Open Exam Prep

Open Exam Prep

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

  • [SIE] 58, FINRA and SRO Regulation
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
    In this episode you will learn:
    - The distinction between the government authority of the SEC and the self-regulatory role of FINRA.
    - Why membership in FINRA is mandatory for nearly all broker-dealers.
    - How FINRA oversees its members through rule-making, examinations, and enforcement actions.
    - Common exam traps, such as confusing the civil enforcement powers of FINRA with the criminal authority of the SEC.
    - A memorable phrase to help distinguish the primary functions of the SEC and FINRA.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 57, SEC and Securities Laws
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
    In this episode you will learn:
    - The key difference between the Securities Act of 1933 (primary market) and the Securities Exchange Act of 1934 (secondary market).
    - Why the Act of 1933 is called the "truth in securities" law and its focus on prospectuses and registration statements for new issues.
    - How the Act of 1934 created the SEC and governs ongoing reporting for public companies, like 10-K and 10-Q filings.
    - Common exam traps, such as the misconception that the SEC "approves" securities rather than just clearing them for sale.
    - The limits of SEC enforcement power, specifically that it can impose civil penalties but must refer cases to the Department of Justice for criminal prosecution.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    5 min
  • [SIE] 56, Anti-Money Laundering (AML)
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
    In this episode you will learn:
    - Learn the key differences between the Bank Secrecy Act and the USA PATRIOT Act.
    - Understand the distinction between the Customer Identification Program (CIP) and Know Your Customer (KYC).
    - Identify when a Currency Transaction Report (CTR) must be filed for cash transactions.
    - Recognize activities, like structuring, that would trigger a Suspicious Activity Report (SAR).
    - Learn a simple mnemonic to remember the difference between a CTR and a SAR.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 55, Customer Protection Violations
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
    In this episode you will learn:
    - The definition of churning and how it is identified based on a client's objectives.
    - What constitutes an unauthorized trade and the requirements for non-discretionary accounts.
    - How to determine if a recommendation is unsuitable by analyzing a customer's investment profile.
    - The difference between selling away and a private securities transaction.
    - The critical distinction between notice and approval requirements for private securities transactions based on compensation.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    5 min
  • [SIE] 54, Insider Trading
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam exam.
    In this episode you will learn:
    - What defines information as both "material" and "non-public."
    - The broad definition of a corporate insider, including temporary or constructive insiders.
    - The legal framework of tipper and tippee liability in an insider trading case.
    - The severe civil and criminal penalties mandated by the Insider Trading and Securities Fraud Enforcement Act of 1988.
    - How to use the "I.P.A." mnemonic (Insider, Possession, Act) to identify a potential violation.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 53, Market Manipulation
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam exam.
    In this episode you will learn:
    - Understanding the "pump and dump" scheme where false hype is used to inflate a stock's price for a quick profit.
    - Identifying "front-running" as the prohibited practice of a broker trading for their own account based on advance knowledge of a large client order.
    - Defining "painting the tape" as the illegal act of creating a false appearance of active trading in a security.
    - Recognizing specific manipulative tactics like "matched orders" and "marking the close."
    - Applying the "People Freak out over Prices" mnemonic to remember the key types of market manipulation.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    5 min
  • [SIE] 52, Trade Settlement and Clearing
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
    In this episode you will learn:
    - The definition of trade settlement and the standard T+1 cycle for most securities.
    - How the Depository Trust & Clearing Corporation (DTCC) acts as the central hub for clearing and settling trades.
    - The concept of book-entry ownership and holding securities in "street name."
    - Key timing differences, including the Regulation T payment deadline which is T+3.
    - Common exam questions and traps related to settlement timelines versus payment deadlines.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 51, Order Qualifiers and Execution
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam exam.
    In this episode you will learn:
    - The fundamental difference between time-based qualifiers like Day and GTC orders.
    - How volume-based qualifiers like All-or-None (AON) and Fill-or-Kill (FOK) function.
    - The critical distinction between AON and FOK orders, a common source of confusion on the exam.
    - What the regulatory obligation of "best execution" truly means beyond just getting the lowest price.
    - A simple mnemonic to remember the difference between AON and FOK orders.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 50, Order Types
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
    In this episode you will learn:
    - The difference between certainty of execution (market order) and certainty of price (limit order).
    - How stop orders are used for risk management and become market orders once triggered.
    - Why a stop-limit order provides price protection but introduces execution risk.
    - The common exam trap of a stock price "gapping through" a stop or limit price.
    - How to use the "SLOBS over BLISS" mnemonic to remember where to place orders relative to the market price.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    5 min
  • [SIE] 49, Margin Accounts - Maintenance and Calls
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
    In this episode you will learn:
    - The core formula for calculating equity in a long margin account.
    - How to determine the minimum maintenance equity required by FINRA.
    - A step-by-step calculation of a maintenance margin call.
    - What happens during a forced liquidation if a margin call is not met.
    - A mental shortcut to quickly find the market value that triggers a margin call.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min

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