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Exam Code: Series7 Practice test 2022 by Killexams.com team
Series7 General Securities Representative Series 7

Exam ID : Series7
Exam Title : General Securities Representative Series 7
Questions : 135 (125 Scored)
Unscored : 10
Duration : 3 hrs 45 min.

The Series 7 test is designed to assess the competency of entry-level General Securities Representatives. The Series 7 test seeks to measure the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the critical functions of a General Securities Registered Representative. In order to obtain registration as a General Securities Representative, candidates must pass both the Series 7 test and a general knowledge co-requisite, the Securities Industry Essentials (SIE) exam.

Seeks Business for the Broker-Dealer from Customers and Potential Customers 7%
Opens Accounts After Obtaining and Evaluating Customers Financial Profile and Investment Objectives 9%
Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records 73%
Obtains and Verifies Customers Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions 11%

The test is administered via computer. A tutorial on how to take the test is provided prior to taking the exam. Each candidates test includes 10 additional, unidentified pretest items that do not contribute toward the candidate's score. The pretest items are randomly distributed throughout the exam. Therefore, each candidates test consists of a total of 135 items (125 scored and 10 unscored). There is no penalty for guessing. Therefore, candidates should attempt to answer all items. Candidates will be allowed 3 hours and 45 minutes to complete the Series 7 exam. All candidate test scores are placed on a common scale using a statistical adjustment process known as equating. Equating scores to a common scale accounts for the slight variations in difficulty that may exist among the different sets of test items that candidates receive. This allows for a fair comparison of scores and ensures that every candidate is held to the same passing standard regardless of which set of test items they received. Candidates are not permitted to bring reference materials to their testing session. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA-administered exams.

