Open Exam Prep

Open Exam Prep

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

  • Series 7 Exam Prep 73, Securities Exchange Act of 1934
    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 core distinction between the Securities Act of 1933 (new issues) and the Securities Exchange Act of 1934 (secondary market trading).
    - Key responsibilities of the SEC, which was created by the 1934 Act, including the registration of broker-dealers and exchanges.
    - The function of Rule 10b-5 as the primary anti-fraud provision, prohibiting manipulation, deception, and insider trading.
    - How insider trading is defined, including the liability of both tippers and tippees who act on material, non-public information.
    - The purpose of Regulation T in setting initial margin requirements and the reporting obligations of public companies through Forms 10-K, 10-Q, and 8-K.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • Series 7 Exam Prep 72, Securities Act of 1933
    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 Securities Act of 1933 governs the primary market, requiring registration and full disclosure for all non-exempt new issues.
    - The key phases of registration are the pre-filing, the cooling-off period (where marketing is allowed with a preliminary prospectus), and the post-effective period (where sales can occur).
    - A final prospectus, containing the offering price, must be delivered to all purchasers no later than the confirmation of the sale.
    - Key exemptions from registration include government securities, private placements under Regulation D, and intrastate offerings under Rule 147.
    - Issuers and underwriters face strict civil liability for any material misstatements or omissions in the registration statement.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • Series 7 Exam Prep 71, FINRA, SEC, MSRB, and Regulatory Bodies
    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 SEC is the ultimate federal authority overseeing all securities market participants.
    - FINRA is the primary self-regulatory organization (SRO) that writes and enforces rules for broker-dealers.
    - A common exam trap is that the MSRB writes rules for municipal securities but has no enforcement power; FINRA and banking regulators enforce its rules.
    - The Cboe is the specific SRO that creates and enforces rules for the options market.
    - The Federal Reserve Board sets initial margin requirements for securities purchases under Regulation T.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • Series 7 Exam Prep 70, Insider Trading and Market Manipulation
    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:
    - Material nonpublic information is information a reasonable investor would find important that has not been publicly disseminated.
    - Both the 'tipper' who shares inside information and the 'tippee' who trades on it can be held liable for insider trading.
    - Broker-dealers must establish Chinese Walls and restricted lists to prevent the misuse of inside information.
    - Market manipulation tactics include painting the tape, marking the close, and pump and dump schemes.
    - Penalties for insider trading are severe, including treble damages, millions in fines, and up to 20 years in prison.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • Series 7 Exam Prep 69, Prohibited Activities and Sales Practice Violations
    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:
    - Churning involves excessive trading to generate commissions, requiring proof of broker control and excessive activity.
    - Unauthorized trading is executing trades in non-discretionary accounts without client approval.
    - Front-running is trading for personal gain based on knowledge of a large pending customer order, while insider trading involves using material, non-public information.
    - Selling away and private securities transactions require prior written notice to the firm, and written approval if compensation is involved.
    - Borrowing from or lending to customers, and sharing in accounts, are prohibited with specific, limited exceptions requiring firm approval, while guaranteeing against losses is always forbidden.
    5 min
  • Series 7 Exam Prep 68, Senior Investors and Financial Exploitation
    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 role and requirements of a Trusted Contact Person under FINRA Rule 4512.
    - The specific conditions and timelines for placing temporary holds on disbursements and transactions under FINRA Rule 2165.
    - How to identify common behavioral and financial red flags of senior investor exploitation.
    - The critical steps of escalation and documentation when suspecting financial abuse.
    - The balance between protecting vulnerable clients and respecting their autonomy, and the safe harbor provisions for firms.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    2 min
  • Series 7 Exam Prep 67, Anti-Money Laundering and Suspicious Activity
    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 four essential pillars of a broker-dealer's Anti-Money Laundering (AML) program.
    - The four key pieces of information required under the Customer Identification Program (CIP) to open a new account.
    - How to identify beneficial owners of a legal entity, including the 25% ownership threshold and the control prong.
    - Key red flags for suspicious activity, such as structuring transactions to avoid reporting thresholds.
    - The requirements for filing a Suspicious Activity Report (SAR) with FinCEN, including the $5,000 threshold and the strict confidentiality rule against 'tipping off' a customer.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • Series 7 Exam Prep 66, Research Reports and Quiet Periods
    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 quiet period for IPOs is 10 days for all participants, while for follow-on offerings, it is 3 days and applies only to managers.
    - Research analyst compensation cannot be directly linked to specific investment banking transactions to ensure objectivity.
    - Investment banking personnel are strictly prohibited from supervising research analysts or having any control over the content of research reports.
    - Key disclosures on research reports include any investment banking business with the subject company in the past 12 months and firm ownership of 1% or more.
    - Analysts and their household members are forbidden from purchasing pre-IPO shares of companies within their sector of coverage.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min
  • Series 7 Exam Prep 65, Communications with the Public
    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 key differences between correspondence, retail, and institutional communications based on the number of retail investors.
    - The specific principal pre-approval requirements for retail communications and the exceptions for other types.
    - When retail communications must be filed with FINRA, distinguishing between pre-filing and post-filing requirements.
    - The 'fair and balanced' standard, with a focus on rules for testimonials, performance claims, and investment company rankings.
    - The three-year record retention rule for all public communications and common exam traps related to social media and forwarded communications.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    5 min
  • Series 7 Exam Prep 64, Customer Protection and SIPC
    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 SEC Rule 15c3-3 requires broker-dealers to segregate fully paid and excess margin securities.
    - The specific calculation for determining excess margin securities that a firm is prohibited from rehypothecating.
    - The SIPC coverage limits of $500,000 per separate customer, which includes a $250,000 sublimit for cash.
    - The critical distinction between what SIPC covers, which is broker-dealer failure, and what it does not cover, such as market losses.
    - How different account registrations like individual, joint, and retirement accounts are treated as separate customers for SIPC coverage.
    For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
    4 min

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