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Wiley Series 99 Exam Review 2015 + Test Bank

Wiley Series 99 Exam Review 2015 + Test Bank The Operations Professional Qualification Examination

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781118857311
  • Published In: October 2014
  • Format: Paperback , 396 pages
  • Jurisdiction: U.S. ? Disclaimer:
    Countri(es) stated herein are used as reference only

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  • Contents 
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    The go-to guide to acing the Series 99 Exam!

    Passing the Operations Professional Qualification Exam (Series 99) qualifies an individual to perform a variety of operations functions in support of a broker-dealer. The exam covers the broker-dealer business at a fundamental level, standard operations functions, investor protection and market integrity regulations, identifying and escalating regulatory red-flag issues to the appropriate person in a firm, and professional conduct and ethical standards. There are no prerequisites for the Series 99 Exam, but all candidates must be sponsored by a FINRA member firm.

    Created by the experts at The Securities Institute of America, Inc., Wiley Series 99 Exam Review 2015 arms you with everything you need to pass this challenging 100-question 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 99 Exam Review 2015 is your ticket to passing the Series 99 test on the first try—with flying colors!

  • ABOUT THE SERIES 99 EXAM XIII

    ABOUT THIS BOOK XVI

    ABOUT THE TEST BANK XVII

    ABOUT THE SECURITIES INSTITUTE OF AMERICA XVIII

    CHAPTER 1

    EQUITY AND DEBT SECURITIES 1

    What Is a Security? 1

    Capitalization 2

    Common Stock 3

    Preferred Stock 9

    Types of Dividends 12

    Rights 13

    Warrants 14

    Options 15

    American Depositary Receipts (ADRs)/American Depositary Shares (ADSs) 20

    Debt Securities/Bonds 20

    The Money Market 35

    Limited Partnerships 37

    Pretest 45

    CHAPTER 2

    BROKERAGE OFFICE PROCEDURES AND BACK-OFFICE OPERATIONS 49

    Hiring New Employees 49

    Resignation of a Registered Representative 50

    Registration Exemptions 51

    Persons Ineligible to Register 51

    Disciplinary Actions Against a Registered Representative 52

    Termination for Cause 53

    Outside Employment 53

    Private Securities Transactions 53

    Gift Rule 54

    Sharing in a Customer’s Account 55

    Borrowing and Lending Money 55

    Order Tickets 55

    Executing an Order 56

    Becoming a Stockholder 57

    Clearly Erroneous Reports 59

    Execution Errors 59

    Unconfirmed Trades 60

    Corporate and Municipal Securities Settlement Options 61

    When-Issued Securities 62

    Government Securities Settlement Options 62

    Accrued Interest 63

    Close Outs 64

    Customer Confirmations 64

    Rules for Good Delivery 66

    Rejection of Delivery 67

    Reclamation 67

    Marking to the Market 67

    Customer Account Statements 68

    Dividend Distribution 68

    Proxies 71

    Operations Professionals Covered Persons 71

    Pretest 73

    CHAPTER 3

    RECORD KEEPING, FINANCIAL REQUIREMENTS, AND CLEARING 77

    Blotters 77

    General Ledger 78

    Customer Accounts 78

    Suspense Account 78

    Subsidiary (Secondary) Records 78

    Securities Position Book (Ledger) Stock Record 79

    Order Tickets 79

    Confirmations and Notices 79

    Monthly Trial Balances and Net Capital Computations 79

    Employment Applications 79

    Records Required to Be Maintained for Three Years 80

    Records Required to Be Maintained for Six Years 80

    Records Required to Be Maintained for the Life of the Firm 81

    Requirement to Prepare and Maintain Records Under SEC 17 a-3 and 17a-4 82

    Financial Requirements 83

    Box Counts 85

    Missing and Lost Securities 86

    The Customer Protection Rule 87

    FINRA Financial Requirements 90

    Fidelity Bonds 91

    Carrying of Customer Accounts 91

    The Depository Trust & Clearing Corporation (DTCC) 92

    The Fixed Income Clearing Corporation (FICC) 94

    The Option Clearing Corporation (OCC) 94

    American vs. European Exercise 95

    Expiration and Exercise 95

    Pretest 97

    CHAPTER 4

    ISSUING CORPORATE SECURITIES 101

    The Prospectus 102

    The Final Prospectus 102

    Prospectus to Be Provided to Aftermarket Purchasers 103

    SEC Disclaimer 104