Course Outline, test Syllabus

Function 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers
1.1 Contacts current and potential customers in person and by telephone, mail and electronic means; develops promotional and advertising materials and seeks appropriate approvals to distribute marketing materials
Knowledge of:
 Standards and required approvals of public communications
 Types of communications (e.g., retail, institutional, correspondence)
 Seminars, lectures and other group forum requirements
 Product specific advertisements and disclosures
 Investment company products and variable contracts
 Options-related communications; options disclosure document (ODD)
 Municipal securities
 Research reports (e.g., quiet periods, distribution, third-party research)
 Government securities, collateralized mortgage obligations (CMOs), certificates of deposit (CDs)
FINRA Rules
– Communications with the Public
– Communications with the Public about Variable Life Insurance and Variable Annuities
– Use of Investment Companies Rankings in Retail Communications
– Requirements for the Use of Bond Mutual Fund Volatility Ratings
– Communications with the Public about Collateralized Mortgage Obligations (CMOs)
– Options Communications
– Members Responsibilities Regarding Deferred Variable Annuities
– Options
SEC Rules and Regulations
Securities Act of 1933
Section 5 – Prohibitions Relating to Interstate Commerce and the Mails
156 – Investment Company Sales Literature
482 – Advertising by an Investment Company as Satisfying Requirements of Section 10
498 – Summary Prospectuses for Open-End Management Investment Companies
Securities Exchange Act of 1934
15c2-12 – Municipal Securities Disclosure
15c3-3 – Customer Protection — Reserves and Custody of Securities
Cboe Rules
9.8 – Addressing of Communications to Customers
9.9 – Delivery of Current Options Disclosure Documents
9.15 – Options Communications
MSRB Rule
G-21 – Advertising
1.2 Describes investment products and services to current and potential customers with the intent of soliciting business Knowledge of:
 Process for bringing new issues to market (e.g., due diligence, registration statement, preliminary prospectus, final prospectus, underwriting agreement, selling group agreement, blue-sky laws and procedures)
 Regulatory requirements for initial public offerings (IPOs) (e.g., restrictions on prospecting or soliciting, allowable communications with the public)
 Primary financing for municipal securities (e.g., competitive sale, negotiated sale, private offering, advance refunding)
 Syndicate formation and operational procedures (e.g., purpose of syndicate bid, roles and responsibilities of underwriters, selling group concession and reallowance)
 Pricing practices and components of underwriters spread and determination of underwriters compensation and selling practices
 Prospectus requirements (e.g., timeliness of information, preliminary prospectus (red herring), final prospectus)
 Information required in a registration statement and offering material on new issue (e.g., in pre-filing period, in cooling-off period, in post-registration period)
 Official statements, preliminary official statements, notice of sale for municipal securities
 Qualified institutional buyer (QIB) and accredited investor
 Qualification requirements for Regulation A offerings (e.g., filing of abbreviated registration statement and offering circular
 Regulation D offerings (e.g., exemption from SEC registration, access to capital markets, accredited investors)
 Securities and transactions exempted from registration, including Section 3(a)(11) of the Securities Act of 1933 and Rule 147 thereunder (i.e., intrastate offering)
 Regulatory requirements for private placements or resales
 Nonregistered foreign securities sold to institutions qualified in the U.S.
 Foreign securities prohibited from being sold to U.S. investors
FINRA Rules
– Networking Arrangements Between Members and Financial Institutions
– Tape Recording of Registered Persons by Certain Firms
– Corporate Financing Rule — Underwriting Terms and Arrangements
– Public Offerings of Securities with Conflicts of Interest
– Restrictions on the Purchase and Sale of Initial Equity Public Offerings
– New Issue Allocations and Distributions
– Sale of Securities in a Fixed Price Offering
– Disclosure of Price and Concessions in Selling Agreements
– Notification Requirements for Offering Participants
SEC Rules and Regulations
Securities Act of 1933
Section 3 – Exempted Securities
Section 4 – Exempted Transactions
– Communications Not Deemed a Prospectus
– Options Material Not Deemed a Prospectus
– Persons Deemed Not To Be Engaged in a Distribution and Therefore Not Underwriters
– Private Resales of Securities to Institutions
– Reclassification of Securities, Mergers, Consolidations and Acquisitions of Assets
– Intrastate Offers and Sales
– Post-filing Free Writing Prospectuses in Connection with Certain Registered Offerings
Securities Exchange Act of 1934
– Prohibition of Use of Manipulative or Deceptive Devices or Contrivances with Respect to Certain Securities Exempted from Registration
– Employment of Manipulative and Deceptive Devices by Brokers or Dealers
– Purchases of Certain Equity Securities by the Issuer and Others
– Delivery of Prospectus
– Records To Be Made by Certain Exchange Members, Brokers and Dealers
Regulation A – Conditional Small Issues Exemption
Regulation C – Registration
– Delayed or Continuous Offering and Sale of Securities
– Contents of Prospectus Used After Nine Months
– Prospectus for Use Prior to Effective Date
– Prospectus in a Registration Statement at the Time of Effectiveness
– Prospectus in a Registration Statement After Effective Date
– Conditions to Permissible Post-filing Free Writing Prospectuses
Regulation D – Rules Governing the Limited Offer and Sale of Securities Without Registration Under the Securities Act of 1933
– Use of Regulation D
– Definitions and Terms Used in Regulation D
– General Conditions to be Met
– Filing of Notice of Sale
– Exemption for Limited Offerings and Sales of Securities Not Exceeding $5,000,000
– Exemption for Limited Offers and Sales Without Regard to Dollar Amount of Offering
– Disqualifying Provision Relating to Exemptions under Rules 504 and 506
– Insignificant Deviations from a Term, Condition or Requirement of Regulation D
Regulation M
Regulation S – Rules Governing Offers and Sales Made Outside the United States Without Registration Under the Securities Act of 1933
Trust Indenture Act of 1939
MSRB Rules
– Primary Offering Practices
– Transactions with Employees and Partners of Other Municipal Securities Professionals
– Disclosures in Connection with Primary Offerings
– CUSIP Numbers, New Issue, and Market Information Requirements
– Solicitation of Municipal Securities Business
Function 2: Opens Accounts After Obtaining and Evaluating Customers Financial
Profile and Investment Objectives
2.1 Informs customers of the types of accounts and their appropriateness and provides
disclosures regarding various account types and restrictions
Knowledge of:
 Types of accounts (e.g., pattern day trading, prime brokerage, delivery verses payment/receive versus payment (DVP/RVP), advisory or fee-based)
