81 Rule 147 Intrastate Offering 82 Rule 137 Nonparticipants 83 Rule 138 Nonequivalent Securities 83 Rule 139 Issuing Research Reports 83 Rule 415 Shelf Registration 84 Securities Offering Reform Rules 85 SEC Rule 405 85 Additional Communication Rules 86 DPP Roll-Up Transactions 87 Pretest 89 CHAPTER 4 TRADING SECURITIES 93 Types of Orders 93 The Exchanges 97 Priority of Exchange Orders 98 The Role of the Designated Market Maker 98 Crossing Stock 101 Do Not Reduce (DNR) 101 Adjustments for Stock Splits 102 Stopping Stock 103 Commission House Broker 104 Two-Dollar Broker 104 Registered Traders 104 Super Display Book (SDBK) 104 Short Sales 105 Affirmative Determination 105 Regulation SHO 106 Rule 200 Definitions and Order Marking 106 Rule 203 Security Borrowing and Delivery Requirements 107 Threshold Securities 108 Block Trades 109 Trading Along 110 Circuit Breakers 110 Limit up Limit down (LULD) 111 Listing Requirements for the NYSE 111 Reading the Consolidated Tape 112 Exchange Qualifiers 114 Over-the-Counter/Nasdaq 114 High Frequency and Algorithmic Trading 125 Market Centers 127 SEC Regulation NMS 128 SEC Regulation ATS 128 Direct Market Access 129 Nasdaq International 131 Non-Nasdaq OTCBB 131 Pink OTC Market 132 Third Market 132 Nasdaq Market Center for Listed Securities 132 Fourth Market 133 Nasdaq Listing Standards 133 Market Maker Regulations and Responsibilities 134 Times for Entering a Quote 134 Withdrawing Quotes 137 Handling and Displaying Customer Limit Orders 138 The Order Audit Trail System (OATS) 140 The Manning Rule 141 Automated Confi rmation System (ACT)/Trade Reporting Facility (TRF) 141 ACT Trade Scan 142 Nasdaq Trade Reporting Facility (TRF) 142 Step Out Trades 146 Market Making During Syndication 147 Regulation M, Rule 101 147 Penalty Bids 148 Regulation M, Rule 102 148 Regulation M, Rule 103 148 Passive Market Makers' Daily Purchase Limit 149 Regulation M, Rule 104 149 Syndicate Short Positions 151 Regulation M, Rule 105 151 Trade Reporting and Compliance Engine (TRACE) 151 Broker vs. Dealer 154 FINRA 5 Percent Markup Policy 154 Markups/Markdowns When Acting as a Principal 155 Riskless Principal Transactions 156 Proceeds Transactions 157 Dominated and Controlled Markets 157 Net Transactions with Customers 158 Firm Quote Rule 158 The Firm Quote Compliance System (FQCS) 159 Trade Complaints between Members 159 Rogue Trading Prevention 160 Arbitrage 160 Pretest 163 CHAPTER 5 RECOMMENDATIONS TO CUSTOMERS 169 Investment Objectives 170 Capital Asset Pricing Model (CAPM) 172 Risk vs. Reward 172 Alpha 174 Beta 175 Developing the Client Profi le 175 Suitability Standards 176 Professional Conduct when Making Recommendations 177 Recommending Mutual Funds 178 Periodic Payment Plans 179 Mutual Fund Current Yield 179 Fair Dealings with Customers 179 Recommendations to an Institutional Customer 183 Short Sales in Connection with Recommendations 184 Issuing Research Reports 184 Regulation FD 187 Recommendations through Social Media 187 Pretest 191 CHAPTER 6 GENERAL SUPERVISION 195 The Role of the Principal 195 Supervisor Qualifications and Prerequisites 196 Continuing Education 197 Tape Recording Employees 199 Heightened Supervisory Requirements 199 Information Obtained from an Issuer 200 Customer Complaints 200 Investor Information 201 Member Offices 201 Annual Compliance Review 203 Business Continuity Plan 204 Currency Transactions 204 The Patriot Act 205 U.S. Accounts 206 Foreign Accounts 206 Identity Theft 207 FINRA Rules on Financial Exploitation of Seniors 207 Pretest 209 CHAPTER 7 CUSTOMER ACCOUNTS 213 Holding Securities 215 The Depository Trust Company (DTC) 216 Mailing Instructions 217 Individual Account 217 Joint Account 217 Joint Tenants with Rights of Survivorship (JTWROS) 217 Joint Tenants in Common (JTIC) 218 Transfer on Death (TOD) 218 Death of a Customer 218 Corporate Accounts 219 Trust Accounts 219 Partnership Accounts 220 Trading Authorization 220 Operating a Discretionary Account 220 Managing Discretionary Accounts 221 Third-Party and Fiduciary Accounts 221 Uniform Gifts to Minors Act (UGMA) 223 ABLE Accounts 225 Accounts for Employees of Other Broker Dealers 226 Numbered Accounts 226 Prime Brokerage Accounts 226 Account Transfer 227 Margin Accounts 228 Guaranteeing a Customer's Account 230 Day Trading Accounts 230 Commingling Customer's Pledged Securities 230 Wrap Accounts 231 Regulation S-P 231 Pretest 233 CHAPTER 8 MARGIN ACCOUNTS 237 Regulation of Credit 237 House Rules 240 Establishing a Long Position in a Margin Account 240 An Increase in the Long Market Value 241 Special Memorandum Account (SMA) Long Margin Account 243 A Decrease in the Long Market Value 244 The Minimum Equity Requirement for Long Margin Accounts 245 Establishing