NRS Course Catalog

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Riskless Principal and Mixed Capacity Trading

Course Code: CE_RISK

Audience

Representatives who actively trade Nasdaq and Consolidated Quotation System (CQS) stocks will find this course informative, while market makers will recognize their role in executing mixed capacity trades and using firm proprietary accounts and omnibus accounts. Additionally, this course reviews the requirements for properly reporting trades to ACT/TRF and to OATS.

Course Description

This course provides the essential information about accepting; processing and reporting riskless principal and mixed capacity trades involving Nasdaq National Market and InterMarket securities. It also provides an overview of why mixed capacity trading has become more prevalent in executing Nasdaq and Intermarket securities trades. This course addresses a rule change.

This regulatory rule change deals with the simplified "Executing Party" reporting structure for OTC security trades.

CFP Program ID: 234933     CFP Credit Hours: 1.00

Roth IRA

Course Code: CE_ROTHIRA

Audience

The Roth IRAs course is designed to meet Firm Element Continuing Education standards for Series 6 and Series 7 registered representatives as well as investment adviser representatives who open retirement accounts for retail investors and advise them on issues related to retirement and estate planning.

Course Description

This course describes the creation and use of Roth IRAs, as well as how they can be applied to retirement and estate planning for clients. In addition, the course outlines the components that can serve as a guide when an investor is selecting between traditional IRAs and Roth IRAs for new investments or conversions. Finally, scenarios are presented to help you assess real life situations and apply what you have learned from the course material.

CFP Program ID: 200230     CFP Credit Hours: 1.00

Rule 144

Course Code: CE_RULE144

Audience

Rule 144 is a basic level course directed to registered persons and associated persons of broker/dealers who deal with restricted securities.

Course Description

Rule 144 of the Securities Exchange Act of 1933 allows for the public sale of restricted and control securities. This course provides financial services professionals with a solid understanding of the rule to better assist clients who hold restricted or control securities.

The course delves into Rule 144, defining restricted securities, control securities, and affiliates. Additionally, it provides details into the five requirements needed to comply with Rule 144. The seller's representation letter and broker's affidavit that are needed when selling securities under Rule 144 are also explored. The course is wrapped up with a case study of the consequences when trades do not comply with the rule.

CFP Program ID: 237741     CFP Credit Hours: 0.50

Sales Practices for Senior Clients

Course Code: CE_SALES_PRAC_SR

Audience

Sales Practices for Senior Clients is an entry-level course intended for registered representatives, sales support staff, compliance staff, and compliance administrators interested in senior citizen sales practices.

Course Description

This course reviews fraudulent and misleading activities discovered during regulatory examinations initiated by industry regulators and outlined in FINRA's recent "National Senior Investor Initiative Report." Also highlighted are legitimate products and sales practices that can be problematic for seniors, since this group often has unique suitability factors that must be considered. Even firms with the best intentions have received deficiency letters and fines because they demonstrated a lack of sensitivity to senior clients and their unique issues.

Also covered in this course are "free lunch" seminars, the misuse of professional designations, and suitability factors unique to seniors. Lastly, the course outlines how to recognize and what to do when a client displays diminished capacity or elder abuse. A take-away exercise is included to help you clarify your firm's policies and procedures regarding these issues.

Sarbanes-Oxley Act of 2002

Course Code: CE_SARB

Audience

This course is intended for compliance officers and others interested in the Sarbanes-Oxley rules that increase the scrutiny of corporate governance, accounting, and due diligence.

Course Description

The Sarbanes-Oxley Act has had a profound impact on compliance, financial reporting, and the economic foundation of corporate enterprise. This course reviews how the 2002 Act came into existence following the Enron Inc. accounting scandal as well as the Act's original intent. It also covers key provisions in the Act and the additional responsibilities placed on corporate officers, directors, compliance personnel, and auditors. Sarbanes-Oxley added internal controls and new chief executive officer (CEO) certifications that are reviewed. There are also sections covering new SEC regulatory authority and whistleblower "safe harbor" provisions of the Act. Finally, this course outlines the controversial mark-to-market and FAS 157 requirements, and the SEC's interpretation of fair value accounting rules that are tied to the Sarbanes-Oxley Act.

CFP Program ID: 234934     CFP Credit Hours: 1.00

Securities Crowdfunding

Course Code: CE_SECCROWD

Audience

Securities Crowdfunding provides a basic-to-intermediate understanding of the requirements for using crowdfunding to offer securities to the investing public. The individuals who would most benefit from this course are those who have a basic understanding of the investment banking process and would like to learn more about the specific topic of crowdfunding and how it may benefit young businesses that would like to offer securities to the public.

Course Description

Adoption of the federal "Jumpstart Our Business Startups" (JOBS) Act has made it possible for small start-up companies to raise needed capital for business expansion while offering average investors the opportunity to invest in emerging companies.  This course outlines the SEC Crowdfunding Rules as well as FINRA's Funding Portal Rules, and related regulatory concerns surrounding the offering of shares through crowdfunding.  Lesson 1 shows Crowdfunding's niche in the securities registration process, Lesson 2 details the process an issuer must take to crowdfund, while Lesson 3 highlights crowdfunding intermediaries, including funding portals and broker/dealers.  A case study illustrates the strong regulatory stance on funding portals.

Securities Valuation and Analysis

Course Code: CE_SVA

Audience

Securities Valuation and Analysis is an intermediate level course well suited to registered representatives, institutional salespeople, market makers, traders, financial professionals, investment advisers, and anyone interested in the business of determining the value of securities. Since so many individuals in other roles throughout an integrated financial services firm interact with traders and salespeople on a regular basis, this course is relevant for a broad spectrum of financial service professionals.

Course Description

This course is intended to provide a broad overview of the world of stock valuation and analysis, and discusses how various charts are used to analyze trends in stock prices. The course illustrates fundamental perspectives in valuing a security by using financial statements to calculate trends in a company's strength. Finally, the course outlines how various economic indicators affect price movements in the stock market.

CFP Program ID: 237742     CFP Credit Hours: 0.50

Senior Safe Act

Course Code: CE_SENSAFE

Audience

Senior Safe Act is an entry-level course intended for registered representatives, sales support staff, compliance staff, and supervisors who interact with senior investors or supervise others who do.

Course Description

This course reviews the Senior Safe Act aimed at protecting senior investors from financially exploitative and abusive behavior by third parties.

The course outlines the details of the Act and explains how required training can help educate and inform financial services professionals about senior issues. It also explains how training forms the basis for legal and regulatory immunity for those in the financial services industry when they disclose suspected cases of senior exploitation or abuse to regulators and/or the authorities.

The course outlines FINRA’s "National Senior Investor Initiative Report." It also discusses FINRA Rule 2165, Financial Exploitation of Specified Adults, which permits members to take action to protect elder and disabled persons from exploitation by outside interests. In addition, the amended FINRA Rule 4512, which describes the concept of a "trusted contact," is also highlighted.

Finally, the course outlines how to recognize and what to do when a client displays diminished capacity or elder abuse. Case studies and recent disciplinary actions are included to demonstrate how these situations occur in practice as well as the importance of staying vigilant when working with senior investors.

Short Sales and Affirmative Determination

Course Code: CE_SS

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.

CFP Program ID: 234935     CFP Credit Hours: 1.00

Small Firm Compliance

Course Code: CE_SFC

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.
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