This helped me get a better understanding on the Municipal Registration and as well as Coordination. So if ABC corp. wants to sell new securities to VT, NY, NH, and MA, then they would do "File with SEC, then coordinate with the states they are selling in correct"?
I'm trying to figure out what are all the exclusions vs an exemptions for the Agents under the Uniform Securities Act (U.S.A). For example I've been studying the PassPerfect S63 book 2018 and AD Banker S63 Book 2019. (These are their most recent books as of today btwy) PassPerfect gave me mostly Exclusions about Issuer Agents in Exempt Transactions, Covered Securities (not all covered securities are covered btwy), and Specific Exempt securities (But not all Exempt Securities fall in this exclusion per PassPerfect book) but that is all. Now AD Banker provided me the same Issuer Agent Exclusions but did not provided me with specific example or information of Exemptions for Agents to distinguish them from exclusion in the test if there are any. I was looking and hoping for more of a "Hey, these other ones here are Exemptions" kind of thing from any of the two books but did not find it. Can you please help me? I have my test on the 17th of Jan. I took the exam already on 17th of December and I failed it by 9 questions. I'm on the second and last attempt that my broker firm will allow, if I do not pass this time I can potentially get fired. In the AD Banker book there are some example that they call "Non- Resident Customer" and New Resident Customer" were an Agent is not require to register as long as some things are met. The first one of "Non - Resident Customer" says: "If an agent has an existing customer who is temporarily located in another state, the agent can often continue to service that customer, even if not registered as an agent in that state, for a period of 30 days or less." The Second statement title "New Resident Customer " mentions: If an agent has a customer who moves to another state, the individual is not considered an agent in that state and may engage in securities activity with that client for a period of 60 days or less. This gives the agent a chance to register in the customer’s new state without the need to stop servicing the client. In order to qualify for the 60-day grace period, an application to register in the state in which the client is now a resident must be filed within 10 business days of a transaction with the client in the new state, or the discovery by the agent of the client’s change in residence, whichever is later. This exception applies to existing clients only. In order for either broker-dealer agent exception to apply in a specific state, 3 conditions must be met: 1. The agent must be eligible to register in the state in which the existing customer is temporarily located. 2. The agent must be registered with a registered securities association (i.e., FINRA) and at least one state. 3. The broker-dealer of the agent must be registered in such state. So my question is are these two exemptions or exclusions?? Please help, thanks.
Luis -- Your questions are answered in the Solomon Series 63 Exam Guide and in the Solomon Series 63 Uniform Securities Act Notes pdf document in your Solomon account Resources folder.
In a non-issuer transaction, why would the issuer care about price and liquidity? If it is non-issuer doesnt that mean it is in the secondary market and the issuer is taken out of the transaction?
A non-issuer transaction just means a trade in the secondary market. Trade frequency, supply, and demand all determine the price of the security. The issuer wants their security to do well for the reasons stated in the video.
Yes, the Solomon Series 63 Video Lecture covers the new July 2016 changes to the Series 63 exam! Also, the Solomon Series 63 Exam Guide and Solomon Series 63 Exam Simulator do as well. Go to SolomonExamPrep.Com and click on the "Series 63" tab.
Hi, Steven! This video is just a portion of our full Series 63 Video Lecture, which can be purchased online and is included as part of our Series 63 Total Study Package: solomonexamprep.com/series63. Give us a call at 503-601-0212 if you have any other questions!
This is so much better than Kaplan!
Glad you like it, Stephen!
Your video helped me a lot to understand, learn and remember. Thank you!!!
Thank you, Sofia! Wonderful to hear from you. We're so happy we could help! :)
This is a great review! Thank you for including Qs in your video.
thank you!!!
Thank you for sharing this knowledge
Great review
Very helpful. Thank you
This helped me get a better understanding on the Municipal Registration and as well as Coordination. So if ABC corp. wants to sell new securities to VT, NY, NH, and MA, then they would do "File with SEC, then coordinate with the states they are selling in correct"?
Mick Wong I believe... If ABC is exchange-traded, a notice filing is permissible. Otherwise, ABC will coordinate.
I'm trying to figure out what are all the exclusions vs an exemptions for the Agents under the Uniform Securities Act (U.S.A).
For example I've been studying the PassPerfect S63 book 2018 and AD Banker S63 Book 2019. (These are their most recent books as of today btwy)
PassPerfect gave me mostly Exclusions about Issuer Agents in Exempt Transactions, Covered Securities (not all covered securities are covered btwy), and Specific Exempt securities (But not all Exempt Securities fall in this exclusion per PassPerfect book) but that is all.
Now AD Banker provided me the same Issuer Agent Exclusions but did not provided me with specific example or information of Exemptions for Agents to distinguish them from exclusion in the test if there are any.
I was looking and hoping for more of a "Hey, these other ones here are Exemptions" kind of thing from any of the two books but did not find it.
Can you please help me? I have my test on the 17th of Jan. I took the exam already on 17th of December and I failed it by 9 questions.
I'm on the second and last attempt that my broker firm will allow, if I do not pass this time I can potentially get fired.
In the AD Banker book there are some example that they call "Non- Resident Customer" and New Resident Customer" were an Agent is not require to register as long as some things are met.
The first one of "Non - Resident Customer" says:
"If an agent has an existing customer who is temporarily located in another state, the agent can often
continue to service that customer, even if not registered as an agent in that state, for a period of 30
days or less."
The Second statement title "New Resident Customer
" mentions:
If an agent has a customer who moves to another state, the individual is not considered an agent in
that state and may engage in securities activity with that client for a period of 60 days or less. This
gives the agent a chance to register in the customer’s new state without the need to stop servicing the
client. In order to qualify for the 60-day grace period, an application to register in the state in which
the client is now a resident must be filed within 10 business days of a transaction with the client in
the new state, or the discovery by the agent of the client’s change in residence, whichever is later.
This exception applies to existing clients only.
In order for either broker-dealer agent exception to apply in a specific state, 3 conditions must be
met:
1. The agent must be eligible to register in the state in which the existing customer is
temporarily located.
2. The agent must be registered with a registered securities association (i.e., FINRA) and at least
one state.
3. The broker-dealer of the agent must be registered in such state.
So my question is are these two exemptions or exclusions??
Please help, thanks.
Luis -- Your questions are answered in the Solomon Series 63 Exam Guide and in the Solomon Series 63 Uniform Securities Act Notes pdf document in your Solomon account Resources folder.
In a non-issuer transaction, why would the issuer care about price and liquidity? If it is non-issuer doesnt that mean it is in the secondary market and the issuer is taken out of the transaction?
A non-issuer transaction just means a trade in the secondary market. Trade frequency, supply, and demand all determine the price of the security. The issuer wants their security to do well for the reasons stated in the video.
hi there do you have in videos on the new information added to the 63
Yes, the Solomon Series 63 Video Lecture covers the new July 2016 changes to the Series 63 exam! Also, the Solomon Series 63 Exam Guide and Solomon Series 63 Exam Simulator do as well. Go to SolomonExamPrep.Com and click on the "Series 63" tab.
can I use this now to study for the series 63?
Is that it? Very short video, hopefully it makes the test easier to pass.
Hi, Steven! This video is just a portion of our full Series 63 Video Lecture, which can be purchased online and is included as part of our Series 63 Total Study Package: solomonexamprep.com/series63.
Give us a call at 503-601-0212 if you have any other questions!