a Short Position in a Margin Account 246 A Decrease in the Short Market Value 247 An Increase in the Short Market Value 248 The Minimum Equity Requirement for Short Margin Accounts 249 Margin Requirements for Day Trading 250 Combined Margin Accounts 251 Portfolio Margin Accounts 252 Securities Backed Lines of Credit 252 Minimum Margin for Leveraged ETFs 253 Pretest 255 CHAPTER 9 INVESTMENT COMPANIES 259 Investment Company Philosophy 259 Types of Investment Companies 260 Open-End vs. Closed-End Funds 261 Exchange-Traded Funds (ETFs) 262 Exchange-Traded Notes (ETNs) 262 ETFs That Track Alternatively Weighted Indices 263 Diversified vs. NonDiversified 263 Investment Company Registration 264 Registration Requirements 264 Investment Company Components 266 Mutual Fund Distribution 269 Selling Group Member 269 Distribution of No-Load Mutual Fund Shares 270 Distribution of Mutual Fund Shares 270 Mutual Fund Prospectus 270 Additional Disclosures by a Mutual Fund 272 Anti-Reciprocal Rule 272 Money Market Funds 273 Valuing Mutual Fund Shares 273 Changes in the NAV 274 Sales Charges for Open-End Funds 275 Sales Charges for Closed-End Funds 275 Front-End Loads 275 Back-End Loads 276 Other Types of Sales Charges 276 Recommending Mutual Funds 277 12B-1 Fees 277 Calculating a Mutual Fund's Sales Charge Percentage 278 Finding the Public Offering Price 279 Sales Charge Reductions 279 Breakpoint Schedule 280 Letter of Intent 280 Breakpoint Sales 281 Rights of Accumulation 281 Automatic Reinvestment of Distributions 282 Combination Privileges 282 Conversion or Exchange Privileges 282 30-Day Emergency Withdrawal 283 Voting Rights 283 Yields 284 Portfolio Turnover 284 Voluntary Accumulation Plans 284 Dollar-Cost Averaging 285 Contractual Accumulation Plans 286 Hedge Funds 287 Floating Rate Bank Loan Funds 288 Structured Retail Products/SRPs 288 Real Estate Investment Trusts (REITs) 289 Non-Traded REITs 289 Pretest 291 CHAPTER 10 VARIABLE ANNUITIES AND RETIREMENT PLANS 295 Annuities 295 Annuity Purchase Options 300 Accumulation Units 301 Annuity Units 301 Annuity Payout Options 302 Factors Affecting the Size of the Annuity Payment 303 Taxation 304 Sales Charges 304 Variable Annuity vs. Mutual Fund 304 Retirement Plans 305 Individual Plans 305 Individual Retirement Accounts (IRAs) 305 Keogh Plans (HR-10) 311 Tax-Sheltered Annuities (TSAs) and Tax-Deferred Accounts (TDAs) 312 Corporate Plans 314 Employee Stock Ownership Plans (ESOPs) 316 Profit-Sharing Plans 316 401(k)s and Thrift Plans 316 Rolling Over a Pension Plan 317 Employee Retirement Income Security Act of 1974 (ERISA) 317 The Department of Labor Fiduciary Rules 318 Pretest 321 CHAPTER 11 SECURITIES INDUSTRY RULES AND REGULATIONS 325 The Securities Exchange Act of 1934 325 The Securities and Exchange Commission (SEC) 326 Extension of Credit 327 Trading Suspensions 327 Issuers Repurchasing Their Own Securities 327 Tender Offers 329 SEC Reporting 330 The National Association of Securities Dealers (NASD) 331 Becoming a Member of FINRA 333 Foreign Broker Dealers 335 Compensation Paid to Unregistered Persons 335 Registration of Agents/Associated Persons 335 Retiring Representatives/Continuing Commissions 336 State Registration 336 Retail Communications/Communications with the Public 337 FINRA Rule 2210 Communications with the Public 338 Broker Dealer Websites 340 Blind Recruiting Ads 341 Generic Advertising 341 Tombstone Ads 341 Testimonials 342 Free Services 342 Misleading Communications 343 Securities Investor Protection Corporation Act of 1970 343 Customer Coverage 343 The Securities Acts Amendments of 1975 345 The Insider Trading and Securities Fraud Enforcement Act of 1988 345 Firewall 346 The Trust Indenture Act of 1939 346 Telemarketing Rules 346 The Penny Stock Cold Call Rule 347 Violations and Complaints 348 Resolution of Allegations 349 Minor Rule Violation 349 Electronic Blue Sheets 350 Mediation 350 Code of Arbitration 351 The Arbitration Process 351 Political Contributions 353 Investment Adviser Registration 354 Investment Adviser Representative 355 The National Securities Markets Improvement Act of 1996 355 Investment Adviser Registration 356 Investment Adviser Capital Requirements 356 Exams for Investment Advisers 357 Investment Adviser Advertising and Sales Literature 357 Investment Adviser Brochure Delivery 358 Soft Dollars 358 Broker Dealers on the Premises of Other Financial Institutions 360 The Uniform Securities Act 361 Sarbanes-Oxley Act 361 SEC Regulation S-K 363 SEC Regulation M-A 363 The Hart-Scott-Rodino Act 365 FINRA Rule 5150 (Fairness Opinion) 366 SEC Regulation S-X 366 Pretest 369 ANSWER KEYS 375 APPENDIX 385 GLOSSARY OF EXAM TERMS 419 INDEX 485
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