Open Exam Prep

Open Exam Prep

By Ran Chen, EA, CFP®EducationCourses
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Open Exam Prep episodes

  • [Series 66] 43, Civil Liability and Criminal Penalties
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - How state civil remedies under the Uniform Securities Act aim to make investors whole through rescission, interest, attorney fees, and court costs.
    - The civil statute of limitations rules under state law, requiring action within three years of sale or two years of discovery, whichever comes first.
    - The conditions under which letters of rescission bar civil litigation if unaccepted after thirty days.
    - State criminal penalty maximums under the Uniform Securities Act and how they compare to federal standards.
    - The role of state Administrators versus state prosecutors in enforcing criminal securities laws.
    This independent prep content helps you study effectively for the Series 66 exam. Practice more questions at https://open-exam-prep.com/practice/series66 and watch video tutorials at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    https://www.nasaa.org/wp-content/uploads/2021/10/1956-Uniform-Securities-Act-with-NASAA-Updates-and-Commentary.pdf
    5 min
  • [Series 66] 42, Administrator Powers and Investigations
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - Scope of state Administrator investigative powers under the Uniform Securities Act
    - Difference between administrative cease and desist orders and court-issued injunctions
    - Procedure for enforcing subpoenas through state court petitions
    - Procedural requirements and hearing timelines for summary administrative orders
    - Key distinction between administrative remedies and judicial enforcement powers
    This independent study resource is designed for candidates preparing for the Series 66 exam. Access additional practice tools at https://open-exam-prep.com/practice/series66 and watch our video tutorials on YouTube at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    - https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    - https://www.finra.org/registration-exams-ce/qualification-exams/series66
    6 min
  • [Series 66] 41, Registration Coordination and Qualification
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    * How registration by coordination coordinates state filings with SEC registration under the Securities Act of 1933.
    * The required conditions for coordination to become effective simultaneously with federal registration.
    * When registration by qualification is required for intrastate and non-SEC registered offerings.
    * Why qualification requires an explicit order of effectiveness from the state Administrator.
    * Key exam distinctions and practical rules for evaluating state security registration scenarios.
    This independent study guide provides state securities regulation prep for the Series 66 exam. Practice interactive test questions at https://open-exam-prep.com/practice/series66 and watch video tutorials on YouTube at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    * https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    * https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    https://www.nasaa.org/wp-content/uploads/2021/10/1956-Uniform-Securities-Act-with-NASAA-Updates-and-Commentary.pdf
    5 min
  • [Series 66] 40, Federal Covered Securities and State Authority
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - How NSMIA establishes federal preemption of state securities registration.
    - The key categories of federal covered securities under federal law.
    - How state notice filing and fee rules apply to covered offerings.
    - Why state administrators lack authority to perform merit reviews on covered securities.
    - How state anti-fraud enforcement authority is preserved for all securities transactions.
    This independent study resource helps candidates master Uniform Securities Act and federal regulatory concepts. For practice questions and study tools, visit https://open-exam-prep.com/practice/series66 and watch video tutorials at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    https://www.sec.gov/education/capitalraising/building-block/national-securities-markets-improvement-act-1996
    5 min
  • [Series 66] 39, Exempt Securities vs Exempt Transactions
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - How exempt securities derive status from what the security is, regardless of how it is traded.
    - Why bank-issued securities are exempt while bank holding company stock requires registration.
    - How exempt transactions derive status from how or to whom a sale is conducted.
    - The state private placement rule allowing offers to no more than 10 non-institutional investors in 12 months.
    - The fundamental rule that no security or transaction is ever exempt from anti-fraud provisions.
    For independent Series 66 study resources and free practice tools, visit https://open-exam-prep.com/practice/series66 and subscribe to https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    5 min
  • [Series 66] 38, Agent Registration and Exclusions
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - How the Uniform Securities Act defines an agent as an individual representing a broker-dealer or issuer.
    - The narrow exclusion for clerical and ministerial employees at broker-dealers who do not effect or solicit trades.
    - Why individuals representing issuers in exempt securities or exempt transactions are excluded from agent registration.
    - Why representing a broker-dealer selling exempt securities still requires state agent registration.
    - A simple decision rule to evaluate entity representation before examining security exemptions on state exams.
    This independent study resource is designed to help you master Uniform Securities Act regulations. Practice additional questions at https://open-exam-prep.com/practice/series66 and watch video explanations at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    - https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    - https://www.finra.org/registration-exams-ce/qualification-exams/series66
    5 min
  • [Series 66] 37, Broker-Dealer Definitions and Registration
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    • The statutory definition of a broker-dealer and entities excluded under the Uniform Securities Act.
    • Why broker-dealers lack a de minimis exemption for state registration with retail clients.
    • How Form BD, filing fees, and the Consent to Service of Process complete initial registration.
    • Effective registration timelines, annual renewal, and net capital limitations under federal law.
    • A simple decision rule to determine when out-of-state broker-dealer registration is mandatory.
    This independent study episode helps candidates prepare for the Series 66 exam. For practice questions and study tools, visit https://open-exam-prep.com/practice/series66 and https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    5 min
  • [Series 66] 36, IAR Registration and Place of Business
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    * The legal distinction between an investment adviser entity and an investment adviser representative
    * How physical place of business is defined under SEC Rule 203A-3
    * The federal preemption rule governing registration for representatives of federal covered advisers
    * How the de minimis client count exemption applies differently depending on adviser registration type
    * A simple decision rule to evaluate state registration requirements on exam day
    This independent prep episode helps candidates master state registration principles for the Series 66 exam. For interactive practice, visit https://open-exam-prep.com/practice/series66 and https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf
    https://www.finra.org/registration-exams-ce/qualification-exams/series66
    https://www.ecfr.gov/current/title-17/section-275.203A-3
    5 min
  • [Series 66] 35, Adviser Exemptions and Notice Filing
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - The difference between state adviser registration and federal covered adviser notice filing.
    - How the de minimis exemption applies to out-of-state investment advisers.
    - Requirements for an adviser notice filing package including Form ADV and fees.
    - The distinct state registration rules governing investment adviser representatives.
    - How physical place of business impacts exemption eligibility and registration triggers.
    This independent study guide supports candidates preparing for state securities licensing. Practice questions are available at https://open-exam-prep.com/practice/series66 and video resources at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    - https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    - https://www.finra.org/registration-exams-ce/qualification-exams/series66
    5 min
  • [Series 66] 34, State vs Federal Adviser Registration
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
    In this episode you will learn:
    - How assets under management (AUM) thresholds determine state versus federal SEC registration for investment advisers.
    - The key difference between optional SEC registration at $100 million AUM and mandatory registration at $110 million AUM.
    - How buffer rules govern transitions, including the 90-day SEC registration window and 180-day state registration window.
    - Why an investment adviser can be an individual sole proprietor or a legal entity rather than strictly a firm.
    - A simple decision rule to easily remember registration, mandatory transition, and withdrawal thresholds on exam day.
    This independent study resource helps candidates master state and federal adviser registration rules for Series 66 exam preparation. Explore interactive study tools at https://open-exam-prep.com/practice/series66 and watch video tutorials at https://www.youtube.com/@Open-exam-prep .
    Sources checked: September 14, 2026
    - https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
    - https://www.sec.gov/investment-advisers
    https://www.sec.gov/about/divisions-offices/division-investment-management/electronic-filing-investment-advisers-iard/frequently-asked-questions-form-adv-iard
    5 min

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