    Misrepresentations 104

    Tombstone Ads 104

    Free Riding and Withholding/FINRA Rule 5130 105

    Underwriting Corporate Securities 106

    Exempt Securities 108

    Exempt Transactions 109

    Rule 137 Nonparticipants 115

    Rule 138 Nonequivalent Securities 115

    Rule 139 Issuing Research Reports 116

    Rule 415 Shelf Registration 116

    Pretest 117

    CHAPTER 5

    TRADING SECURITIES 121

    Types of Orders 121

    The Exchanges 125

    The Role of the Specialist/DMM 126

    Crossing Stock 128

    Do Not Reduce (DNR) 129

    Adjustments for Stock Splits 129

    Super Display Book (SDBK) 130

    Short Sales 130

    Threshold Securities 134

    Over the Counter/Nasdaq 135

    Electronic Communication Networks (ECNs) 138

    Non-Nasdaq OTC Bulletin Board 138

    Pink Sheets 139

    Third Market 140

    Fourth Market 140

    The Order Audit Trail System (OATS) 140

    Broker vs. Dealer 141

    FINRA’s 5% Markup Policy 142

    Markups/Markdowns When Acting as a Principal 142

    Riskless Principal Transactions 143

    Net Transactions with Customers 144

    Proceeds Transactions 144

    Firm Quote Rule 144

    Trade Complaints Between Members 145

    Pretest 147

    CHAPTER 6

    GENERAL SUPERVISION 151

    The Role of the Principal 151

    Continuing Education 153

    Information Obtained from an Issuer 154

    Customer Complaints 155

    Investor Information 155

    Member Offices 156

    Annual Compliance Review 157

    Business Continuity Plan 157

    Currency Transactions 157

    The Patriot Act 158

    Pretest 161

    CHAPTER 7

    CUSTOMER ACCOUNTS 165

    Opening a New Customer Account 165

    Holding Securities 167

    The Depository Trust Company (DTC) 168

    Mailing Instructions 169

    Types of Ownership 169

    Death of a Customer 170

    Partnership Accounts 171

    Trusts 171

    Corporate Accounts 172

    Trading Authorization 172

    Accounts for Employees of Other Broker Dealers 176

    Numbered Accounts 176

    Prime Brokerage Accounts 177

    Account Transfers 177

    Bulk Account Transfers 178

    Margin Accounts 179

    Guaranteeing a Customer’s Account 181

    Day Trading Accounts 181

    Commingling Customer’s Pledged Securities 181

    Wrap Account 182

    Regulation S-P 182

    Pretest 183

    CHAPTER 8

    MARGIN ACCOUNTS 187

    Regulation of Credit 187

    House Rules 190

    Establishing a Long Position in a Margin Account 190

    Establishing a Short Position in a Margin Account 196

    Margin Requirements for Day Trading 200

    Combined Margin Accounts 201

    Portfolio Margin Accounts 202

    Pretest 203

    CHAPTER 9

    INVESTMENT COMPANIES 207

    Investment Company Philosophy 207

    Types of Investment Companies 208

    Investment Company Registration 210

    Investment Company Components 212

    Mutual Fund Distribution 215

    Distribution of Mutual Fund Shares 216

    Mutual Fund Prospectus 216

    Additional Disclosures by a Mutual Fund 218

    Anti-Reciprocal Rule 218

    Money Market Funds 218

    Valuing Mutual Fund Shares 219

    Mutual Fund Sales Charges 219

    Sales Charge Reductions 221

    Voting Rights 225

    Portfolio Turnover 226

    Exchange Traded Funds / ETFs 226

    Exchange Traded Notes / ETNs 226

    Pretest 227

    CHAPTER 10

    VARIABLE ANNUITIES AND RETIREMENT PLANS 231

    Annuities 231

    Retirement Plans 239

    Pretest 253

    CHAPTER 11

    SECURITIES INDUSTRY RULES AND REGULATIONS 257

    The Securities Exchange Act of 1934 257

    Becoming a Member of FINRA 261

    Registration of Agents/Associated Persons 262

    State Registration 263

    Retail Communications/Communications with the Public 263

    Securities Investor Protection Corporation Act of 1970 268

    The Securities Acts Amendments of 1975 269

    The Insider Trading and Securities Fraud Enforcement Act of 1988 270

    Firewalls 270

    The Telephone Consumer Protection Act of 1991 271

    The Penny Stock Cold Call Rule 271

    Violations and Complaints 272

    Political Contributions 276

    Investment Adviser Registration 277

    Investment Adviser Representatives 279

    Investment Adviser Advertising and Sales Literature 280

    Soft Dollars 281

    The Uniform Securities Act 283

    Pretest 285

    ANSWER KEYS 289

    GLOSSARY OF EXAM TERMS 297

    INDEX 363

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