video Notes Flashcards
dodd frank objective
promote financial stability with measures to improve accountability and transparency.
Protect customers
SIPC Account valuation date
as of the court filing date
sipc net equity calc
cash minus margin debit balance
SIPC Firms outside the us
are exempt from coverage if principal business is outside the us.
Firms exempt from SIPC coverage
companies that exclusively sells open end funds, uit’s or insurance products are exempt
Registration and annual fee for securities dealers and municiapl adviser professional
Registration in 1000 for both
annual broker dealre fee is 1000
annual MAP fee is 300.
series 51
municipal fund securities limited principal
series 50
municipal advisers and municipal adviser principal
u4 residential
5 years
Inspection Report retention
four years
OSJ Supervisory Inspection
annually
Branch office with supervisory responsibilities
Inspection
(Municipal Branch Office)
annually
Branch office with no supervisory responsibility
periodic
Supervisory System
How many principals
At least one must be designated to supervise, test etc. the system.
Whe gets taped if the taping rule applies
All reps not just reps from sanction firms
days to implement taping
60 days
To avoid taping
reduce staffing of sanctioned firm employees within 30 days.
How long is taping continued once initiated
3 years
Tape recording retention
3 years,
first two years easily accessible
CTR
Currency Transaction Report
established by Bank Secrecy Act
Deposit over 10K
SAR
Suspicious Activity Report
established by Bank Secrecy Act
Questioning Authenticity of a transaction
Who has final responsibility for supervision
The dealer
If a firm is notified they didn’t meet the requirement to avoid taping how many days do they have to implement taping.
If a firm is notified they didn’t meet the staffing requirements then that means they already met the 30 day window to reduce staffing.
Taping has to be initiated in 60 days so they only have 30 days left.
after the OS is filed the underwriter finds issues with the documents
The lead underwriter should forward an amended (stickered) official statement to EMMA within one business day of receipt from the issuer.
The issuer is obligated to amend the official statement making the facts clear. When the underwriter receives an amendment (sticker) from the issuer, the underwriter must forward two copies of the stickered official statement to the MSRB’s EMMA system within one business day.
In any negotiated new issue, the official statement must disclose the
spread, the initial reoffering prices, and any other compensation the syndicate receives. The management fee must be disclosed to other syndicate members but need not be disclosed to the public.
