ILEY SERIES 66 EXAM REVIEW 2017 The Uniform Combined State Law Examination 1st edition by Wiley – Ebook PDF Instant Download/Delivery: 1119379911, 978-1119379911
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Product details:
ISBN 10: 1119379911
ISBN 13: 978-1119379911
Author: Wiley
The go-to guide to acing the Series 66 Exam!
Passing the Uniform Combined State Law Examination (Series 66) qualifies an individual to represent both a broker-dealer and an investment adviser. It covers such topics as client investment strategies and ethical business practices. Taken as a corequisite with the Series 7 Exam, candidates must complete the Series 66 Exam in order to register as an agent with a state securities administrator.
Created by the experts at The Securities Institute of America, Inc., Wiley Series 66 Exam Review 2017 arms you with what you need to score high on this tough 100-question test. Designed to help you build and fine-tune your knowledge of all areas covered in the exam and to guarantee that you’re prepared mentally and strategically to take the test, it provides:
- Dozens of examples
- Assorted practice questions for each subject area covered in the exam
- Priceless test-taking tips and strategies
- Helpful hints on how to study for the test, manage stress, and stay focused
Wiley Series 66 Exam Review 2017 is your ticket to passing this difficult test on the first try—with flying colors!
WILEY SERIES 66 EXAM REVIEW 2017 The Uniform Combined State Law Examination 1st Table of contents:
About the Series 66 Exam xiii
About This Book xvii
About the Test Bank xix
About the Securities Institute of America xxi
Chapter 1 Definition of Terms 1
Security 1
Person 3
Broker Dealer 4
Agent 4
Issuer 5
Nonissuer 5
Investment Adviser 5
Pension Consultants 6
Investment Counsel 6
Form ADV 7
Investment Adviser Registration Database (IARD) 8
Investment Adviser Representative 9
Solicitor 9
Access Person 10
Institutional Investor 10
Accredited Investor 11
Qualified Purchaser 11
Private Investment Company 11
Offer/Offer to Sell/Offer to Buy 11
Sale/Sell 12
Guarantee/Guaranteed 12
Contumacy 12
Federally Covered Exemption 12
Escheatment 13
12B-1 Fees 13
Power of Attorney 14
Option Contracts 14
Call Options 15
Put Options 15
Futures and Forwards 15
Secondary Market Orders 15
Market Orders 16
Buy Limit Orders 16
Sell Limit Orders 16
Stop Orders/Stop Loss Orders 17
Buy Stop Orders 17
Sell Stop Orders 18
Pretest 19
Chapter 2 Securities Industry Rules and Regulations 25
The Securities Act of 1933 25
The Securities Exchange Act of 1934 27
Public Utilities Holding Company Act of 1935 29
Financial Industry Regulatory Authority (FINRA) 29
The Trust Indenture Act of 1939 30
Investment Advisers Act of 1940 30
Investment Company Act of 1940 30
Retail Communications/Communications with the Public 31
FINRA Rule 2210 Communications with the Public 32
Blind Recruiting Ads 34
Generic Advertising 34
Tombstone Ads 35
Testimonials 35
Free Services 36
Misleading Communications 36
Securities Investor Protection Corporation Act of 1970 (SIPC) 37
The Securities Acts Amendments of 1975 38
The Insider Trading and Securities Fraud Enforcement Act of 1988 38
Firewall 39
The Telephone Consumer Protection Act of 1991 39
National Securities Market Improvement Act of 1996 40
The Uniform Securities Act 41
The Patriot Act 41
Regulation S-P 43
Identity Theft 44
Pretest 45
Chapter 3 Economic Fundamentals 49
Gross Domestic Product 49
Recession 51
Depression 51
Economic Indicators 51
Schools of Economic Thought 53
Economic Policy 54
Tools of the Federal Reserve Board 54
Interest Rates 54
Reserve Requirement 55
Changing the Discount Rate 56
Federal Open Market Committee 56
Money Supply 57
Disintermediation 58
Moral Suasion 58
Fiscal Policy 58
International Monetary Considerations 60
London Interbank Offered Rate(LIBOR) 60
Yield Curve Analysis 60
Pretest 63
Chapter 4 Customer Recommendations, Professional Conduct, and Taxation 67
Professional Conduct by Investment Advisers 68
