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Wiley Series 26 Securities Licensing Exam Review 2020 + Test Bank: The Investment Company and Variable Contracts Products Principal Examination

Wiley Series 26 Securities Licensing Exam Review 2020 + Test Bank: The Investment Company and Variable Contracts Products Principal Examination


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About the Book

The go-to guide to acing the Series 26 Exam! Passing the Investment Company Products/Variable Contracts Limited Principal Qualification Exam (Series 26) qualifies an individual to operate as a principal responsible for supervising and managing a firm and its agents conducting business in open-end mutual funds, variable annuities, and life insurance. The exam covers hiring and qualification, training of representatives, supervision, sales practices, and business processing and recordkeeping rules. A principal must have passed the Series 6 or Series 7 Exams prior to taking the Series 26. Created by the experts at The Securities Institute of America, Inc., Wiley Series 26 Exam Review 2020 arms you with everything you need to pass this long 110-question multiple-choice 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 26 Exam Review 2020 is your ticket to passing the Series 26 test on the first try—with flying colors!

Table of Contents:
About the Series 26 Exam xi About This Book xv About the Test Bank xvii About the Securities Institute of America xix Chapter 1 Brokerage Office Procedures 1 Hiring New Employees 1 Resignation of a Registered Representative 3 Registration Exemptions 4 Persons Ineligible to Register 4 Disciplinary Actions against a Registered Representative 5 Termination for Cause 6 Outside Employment 7 Private Securities Transactions 7 Gift Rule 7 Sharing in a Customer’s Account 8 Borrowing and Lending Money 9 Order Tickets 9 Executing an Order 9 Becoming a Stockholder 11 Close Outs 15 Dividend Distribution 21 Pretest 25 Chapter 2 Record Keeping, Financial Requirements, and Reporting 29 Types of Records 29 Storage Requirements 31 Financial Requirements 35 Pretest 49 Chapter 3 Recommendations to Customers 55 General Guidelines 55 Suitability Standards 56 Mutual Fund Suitability 57 Exchange-Traded Funds (ETFs) 61 Periodic Payment Plans 63 Mutual Fund Current Yield 63 Suitability 63 Fair Dealings with Customers 63 Recommendations to an Institutional Customer 67 Short Sales in Connection with Recommendations 68 Issuing Research Reports 68 Regulation FD (Fair Disclosure) 71 Recommendations through Social Media 71 Pretest 77 Chapter 4 General Supervision 81 The Role of the Principal 81 Supervisor Qualifications and Prerequisites 82 Continuing Education 83 Tape Recording Employees 85 Heightened Supervisory Requirements 85 Information Obtained from an Issuer 86 Customer Complaints 86 Investor Information 87 Member Offices 87 Currency Transactions 90 The Patriot Act 90 Identity Theft 92 FINRA Rules on Financial Exploitation of Seniors 93 Pretest 95 Chapter 5 Customer Accounts 99 New Accounts 99 Holding Securities 101 The Depository Trust Company (DTC) 102 Mailing Instructions 103 Types of Account Ownership 103 Trading Authorization 105 ABLE Accounts 110 Accounts for Employees of Other Broker Dealers 111 Numbered Accounts 112 Prime Brokerage Accounts 112 Account Transfer 112 Margin Accounts 114 Day Trading Accounts 115 Commingling Customers’ Pledged Securities 116 Wrap Accounts 116 Regulation S-P 116 Pretest 119 Chapter 6 Investment Companies 123 Investment Company Philosophy 123 Types of Investment Companies 124 Investment Company Registration 127 Investment Company Components 129 Mutual Fund Distribution 131 Mutual Fund Prospectus 132 Anti-Reciprocal Rule 135 Valuing Mutual Fund Shares 135 Sales Charges 137 Taxation of Mutual Funds 144 Voting Rights 149 Yields 149 Portfolio Turnover 150 Purchasing Mutual Fund Shares 150 Withdrawal Plans 153 Recommending Mutual Funds 154 Structured Retail Products/SRPs 155 Pretest 157 Chapter 7 Variable Annuities, Life Insurance, and Retirement Plans 161 Annuities 161 Life Insurance 171 Health Savings Accounts 177 Retirement Plans 178 Death of an IRA Owner 183 ERISA 404C Safe Harbor 191 Department of Labor Fiduciary Rules 191 Pretest 193 Chapter 8 Securities Industry Rules and Regulations 197 Issuing Securities 197 The Securities Exchange Act of 1934 200 The National Association of Securities Dealers (NASD) 203 Becoming a Member of FINRA 205 Foreign Broker Dealers 207 Compensation Paid to Unregistered Persons 207 Registration of Agents/Associated Persons 208 Retiring Representatives/Continuing Commissions 209 State Registration 209 Communications with the Public 209 Securities Investor Protection Corporation Act of 1970 (SIPC) 215 The Securities Acts Amendments of 1975 217 The Insider Trading & Securities Fraud Enforcement Act of 1988 217 Telemarketing Rules 218 The Penny Stock Cold Call Rule 219 Violations and Complaints 220 Political Contributions 224 Investment Adviser Registration 225 Investment Adviser Representatives 227 Investment Adviser Advertising and Sales Literature 228 Investment Adviser Brochure Delivery 229 Soft Dollars 229 Broker Dealers on the Premises of Other Financial Institutions 231 The Uniform Securities Act 232 Sarbanes-Oxley Act 232 SEC Regulation S-K 234 SEC Regulation M-A 235 The Hart-Scott-Rodino Act 236 FINRA Rule 5150 (Fairness Opinion) 237 SEC Regulation S-X 237 Pretest 239 Answer Keys 243 Glossary of Exam Terms 251 Index 317

About the Author :
The Securities Institute of America, Inc. has an 18 year track record for excellence in securities exam training. Jeffrey Van Blarcom author from The Securities Institute of America, Inc. helps thousands of securities and insurance professionals build successful careers in the financial services industry every year Learn more at : https://securitiesce.com Wiley empowers learners, researchers, universities, and corporations to achieve their goals in an ever-changing world. For over 200 years, Wiley has been helping people and organizations develop the skills and knowledge they need to succeed. Wiley develops digital education, learning, assessment, and certification solutions to help universities, businesses, and individuals move between education and employment and achieve their ambitions. By partnering with learned societies, we support researchers to communicate discoveries that make a difference. Our online scientific, technical, medical, and scholarly journals, books, and other digital content build on a 200-year heritage of quality publishing.


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Product Details
  • ISBN-13: 9781119704058
  • Publisher: John Wiley & Sons Inc
  • Publisher Imprint: John Wiley & Sons Inc
  • Height: 274 mm
  • No of Pages: 352
  • Sub Title: The Investment Company and Variable Contracts Products Principal Examination
  • Width: 213 mm
  • ISBN-10: 1119704057
  • Publisher Date: 31 Mar 2020
  • Binding: Paperback
  • Language: English
  • Spine Width: 20 mm
  • Weight: 771 gr


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Wiley Series 26 Securities Licensing Exam Review 2020 + Test Bank: The Investment Company and Variable Contracts Products Principal Examination
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