• Series 99 Exam - Understanding Professional Conduct

    Introduction

    The foundation of a firm’s supervisory system is its written supervisory manual, also known as the firm’s policy and procedures manual. All members are required to have a policy and procedures manual that outlines the supervisory structure of the firm and that designates a principal to be responsible for each business area of supervision. The policy and procedures manual must include the title, location, and registration status of all supervisors and a copy of the manual must be kept in each office of the firm where supervised activities are conducted. The purpose of the written policy and procedures manual is to ensure compliance with the firm’s rules, as well as the rules of the industry. The manual must be updated to reflect the adoption of new policies, a change in personnel, or new industry regulations.

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  • Series 99 Exam - Understanding The Securities Industry

    Prior to opening an account for any new customer, a registered representative must complete and sign a new account form. Account ownership is divided into five main types:

    • Individual
    • Joint
    • Corporate
    • Trusts
    • Partnership

    The registered representative should try to obtain as much information about the customer as possible. The representative should obtain:

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  • Series 99 Exam - Mastering Advanced Operational Concepts

    Customer Confirmations

    All customers must be sent a confirmation at or before the completion of the transaction. Industry rules consider the completion of the transaction to be the settlement date. For buyers of the security, it is the time when the payment is made. If the customer has the funds available in the account, it is the time when the funds are moved through a book�keeping entry. For the seller, it is the time when they deliver the security. If the security is delivered prior to its due date, completion will occur when the payment is credited into the account. It is unlawful to settle a transaction without having sent a confirmation of the transaction to the customer. All customer confirmations must include:

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  • Understanding Broker Dealer Operations on the Series 99 Exam Order Tickets

    Prior to executing a customer’s order, the representative must fill out the appropriate order ticket and present it to the trading department or wire room for execution. All order tickets will include:

    • Buy or Sell
    • Name of security
    • Number of shares or bonds
    • Account name and number
    • Account type, i.e. cash or margin
    • Price and time limits if any
    • Solicited or unsolicited
    • Discretionary authority exercised or discretionary authority not exercised, if applicable
    • Time stamp when entered, executed, changed, or canceled
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