Audience

Short Sales and Affirmative Determination is appropriate for registered persons who have a basic understanding of trading in equity securities and who would like a refresher on the basic rules as well as the updated rules for short sales.

Course Description

This course provides an overview of short sales and the essential rules that govern short sales. Lesson 1 begins with a short description of short selling with an example, as well as a brief history of shorting stocks. The circuit breaker rule is then discussed, as are the order marking rules. In addition, the rules governing short sales and market makers, specialists and the exchanges, and Reg M are also discussed.

Lesson 2 highlights the affirmative determination rule and its exceptions, as well as short sale errors. In addition, the course takes a look at loaning stock, mandatory closeouts, short-interest reporting, and naked short selling. The course also includes case studies to illustrate important points.

Audience

Small Firm Compliance is an intermediate to advanced course for individuals within a small broker/dealer firm who perform supervisory and compliance functions (or are preparing for this role) and must be aware of the relationship between setting compliance policies and reducing regulatory risk to the firm. It is also suitable for all registered individuals of a small firm. Students taking this course are expected to have a general understanding of compliance within a broker/dealer.

Course Description

The first two lessons in this course outline basic compliance issues inherent in all firms. It provides an overview of the responsibilities for creating a compliance system that provides a process to manage a firm's risks and prevent those risks from escalating into violations, fines, and fraud. The first two lessons also detail ways in which effective policies and procedures are used to effectively supervise registered representatives and to help create a culture of compliance.

The last two lessons deal with best practices, challenges, and resources that would be of most interest to small firms, including the limited size and resource exceptions. The regulatory hot spots are revealed as well as the best practices that small firms can use to strengthen their next regulatory examination.

Audience

Soliciting New Accounts is appropriate for both new and experienced registered representatives involved in the solicitation of new accounts.

Course Description

Soliciting New Accounts provides an overview of the registration requirements that must be met before you can solicit a new account, as well as the rules surrounding telephone solicitations and other methods of communications. The course defines different means of communicating with the public, and provides insight into the review and approval requirements of each. The course also discusses risk tolerance and provides guidance in making recommendations that are suitable for your clients.

Audience

This basic to immediate level course provides an overview of regulatory issues that pertain to state registered investment advisers. Investment adviser representatives, their sales support staff and legal and compliance personnel will find this course instructive and informative.

Course Description

State Registered IAs - Basics & Regulatory Issues is a foundation course for investment advisers and investment adviser representatives that covers their registration basics with the SEC and state regulators. Other fundamental topics covered in this course include fiduciary duty, Form ADV, disclosure, compliance with custody rules, books and records obligations, whistleblowers, and cybersecurity. Also included is a review of the latest regulatory audit topics for state registered IAs.

Audience

This course is intended for registered representatives and traders who interact with clients representing securities issuers, as well as anyone interested in how and why issuing companies buy back their own stock.

Course Description

In theory, stock buybacks by corporations tend to increase significantly during a period of market decline. Why? Corporations feel that their stock is cheap. By repurchasing their stock in the open market, corporations are sending a signal that they feel that their stock is undervalued.

SEC Rule 10b-18 provides a safe harbor from the securities antifraud provisions for corporations to repurchase their stock, providing the corporations and their broker/dealers comply strictly with the rule, including its manner, timing, pricing, and volume restrictions.

This Stock Buybacks course defines what a corporate stock buyback is, and how corporations can use the safe harbor provisions of SEC Rule 10b-18 to limit the liability of antifraud provisions.

Audience

Structured Products is intended for representatives, investment advisors, institutional representatives, traders, and supervisors who have a well-rounded background in the issuance, distribution, and risks of conventional securities. Those taking this course should have an intermediate understanding of the securities markets and the wide variety of securities products that are offered for sale to investors.

Course Description

Structured Products sheds some light on the complex and often illiquid structured products that play a vital role in the health of our economy. Structured Products helps students identify the risks involved in these products and consider the issues that are important to regulators.

After studying this course, students will be well-equipped to address the latest regulatory concerns and to educate potential investors about the unique features of structured products, derivatives, and nonconventional investments.

Audience

Suitability is a basic level course designed for registered representatives and investment adviser representatives. It is also appropriate for other financial service industry professionals interested in a refresher of regulatory concerns regarding suitability.

Course Description

When you make a recommendation as a representative, how do you know that a regulator or arbitrator would agree that it is suitable for that particular client? "Suitable" is a relative term, and when you examine the rules, the requirement is that you have "reasonable grounds" for believing that a recommendation is suitable.

This course looks at the suitability and Know Your Customer rules, helps you determine a client's risk tolerance, and provides you with information about making recommendations. The final lesson looks at different investment products and some of the things you should take into consideration before recommending these products to your clients.

Audience

Suitability of Exchange-Traded Products (ETPs) is an advanced course intended for registered representatives and investment adviser representatives, as well as financial service industry professionals interested in the latest developments and regulatory focus of the exchange-traded products market. Because of the advanced level of content in this course, the student should have at least an intermediate level of understanding of ETPs.

Course Description

While they are relatively new investment products, exchange-traded funds and exchange-traded notes (ETNs) continue to gain in popularity. Suitability of Exchange-Traded Products describes how ETPs are formed and how their suitability issues should be addressed. The course delves into leveraged and inverse ETPs, which are more complex and not suitable for all investors. In addition, a case study is provided for students to learn what happens when registered reps pair their clients with unsuitable investments.

Audience

Supervising Associated Persons is intended for general securities principals holding the Series 24 license, limited securities principals with the Series 26 license, and anyone else with supervisory responsibilities over persons associated with a broker/dealer.

Course Description

This course is designed to provide an overview of the more common supervisory functions required of broker/dealers. As a supervisor, you may be asked to supervise back-office employees, registered reps, or even other supervisors. This course gives a solid basis for understanding what is required of supervisors, and how their actions can protect clients, registered reps, the firm, and themselves.

Supervising Associated Persons guides you through making the decision to hire, and the process of bringing associated persons on board with your firm. It also provides you with guidance in supervising the day-to-day activities of associated persons, including understanding some of the more common sales practice problems and exception reports. Lastly, good supervisory practices are discussed, including prohibited practices, special supervision, and ways to protect yourself in a supervisory capacity.

Audience

Supervising Senior Accounts is an intermediate level course intended for branch managers, supervisors, compliance staff, and compliance administrators interested in best practices for selling to senior citizens.

Course Description

As a supervisor, you must be familiar with the regulatory issues surrounding sales practices for senior clients and how to supervise representatives connected with these activities. This course covers supervising communications aimed at senior clients; how to recognize the unique suitability factors related to senior clients; and how to respond to situations where clients show signs of diminished capacity or elderly financial abuse. An exercise is included to help clarify your firm's policies and procedures regarding these issues.

This course reviews fraudulent and misleading activities discovered during regulatory examinations initiated by the industry's top regulators. Also highlighted are legitimate products and sale practices that can be problematic for seniors.