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Securities Exam Blog

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Private Placements and Bad Actors

By Securities Institute Staff
More and more questions are popping up on FINRA Exams concerning disqualifying events which prohibit certain bad actors from participating in private placement offerings. With the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act,  certain “bad actors” are precluded from participating in offerings under Regulation 506. If any covered person has been... "Private Placements and Bad Actors"

SEC customer classification

By Securities Institute Staff
The SEC requires broker dealers to adhere to strict financial responsibility rules. These rules include the customer protection rule 15c3-3 and the net capital rule 15c3-1. The net capital rules have always been part of the Securities Exchange Act of 1934 and require broker-dealers to maintain a minimum level of financial solvency.  The more complex... "SEC customer classification"

Broker-dealer AML audit requirements

By Securities Institute Staff
All broker-dealers must conduct an independent audit of their anti money laundering program prior to the end of each year.  To assist you in avoiding common mistakes and oversights that could become comments in your next AML Testing report, please review the following list of common findings identified during AML testing and recommendations on how... "Broker-dealer AML audit requirements"

Outside Business Activities And Private Securities Transactions

By Securities Institute Staff
In this article we are going to provide you with a comprehensive review regarding the outside business activities of associated persons and private Securities transactions.  Both of these topics are hot buttons for FINRA and are not only widely tested on their exams, but are also closely scrutinized during compliance examinations by FINRA staff members. ... "Outside Business Activities And Private Securities Transactions"

Annuity payments and taxation

By Securities Institute Staff
In our previous article we reviewed the three ways for purchasing an annuity contract. Let’s move forward here, and get a little bit more detailed about some of the specifics regarding the operation of the annuity’s separate account. When an investor contributes money into a variable annuity product, that money goes into the separate account... "Annuity payments and taxation"
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