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Wiley FINRA Series 62 Exam Review 2017 The Corporate Securities Representative Examination
The go–to guide to acing the Series 62 Exam!
Passing the Corporate Securities Representative Exam (Series 62) qualifies an individual as a representative for the sale of public offerings and/or private placements of corporate securities, rights, warrants, closed–end funds, money market funds, REITs, asset–backed securities, mortgage–backed securities, and more. Topics covered on the exam include characteristics of securities and investments, the market for corporate securities, evaluation of securities and investments, and handling customer accounts and securities industry regulation.
Created by the experts at The Securities Institute of America, Inc., Wiley Series 62 Exam Review 2017 arms you with everything you need to pass this challenging 115–question multiple–choice test. Designed to help you build and fine–tune your knowledge of all areas covered in the exam and to guarantee that you′re prepared mentally and strategically to take the test, it provides:
- Dozens of examples
- Assorted practice questions for each subject area covered in the exam
- Priceless test–taking tips and strategies
- Helpful hints on how to study for the test, manage stress, and stay focused
Wiley Series 62 Exam Review 2017 is your ticket to passing the Series 62 test on the first try with flying colors!
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The Securities Institute of America, Inc. helps thousands of securities and insurance professionals build successful careers in the financial services industry every year. Our securities training options include:
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About This Book xix
About the Test Bank xxi
About the Securities Institute of America xxiii
Chapter 1 Equity Securities 1
What Is a Security? 1
Equity = Stock 2
Common Stock 2
Corporate Timeline 2
Values of Common Stock 4
Rights of Common Stockholders 5
Why Do People Buy Common Stock? 11
What Are the Risks of Owning Common Stock? 12
How Does Someone Become a Stockholder? 12
Preferred Stock 14
Dividend Distribution 18
Warrants 20
American Depositary Receipts (ADRs)/American Depositary Shares (ADSs) 22
Real Estate Investment Trusts (REITs) 22
Structured Retail Products/SRPs 24
Limited Partnerships 25
Pretest 33
Chapter 2 Debt Securities 39
Corporate Bonds 39
Types of Bond Issuance 40
Bond Certificate 41
Bond Pricing 41
Bond Yields 43
Bond Maturities 46
Types of Corporate Bonds 47
Zero–Coupon Bonds 49
Guaranteed Bonds 49
Convertible Bonds 49
The Trust Indenture Act of 1939 52
Bond Indenture 52
Ratings Considerations 52
Retiring Corporate Bonds 53
Collateralized Mortgage Obligation (CMO) 55
Exchange–Traded Notes (ETNs) 57
Other Asset Backed Securities 58
Pretest 59
Chapter 3 Government Securities 63
Series EE Bonds 63
Series HH Bonds 64
Treasury Bills, Notes, and Bonds 64
Treasury Notes 65
Treasury Bonds 65
Treasury Bond and Note Pricing 65
Treasury Strips 66
Treasury Receipts 66
Treasury Inflation–Protected Securities (TIPS) 66
Agency Issues 67
Pretest 69
Chapter 4 The Money Market 71
Money Market Instruments 71
Corporate Money Market Instruments 71
Government Money Market Instruments 73
Municipal Money Market Instruments 74
International Money Market Instruments 74
Interest Rates 74
Pretest 77
Chapter 5 Economic Fundamentals 79
Gross Domestic Product 79
Economic Indicators 81
Economic Policy 83
Tools of the Federal Reserve Board 83
Fiscal Policy 86
International Monetary Considerations 88
London Interbank Offered Rate/Libor 88
Yield Curve Analysis 88
Pretest 91
Chapter 6 Issuing Corporate Securities 95
The Securities Act of 1933 95
The Prospectus 96
The Final Prospectus 96
SEC Disclaimer 97
Misrepresentations 97
Tombstone Ads 98
Free Riding and Withholding/FINRA Rule 5130 98
Underwriting Corporate Securities 99
Exempt Securities 104
Review of Underwriting Agreements by FINRA 104
Exempt Transactions 105
Crowdfunding 110
Rule 415 Shelf Registration 111
Securities Offering Reform Rules 111
SEC Rule 405 111
Offering of Securities by FINRA Members 112
Private Placements by Member Firms 113
Pretest 115
Chapter 7 Trading Securities 119
Types of Orders 119
The Exchanges 122
Priority of Exchange Orders 123
The Role of the Designated Market Maker 123
The Dmm Acting As a Principal 124
The Dmm Acting As an Agent 124
Crossing Stock 126
Do Not Reduce (DNR) 127
Adjustments for Stock Splits 127
Stopping Stock 128
Commission House Broker 129
Two–Dollar Broker 129
Registered Traders 129
Super Display Book/SDBK 129
Short Sales 130
Threshold Securities 133
Block Trades 134
Trading Along 134
Circuit Breakers 135
Listing Requirements for the NYSE 136
Reading the Consolidated Tape 137
Exchange Qualifiers 138
The Nasdaq Market 139
The Alternative Display Facility (ADF) 145
Trade Reporting and Comparison Service (TRACS) 146
Electronic Communication Networks (ECNS) 146
Unlisted Trading Privileges 147