The Uniform Prudent Investors Act of 1994 68
Fair Dealings with Clients 69
Periodic Payment Plans 73
Disclosure of Client Information 74
Borrowing and Lending Money 74
Developing the Client Profile 74
Investment Objectives 77
Risk vs. Reward 79
Alpha 81
Beta 81
Predicting Portfolio Income 88
Fundamental Analysis 90
Capitalization 93
Tax Structure 95
Investment Taxation 95
Calculating Gains and Losses 95
Cost Base of Multiple Purchases 96
Deducting Capital Losses 97
Wash Sales 97
Taxation of Interest Income 98
Inherited and Gifted Securities 98
Donating Securities to Charity 98
Trusts 99
Gift Taxes 99
Estate Taxes 100
Withholding Tax 100
Corporate Dividend Exclusion 100
Alternative Minimum Tax (AMT) 101
Taxes on Foreign Securities 101
Pretest 103
Chapter 5 Variable Annuities, Retirement Plans, AND LIFE INSURANCE 107
Annuities 107
Equity-Indexed Annuities 110
Recommending Variable Annuities 111
Annuity Purchase Options 112
Accumulation Units 112
Annuity Units 113
Annuity Payout Options 113
Factors Affecting the Size of the Annuity Payment 114
The Assumed Interest Rate (AIR) 115
Taxation 115
Sales Charges 116
Variable Annuity vs. Mutual Fund 116
Retirement Plans 116
Individual Plans 117
Individual Retirement Accounts (IRAs) 117
529 Plans 120
Local Government Investment Pools (LGIPs) 121
IRA Contributions 122
IRA Accounts 122
IRA Investments 122
It Is Unwise to Put a Municipal Bond in an IRA 123
Rollover vs. Transfer 123
Keogh Plans (HR-10) 124
Contributions 124
Tax-Sheltered Annuities/Tax-Deferred Account 125
Contributions 126
Tax Treatment of Distributions 127
Corporate Plans 127
Non-Qualified Corporate Retirement Plans 127
Payroll Deductions 127
Deferred Compensation Plans 128
Qualified Plans 128
Types of Plans 128
Rolling Over a Pension Plan 130
Employee Retirement Income Security Act of 1974 (ERISA) 130
ERISA 404C Safe Harbor 132
The Department of Labor Fiduciary Rules 133
Life Insurance 133
Premiums and Death Benefits 135
Assumed Interest Rate 136
Variable Policy Features 137
Sales Charges 138
Life Settlements 139
Tax Implications of Life Insurance 139
Health Savings Accounts 140
Pretest 141
Chapter 6 Registration of Broker Dealers, Investment Advisers, and Agents 145
Registration of Broker Dealers 145
Financial Requirements 146
Agent Registration 147
Hiring New Employees 149
Resignation of a Registered Representative 150
Registering Agents 151
Changes in an Agent’s Employment 152
Mergers and Acquisitions of Firms 152
Renewing Registrations 152
Canadian Firms and Agents 152
Investment Adviser State Registration 153
The National Securities Market Improvement Act of 1996 (The Coordination Act) 153
Investment Adviser Representative 154
State Investment Adviser Registration 155
Capital Requirements 155
Exams 156
Advertising and Sales Literature 157
Brochure Delivery 158
The Role of the Investment Adviser 159
Additional Compensation for an Investment Adviser 159
Agency Cross Transactions 159
Disclosures by an Investment Adviser 159
Investment Adviser Contracts 161
Additional Roles of Investment Advisers 162
Private Investment Companies/Hedge Funds 162
Fulcrum Fees 162
Wrap Accounts 163
Soft Dollars 163
Pretest 165
Chapter 7 Securities Registration, Exempt Securities, and Exempt Transactions 171
Exempt Securities 171
Securities Registration 172
Exempt Securities/Federally Covered Exemption 175
Exempt Transactions 176
Pretest 183
Chapter 8 State Securities Administrator: the Uniform Securities Act 189
Actions by the State Securities Administrator 189
Actions Against an Issuer of Securities 191
Rule Changes 192
Investigations 194
Civil and Criminal Penalties 194
Jurisdiction of the State Securities Administrator 195
Administrator’s Jurisdiction over Securities Transactions 195
Radio, Television, and Newspaper Distribution 198
Right of Rescission 198
Statute of Limitations 199
Pretest 201
Answer Keys 207
Glossary of Exam Terms 217
Index 283
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