Series 28 – Introducing Broker-Dealer Financial and Operations Principal Exam Key Study Note Set Two
Here are 14 in-depth Q&A study notes to help you prepare for the exam. How does the concept of “fair value measurement” under GAAP, as it relates to FASB statements, impact the accuracy and reliability of a broker-dealer’s financial statements, and what specific challenges might arise in its application to illiquid or thinly traded securities? […]
Series 54 – Municipal Advisor Principal Exam Key Study Note Set Two
Here are 14 in-depth Q&A study notes to help you prepare for the exam. Under what circumstances, according to SEC Rule 15Ba1-1(d)(2)(i), can a firm acting as an underwriter of municipal securities also provide advice to a municipal entity without registering as a municipal advisor? Detail the specific conditions that must be met to qualify […]
Series 53 – Municipal Securities Principal Exam Key Study Note Set Two
Here are 14 in-depth Q&A study notes to help you prepare for the exam. What specific supervisory responsibilities are outlined in MSRB Rule G-27(b) regarding the designation of principals and their accountability for the municipal securities business and the activities of associated persons? MSRB Rule G-27(b) details the supervisory responsibilities related to the designation of […]
Series 52 – Municipal Securities Representative Exam Key Study Note Set Two
Here are 14 in-depth Q&A study notes to help you prepare for the exam. How do limitations on the issuance of general obligation (GO) bonds, such as voter approval requirements, protect taxpayers and influence the creditworthiness of the municipality? Limitations on the issuance of GO bonds, including voter approval and statutory or constitutional debt limits, […]
Series 51 – Municipal Fund Securities Limited Principal Exam Key Study Note Set Two
Here are 14 in-depth Q&A study notes to help you prepare for the exam. How does Section 15B(c)(5) of the Securities Exchange Act of 1934 empower enforcement agencies in the context of MSRB rules, and what specific entities are designated with this authority according to Section 3(a)(34)(A) of the same act? Section 15B(c)(5) of the […]
Series 50 – Municipal Advisor Representative Exam Key Study Note Set Two
Here are 14 in-depth Q&A study notes to help you prepare for the exam. What specific activities trigger the requirement for registration as a municipal advisor under SEC Rule 15B, and how does this registration requirement apply to firms providing advice on both municipal securities and private placements? SEC Rule 15B mandates registration for any […]
Series 39 – Direct Participation Programs Principal Exam Key Study Note Set Two
Here are 14 in-depth Q&A study notes to help you prepare for the exam. What are the key distinctions between a “best efforts, all or none” and a “best efforts, mini-max” underwriting commitment in a Direct Participation Program (DPP) offering, and how does Rule 15c2-4 under the Securities Exchange Act of 1934 govern the handling […]
Series 4 – Registered Options Principal Exam Key Study Note Set Two
Here are 14 in-depth Q&A study notes to help you prepare for the exam. What specific documentation must be reviewed when opening a new options account for a trust, and how do AML and KYC requirements apply in this scenario? When opening a new options account for a trust, a Registered Options Principal must meticulously […]
Series 34 – Retail Off-Exchange Forex Exam Key Study Note Set Two
Here are 14 in-depth Q&A study notes to help you prepare for the exam. Explain the concept of “Herstatt risk” in the context of Forex settlement, and how it relates to the operational and settlement risks faced by counterparties. What measures have been implemented to mitigate Herstatt risk, and what regulatory frameworks address this specific […]
Series 32 – Limited Futures Exam – Regulations Key Study Note Set Two
Here are 14 in-depth Q&A study notes to help you prepare for the exam. What are the specific requirements outlined in NFA Compliance Rule 2-30 regarding “Know Your Customer” (KYC) for futures account opening, and how do these requirements extend beyond simply verifying a customer’s identity? NFA Compliance Rule 2-30, concerning Customer Information and Risk […]