FINRA Series 22 Exam lessons: Recent Episodes
FINRA Series 22 Exam lessons
This Podcast is for the training the financial services representative in the preparation to take the FINRA The Series 22 exam. Often called the Direct Participation Programs Limited Representative Exam, the Series 22 assesses the competency of an entry-level registered representative to perform their job as a direct participation programs representative. The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a direct participation programs representative, including the solicitation, purchase and sale of limited partnerships, among other products. Candidates must pass the Securities Industry Essentials (SIE) exam and the Series 22 exam to obtain the Direct Participation Programs Representative registration. For more information about the SIE and Series 22 exams.
Person When talking about investing, this is any entity that can form a legally-binding contract (they are of age and of sound mind), and they are allowed to do business in the securities market. These do not only have to be an individual, but can be a partnership, a government agency, a corporation, etc. Limited Partner Rollup This is a transaction that merges or reorganizes two or more…
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Sometimes this is just referred to as a “program”. It offers the entire process through economic events and tax burdens. It can be set up in different ways, such as a limited partnership, a limited liability company (LLC) or an S corporation. They can be created as a legal entity to manage interests in a variety of fields, including agriculture, ranching, fossil fuels, minerals, real estate…
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FINRA = Financial Industry Regulatory Authority, Inc. It is the self-regulating body for setting standards and regulation for financial professionals. The FINRA Series 22 exam is an essential part of becoming a successful financial professional. You will be able to participate in direct participation programs. (Real estate, oil, equipment, gas, etc.) Also, doing business with limited…
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This is the first in a series of podcast to help you prepare for the FINRA Series 22 Exam the Direct Participation Programs Limited Representative Exam…
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Lesson 20 Margin accounts: Margin accounts allow investors to buy securities without having to pay for them in full. They have to put a certain portion of the price down, called the margin, and then they can borrow from the broker-dealer. The size of the margin is set down by Regulation T by the Federal ... Read more
Lesson 19 Types of Accounts: Types of Accounts An individual account account is one that is owned by a single person. Only he or she can determine which securities are bought or sold and they get all the proceeds from the account. A joint account is owned by two or more people. Any of the ... Read more
Lesson 18 New Account Regulations: FinCEN is a part of the U.S. Department of the Treasury and it seeks to safeguard the nation’s financial system. They send blacklist to FINRA member firms every few weeks and the principal must check these lists against their client base within 14 days and report. After the attacks on ... Read more
Lesson 17 Securities Investor Protection Corporation (SIPC): The Securities Investor Protection Corporation (SIPC) is a corporation sponsored by the governments that protects customers when a broker-dealer fails them. All broker-dealers registered with the SEC must also be SIPC members and pay annual dues to them as a way to fund insurance for people harmed by ... Read more
Lesson 16 Registered Representative Criteria: In order to become a registered representative you must meet the four criteria: you have to be trained, you have to be competent, you have to have experience, and you have to be of a good moral character. If you are deficient in one or more of these areas, you ... Read more
Lesson 11 DPP Offerings: The SEC and FINRA have different rules about how limited partnerships are distributed. They can be directly distributed by a sponsor, through a sponsor managed offering, or through a broker-dealer. In the final case, the broker-dealer will enter into a distribution agreement with the sponsor and then they have to make ... Read more
Lesson 15 Disciplinary Actions: Disciplinary Actions Any action taken against a FINRA member by the SEC, an exchange, a state regulator, a clearing firm or other regulatory body must be reported to FINRA as soon as possible. Customer complaints of fraud or misrepresentation must also be taken seriously and reported immediately, which means within 10 ... Read more
Lesson 14 The Securities and Exchange Act of 1934: The Securities and Exchange Act of 1934 was a law that came in response to the Stock Market crash of 1929. It regulates the secondary market that deals in transactions between investors, instead of the primary market, which is companies to investors. This is sometimes known ... Read more
Lesson 13 Fiduciary Responsibilities: Fiduciary Responsibilities A statement must be disclosed that lists the fiduciary obligation of the general partner. The specific language is set down by the SEC. If there is an exculpation or indemnification provision, additional disclosers are required. Exculpation means that the general partner may not be liable to the partnership for ... Read more
Lesson 10 Rule 144: Rule 144 regulates how restricted securities can be sold. It sets down the holding period, the amount of the security that can be sold, the filing procedures, and the method of sale. Control securities are those owned by people who have 10% or more of the company’s stock. There is no ... Read more