Market Centers 147
SEC Regulation NMS 148
SEC Regulation ATS 148
Direct Market Access 149
Nasdaq International 150
Non–Nasdaq OTC BB 151
Pink OTC Market 152
Third Market 152
Fourth Market 153
Market Maker Regulations and Responsibilities 153
Times for Entering a Quote 153
The Opening Cross 154
Order Imbalances 154
The Nasdaq Official Opening Price (NOOP) 154
The Closing Cross 155
The Nasdaq Halt Cross 156
Withdrawing Quotes 156
Handling and Displaying Customer Limit Orders 157
The Manning Rule 159
The Order Audit Trail System (OATS) 160
Automated Confirmation System/ACT Market Center Trade Reporting Facility 161
ACT/TRF Trade Scan 161
Avoiding Double Reporting 163
Market Making During Syndication 167
Trade Reporting and Compliance Engine (TRACE) 172
Broker vs. Dealer 173
FINRA 5% Markup Policy 174
Markups/Markdowns When Acting As a Principal 174
Riskless Principal Transactions 175
Net Transactions with Customers/FINRA Rule 2124 176
Proceeds Transactions 176
Dominated and Controlled Markets 177
Net Transactions with Customers 177
Firm Quote Rule 178
The Firm Quote Compliance System (FQCS) 179
Trade Complaints Between Members 179
Rogue Trading Prevention 180
Arbitrage 180
Pretest 183
Chapter 8 Customer Accounts 187
Opening a Customer Account 187
Holding Securities 189
Mailing Instructions 190
Types of Accounts 190
Death of a Customer 192
Partnership Accounts 192
Corporate Accounts 192
Trading Authorization 193
Accounts for Employees of Other Broker Dealers 198
Numbered Accounts 198
Day Trading Accounts 198
Account Transfer 199
Option Accounts 200
Margin Accounts 201
Commingling Customer s Pledged Securities 202
Wrap Accounts 202
Regulation S–P 202
Pretest 205
Chapter 9 Margin Accounts 211
Regulation of Credit 211
Establishing a Long Position in a Margin Account 214
Establishing a Short Position in a Margin Account 220
Combined Margin Accounts 225
Margin Requirements for Day Trading 226
Portfolio Margin Accounts 226
Securities Backed Lines of Credit 227
Minimum Margin for Leveraged ETFs 227
Pretest 229
Chapter 10 Retirement Plans 233
Individual Plans 233
Individual Retirement Accounts (IRAs) 234
Keogh Plans (HR–10) 239
Tax Sheltered Annuities (TSAs)/Tax Deferred Accounts (TDAs) 240
Employee Retirement Income Security Act of 1974 (ERISA) 245
The Department of Labor Fiduciary Standards 247
Health Savings Account 248
Pretest 249
Chapter 11 Brokerage Office Procedure 253
Executing an Order 253
Clearly Erroneous Reports 255
Execution Errors 255
Corporate and Municipal Securities Settlement Options 256
When–Issued Securities 257
Government Securities Settlement Options 258
Accrued Interest 258
Rules for Good Delivery 261
Delivery of Round Lots 262
Delivery of Bond Certificates 262
Rejection of Delivery 263
Don t Know Procedures (DK) 263
Fail to Deliver/Fail to Receive 263
Due Bills 263
Customer Account Statements 263
Carrying of Customer Accounts 264
Proxies 265
Pretest 267
Chapter 12 Fundamental and Technical Analysis 271
Fundamental Analysis 271
Changes in the Balance Sheet 274
Technical Analysis 280
Efficient Market Theory 284
Capitalization Weighted Index 285
Price Weighted Index 285
Pretest 287
Chapter 13 Customer Recommendations, Professional Conduct, and Taxation 289
Professional Conduct in the Securities Industry 290
Fair Dealings with Customers 290
Recommendations to an Institutional Customer 294
Recommending Exchange Traded Funds (ETFs) 294
Information Obtained from an Issuer 295
Disclosure of Client Information 295
Borrowing and Lending Money 296
Gift Rule 296
Outside Employment 297
Private Securities Transactions 297
Customer Complaints 298
Investor Information 298
Know Your Customer 298
Investment Objectives 299
Risk vs. Reward 301
Suitability Standards 304
Recommendations Through Social Media 304
Tax Structure 306
Investment Taxation 306
Calculating Gains and Losses 307
Taxation of Interest Income 309
Inherited Securities 309
Donating Securities to Charity 310
Estate Taxes 310
Withholding Tax 311
Corporate Dividend Exclusion 311
Alternative Minimum Tax (AMT) 311
Taxes on Foreign Securities 312
Pretest 313
Chapter 14 Securities Industry Rules and Regulations 319
The Securities Exchange Act of 1934 319
The National Association of Securities Dealers (NASD) 321
Registration of Agents/Associated Persons 323
Securities Investor Protection Corporation Act of 1970 (SIPC) 339
The Securities Acts Amendments of 1975 340
The Insider Trading and Securities Fraud Enforcement Act of 1988 341
Telemarketing Rules 342
The Penny Stock Cold Call Rule 343
The Role of the Principal 344
Currency Transactions 347
The Patriot Act 348
Identity Theft 349
The Uniform Securities Act (USA) 350
Sarbanes–Oxley Act 350
SEC Regulation S–K 352
SEC Regulation M–A 353
FINRA Rule 5150 Fairness Opinion 354
SEC Regulation S–X 355
Regulation FD Fair Disclosure 355
Pretest 357
Answer Keys 363
Glossary of Exam Terms 375
Index 441
Date de parution : 05-2017
Ouvrage de 496 p.
21.6x27.6 cm
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