Produktbild: Wiley Series 62 Exam Review 2015 + Test Bank

Wiley Series 62 Exam Review 2015 + Test Bank The Corporate Securities Limited Representative Examination

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Beschreibung

Produktdetails

Einband

Taschenbuch

Erscheinungsdatum

13.10.2014

Verlag

John Wiley & Sons Inc

Seitenzahl

456

Maße (L/B/H)

27.4/21.3/2.8 cm

Gewicht

1034 g

Auflage

3. Auflage

Sprache

Englisch

ISBN

978-1-118-85716-8

Beschreibung

Produktdetails

Einband

Taschenbuch

Erscheinungsdatum

13.10.2014

Verlag

John Wiley & Sons Inc

Seitenzahl

456

Maße (L/B/H)

27.4/21.3/2.8 cm

Gewicht

1034 g

Auflage

3. Auflage

Sprache

Englisch

ISBN

978-1-118-85716-8

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  • Produktbild: Wiley Series 62 Exam Review 2015 + Test Bank
  • ABOUT THE SERIES 62 EXAM XV

    ABOUT THIS BOOK XIX

    ABOUT THE TEST BANK XXI

    ABOUT THE SECURITIES INSTITUTE OF AMERICA XXIII

    CHAPTER 1 EQUITY SECURITIES 1

    What Is a Security? 1

    Equity = Stock 2

    Common Stock 2

    Corporate Timeline 2

    Values of Common Stock 4

    Rights of Common Stockholders 5

    Why Do People Buy Common Stock? 11

    What Are the Risks of Owning Common Stock? 12

    How Does Someone Become a Stockholder? 12

    Preferred Stock 14

    Dividend Distribution 18

    Warrants 20

    American Depositary Receipts (ADRs)/American Depositary Shares (ADSs) 22

    Real Estate Investment Trusts (REITs) 22

    Exchange-Traded Funds (ETFs) 23

    Pretest 25

    CHAPTER 2 DEBT SECURITIES 31

    Corporate Bonds 31

    Types of Bond Issuance 32

    Bond Certificate 33

    Bond Pricing 33

    Bond Yields 35

    Bond Maturities 38

    Types of Corporate Bonds 39

    Zero Coupon Bonds 41

    Guaranteed Bonds 41

    Convertible Bonds 41

    The Trust Indenture Act of 1939 44

    Bond Indenture 44

    Ratings Considerations 44

    Retiring Corporate Bonds 45

    Collateralized Mortgage Obligation (CMO) 47

    Exchange Traded Notes (ETNs) 49

    Other Asset Backed Securities 50

    Pretest 51

    CHAPTER 3 GOVERNMENT SECURITIES 55

    Series EE Bonds 55

    Series HH Bonds 56

    Treasury Bills, Notes, and Bonds 56

    Treasury Notes 57

    Treasury Bonds 57

    Treasury Bond and Note Pricing 57

    Treasury Strips 58

    Treasury Receipts 58

    Treasury Inflation Protected Securities (TIPS) 58

    Agency Issues 59

    Pretest 61

    CHAPTER 4 THE MONEY MARKET 63

    Money Market Instruments 63

    Corporate Money Market Instruments 63

    Government Money Market Instruments 65

    Municipal Money Market Instruments 66

    International Money Market Instruments 66

    Interest Rates 66

    Pretest 69

    CHAPTER 5 ECONOMIC FUNDAMENTALS 71

    Gross Domestic Product 71

    Economic Indicators 73

    Economic Policy 75

    Tools of the Federal Reserve Board 75

    Fiscal Policy 78

    International Monetary Considerations 80

    Pretest 81

    CHAPTER 6 ISSUING CORPORATE SECURITIES 85

    The Securities Act of 1933 85

    The Prospectus 86

    The Final Prospectus 86

    SEC Disclaimer 87

    Misrepresentations 87

    Tombstone Ads 88

    Freeriding and Withholding/FINRA Rule 5130 88

    Underwriting Corporate Securities 89

    Exempt Securities 93

    Exempt Transactions 94

    Rule 415 Shelf Registration 98

    Securities Offering Reform Rules 98

    SEC Rule 405 99

    Pretest 101

    CHAPTER 7 TRADING SECURITIES 105

    Types of Orders 105

    The Exchanges 108

    Priority of Exchange Orders 109

    The Role of the Specialist/DMM 109

    Crossing Stock 112

    Do Not Reduce (DNR) 112

    Adjustments for Stock Splits 113

    Stopping Stock 114

    Commission House Broker 114

    Two Dollar Broker 114

    Registered Traders 115

    Super Display Book/SDBK 115

    Short Sales 115

    Threshold Securities 118

    Block Trades 120

    Trading Along 120

    Circuit Breakers 121

    Listing Requirements for the NYSE 122

    Reading the Consolidated Tape 123

    Exchange Qualifiers 124

    The Nasdaq Market 125

    The Alternative Display Facility (ADF) 131

    Trade Reporting and Comparison Service (TRACS) 131

    Electronic Communication Networks (ECNs) 132

    Unlisted Trading Privileges 132

    Market Centers 132

    SEC Regulation NMS 134

    SEC Regulation ATS 134

    Nasdaq International 135

    NonNasdaq OTC BB 135

    Pink Sheets 136

    Third Market 136

    Fourth Market 137

    Market Maker Regulations and Responsibilities 137

    Times for Entering a Quote 138

    The Opening Cross 138

    Order Imbalances 138

    The Nasdaq Offi cial Opening Price (NOOP) 139

    The Closing Cross 139

    The Nasdaq Halt Cross 140

