Tag: Exams

Three Main Focal Points of Newly Registered Firms

Exam Observations for New Firms

Posted on by SCM Communications

In March 2023, the Securities and Exchange Commission (“SEC”) released an alert article with some observations that they have seen when examining newly registered firms. Note that these alerts are not rules or regulations of any regulatory authority. However, investment advisory firms and broker dealers can garner many important takeaways that may assist the firm during an examination. It is important for any new firm – whether broker dealer or registered investment advisor – to start communicating and engaging with its regulatory contacts. Having an open line of communication can provide value to investment advisors and/or broker dealers in building Read more about Exam Observations for New Firms[…]

2017 Examination Priorities for RIA’s and BD’s

Posted on by SCM Communications

The Office of Compliance Inspections and Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) continues another year of exam priorities for its Registered Investment Advisors (“RIA”) and Broker-Dealers. OCIE are the “eyes and ears” of the SEC, and its exams are used by the SEC to inform rule-making initiatives, identify and monitor risks, improve industry practices, and pursue misconduct. Read More…

MSRB Reminds Municipal Advisors of September Deadline to complete Series 50 Exam

Posted on by SCM Communications

As summarized below, the MSRB recently issued a reminder to remind member firms that engage in municipal advisory activities of the obligation to ensure that every Associated Person with your firm that engages in municipal advisory activities is appropriately qualified. Specifically, Associated Persons who engage in municipal advisory activities on behalf of a municipal advisor firm is required to be qualified as a “municipal advisor representative” by passing the Municipal Advisor Representative Qualification Examination (Series 50 exam). Read More…

MSRB Revises Content Outline for Series 50 Exam

Posted on by SCM Communications

In June 2016, the Municipal Securities Rulemaking Board (MSRB) filed a proposed rule change with the Securities Exchange Commission (SEC) to revise the content outline for the Municipal Advisor Representative Qualification Examination (Series 50 exam). The content outline for the Series 50 exam has been amended to reflect changes to the laws, rules and regulations covered by the examination. These amendments also, among other things, incorporate the functions and associated tasks performed by a municipal advisor representative.

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FINRA Cycle Examinations

Posted on by SCM Communications

No less than once every four years, FINRA member firms are subject to comprehensive examinations, or cycle examinations. These exams determine compliance with applicable securities laws, rules and regulations of FINRA, the Securities Exchange Commission (“SEC”), and the Municipal Securities Rulemaking Board (“MSRB”). A combination of the departments of Sales Practice and of Risk Oversight and Operational Regulation known as “Member Regulation” oversees these cycle examinations.

FINRA assesses a firm’s business activities and associated risks to determine whether a firm’s cycle examination Read More…

Important Information About Series 63

Posted on by SCM Communications

If you’re reading this blog, you probably know all about the Series 63: The Uniform Securities Agent State Law Examination (more commonly known as the Series 63 or S63) was developed by the North American Securities Administrators Association (NASAA) to qualify candidates as securities agents. The exam covers the principles of state securities regulations as laid down in the Uniform Securities Act. It is intended to help Read More…