    Withdrawing Quotes 140

    Handling and Displaying Customer Limit Orders 141

    The Manning Rule 144

    The Order Audit Trail System (OATS) 144

    Automated Confi rmation System/ACT Market Center Trade Reporting Facility 145

    ACT/TRF Trade Scan 146

    Avoiding Double Reporting 148

    Market Making During Syndication 152

    Trade Reporting and Compliance Engine (TRACE) 156

    Broker vs. Dealer 158

    FINRA 5% Markup Policy 158

    Markups/Markdowns When Acting as a Principal 159

    Riskless Principal Transactions 160

    Net Transactions with Customers/FINRA Rule 2124 160

    Proceeds Transactions 161

    Firm Quote Rule 161

    Trade Complaints Between Members 162

    Arbitrage 162

    Pretest 165

    CHAPTER 8 CUSTOMER ACCOUNTS 169

    Opening a Customer Account 169

    Holding Securities 171

    Mailing Instructions 172

    Types of Accounts 172

    Death of a Customer 174

    Partnership Accounts 174

    Corporate Accounts 174

    Trading Authorization 175

    Accounts for Employees of Other Broker Dealers 180

    Numbered Accounts 180

    Day Trading Accounts 180

    Account Transfer 181

    Option Accounts 182

    Margin Accounts 182

    Commingling Customer's Pledged Securities 183

    Wrap Accounts 183

    Regulation S-P 184

    Pretest 185

    CHAPTER 9 MARGIN ACCOUNTS 191

    Regulation of Credit 191

    Establishing a Long Position in a Margin Account 194

    Establishing a Short Position in a Margin Account 200

    Combined Margin Accounts 205

    Margin Requirements for Day Trading 206

    Portfolio Margin Accounts 206

    Pretest 209

    CHAPTER 10 RETIREMENT PLANS 213

    Individual Plans 213

    Individual Retirement Accounts (IRAS) 214

    Keogh Plans (HR-10) 219

    Tax Sheltered Annuities (TSAS)/Tax Deferred Accounts (TDAS) 220

    Employee Retirement Income Security Act of 1974 (ERISA) 224

    Pretest 227

    CHAPTER 11 BROKERAGE OFFICE PROCEDURE 231

    Executing an Order 231

    Clearly Erroneous Reports 233

    Execution Errors 233

    Corporate and Municipal Securities Settlement Options 234

    When Issued Securities 235

    Government Securities Settlement Options 235

    Accrued Interest 236

    Rules for Good Delivery 238

    Delivery of Round Lots 239

    Delivery of Bond Certificates 240

    Rejection of Delivery 240

    Don't Know Procedures (DK) 240

    Fail to Deliver/Fail to Receive 241

    Due Bills 241

    Customer Account Statements 241

    Carrying of Customer Accounts 242

    Proxies 242

    Pretest 245

    CHAPTER 12 FUNDAMENTAL AND TECHNICAL ANALYSIS 249

    Fundamental Analysis 249

    Changes in the Balance Sheet 252

    Technical Analysis 258

    Efficient Market Theory 262

    Capitalization weighted index 263

    Price weighted index 263

    Pretest 265

    CHAPTER 13 CUSTOMER RECOMMENDATIONS, PROFESSIONAL CONDUCT, AND TAXATION 267

    Professional Conduct in the Securities Industry 268

    Fair Dealings with Customers 268

    Recommendations to an Institutional Customer 272

    Recommending Exchange Traded Funds (ETFs) 272

    Information Obtained from an Issuer 273

    Disclosure of Client Information 273

    Borrowing and Lending Money 273

    Gift Rule 274

    Outside Employment 274

    Private Securities Transactions 274

    Customer Complaints 275

    Investor Information 275

    Know Your Customer 275

    Investment Objectives 276

    Risk vs. Reward 278

    Tax Structure 281

    Investment Taxation 281

    Calculating Gains and Losses 281

    Taxation of Interest income 284

    Inherited Securities 284

    Donating Securities to Charity 285

    Estate Taxes 285

    Withholding Tax 285

    Corporate Dividend Exclusion 286

    Alternative Minimum Tax (AMT) 286

    Taxes on Foreign Securities 286

    Pretest 287

    CHAPTER 14 SECURITIES INDUSTRY RULES AND REGULATIONS 293

    The Securities Exchange Act of 1934 293

    The National Association of Securities Dealers (NASD) 295

    Registration of Agents/Associated Persons 297

    Securities Investor Protection Corporation Act of 1970 (SIPC) 311

    The Securities Acts Amendments of 1975 312

    The Insider Trading and Securities Fraud Enforcement Act of 1988 312

    The Telephone Consumer Protection Act of 1991 313

    The Penny Stock Cold Call Rule 314

    The Role of the Principal 315

    Currency Transactions 318

    The Patriot Act 318

    The Uniform Securities Act (USA) 319

    Sarbanes-Oxley Act 320

    SEC Regulation S-K 321

    SEC Regulation M-A 322

    FINRA Rule 5150 Fairness Opinion 324

    SEC Regulation S-X 324

    Regulation FD Fair Disclosure 325

    Pretest 327

    ANSWER KEYS 333

    GLOSSARY OF EXAM TERMS 345

    INDEX 411