 Account registration types (e.g., tenants in common (TIC), community property, sole proprietorship, partnership, unincorporated associations)
 Requirements for opening customer accounts
 Retirement plans and other tax advantaged accounts
 Transfers, rollovers, eligibility, distribution strategies and taxation (e.g., types of allowable contributions, distribution options, taxation of distribution at retirement, age restrictions for distributions, permissible investments)
 Employer-sponsored plans and ERISA (e.g., 457, defined benefit, profit-sharing, stock options and stock purchase, non-qualified deferred compensation programs)
 Wealth events (e.g., inheritance)
 Account registration changes and internal transfers
FINRA Rules
2270 – Day-trading Risk Disclosure Statement
2130 – Approval Procedures for Day-trading Accounts
4512 – Customer Account Information
4514 – Authorization Records for Negotiable Instruments Drawn from a Customers Account
4515 – Approval and Documentation of Changes in Account Name or Designation
Cboe Rule
9.1 – Opening of Accounts
Internal Revenue Code
219 – Retirement Savings
415 – Limitations on Benefits and Contributions Under Qualified Plans
529 – Qualified Tuition Programs
530 – Coverdell Education Savings Accounts
Employee Retirement Income Security Act of 1974 (ERISA)
2.2 Obtains and updates customer information and documentation, including required legal
documents and identifies and escalates suspicious activity
Knowledge of:
 Customer screening (e.g., customer identification program (CIP), know-your-customer (KYC), domestic or foreign residency and/or citizenship, corporate insiders, employees of broker-dealers or self-regulatory organizations (SROs))
 Information security and privacy regulations (e.g., initial privacy disclosures to customers, opt-out notices, disclosure limitations, exceptions)
 Account authorizations (e.g., power of attorney (POA), trust documents, corporate resolutions, trading authority, discretionary account documents)
FINRA Rule
408T – Discretionary Power in Customers Accounts
2090 – Know Your Customer
3260 – Discretionary Accounts
SEC Rules and Regulations
Securities Exchange Act of 1934
Section 3(a)(35) – Definitions and Application of Title – “Investment Discretion”
Regulation S-P – Privacy of Consumer Financial Information and Safeguarding Personal Information
Cboe Rule
9.4 – Discretionary Accounts
2.3 Makes reasonable efforts to obtain customer investment profile information including, but not limited to, the customer's other security holdings, financial situation and needs, tax status and investment objectives
Knowledge of:
 Essential facts regarding customers and customer relationships
 Financial factors relevant to assessing a customers investment profile
 Security holdings, other assets and liabilities, annual income, net worth, tax considerations
 Other considerations (e.g., age, marital status, dependents, employment, investment experience, home ownership and financing, employee stock options, insurance, liquidity needs)
 Investment objectives (e.g., preservation of capital, income, growth, speculation)
 Reasonable-basis suitability, customer-specific suitability and quantitative suitability
 Investment strategies and recommendations to hold
 Verification of investor accreditation and sophistication
FINRA Rules
2111 – Suitability
2214 – Requirements for the Use of Investment Analysis Tools
MSRB Rule
G-19 – Suitability of Recommendations and Transactions
2.4 Obtains supervisory approvals required to open accounts
Knowledge of:
 Required review, approvals and documentation for account opening and maintenance
 Physical receipt, delivery and safeguarding of cash or cash equivalents, checks and securities
 Circumstances for refusing or restricting activity in an account or closing accounts
FINRA Rules
3110 – Supervision
3120 – Supervisory Control System
Cboe Rule
9.2 – Supervision of Accounts
MSRB Rule
G-27 – Supervision
Function 3: Provides Customers with Information About Investments, Makes Suitable
Recommendations, Transfers Assets and Maintains Appropriate Records
3.1 Provides customers with information about investment strategies, risks and rewards, and communicates relevant market, investment and research data to customers
Knowledge of:
 Customer-specific factors that generally affect the selection of securities (i.e., customers investment profile, including the customers risk tolerance, investment time horizon and investment objectives, liquidity needs)
 Portfolio or account analysis and its application to security selection (e.g., diversification, asset allocation principles, concentration, volatility, potential tax ramifications)
 Portfolio theory (e.g., alpha and beta considerations, Capital Asset Pricing Model (CAPM))
 Delivery of annual reports and notices of corporate actions (e.g., dividends, splits, odd lot tenders)
 Fundamental analysis of financial statements and types of financial statements included in an annual report, importance of footnotes, material risk disclosures and key terms (e.g., assets, liabilities, capital, cash flow, income, earnings per share (EPS), book value, shareholders' equity, depreciation, depletion, goodwill)
 Balance sheet and methods of inventory valuation: last-in, first out (LIFO), first-in, first-out (FIFO) and methods of depreciation
 Income statement and calculations derived from an income statement: earnings before interest and taxes (EBIT); earnings before taxes (EBT); net profit; and earnings before interest, taxes, depreciation and amortization (EBITDA)
 Principal tools to measure financial health
 Liquidity: working capital, current ratio, quick assets, acid test ratio
 Risk of bankruptcy: bond ratio, debt-to-equity ratio
 Efficient use of assets: inventory turnover ratio, cash flow
 Profitability: margin-of-profit ratio, net profit ratio, asset coverage and safety of income (i.e., net asset value (NAV) per bond, bond interest coverage, book value per share)
 EPS: fully diluted EPS, price-earnings (P/E) ratio, dividend payout ratio, current yield
 Competitiveness (comparative performance): return on common equity
SEC Rules and Regulations
Securities Exchange Act of 1934
14e-3 – Transactions in Securities on the Basis of Material, Nonpublic Information in the Context of Tender Offers
14e-4 – Prohibited Transactions in Connection with Partial Tender Offers Cboe Rule
9.3 – Suitability of Recommendations
3.2 Reviews and analyzes customers' investment profiles and product options to determine suitable investment recommendations
Knowledge of:
Equity securities
 Types of stock (e.g., authorized, issued, outstanding, Treasury stock, stated value)
 Characteristics of common stock
 Rights of common stockholders (e.g., pre-emptive right, pro rata share of dividends, access to corporate books, voting power (statutory, cumulative, nonvoting), residual claims on corporate assets)
 Spinoffs
 Stock acquired through a consolidation or transfer
 Penny stocks and rules associated with penny stock transactions
 Characteristics of preferred stock
 Types of preferred stock (e.g., cumulative, non-cumulative, participating, nonparticipating, convertible, callable, adjustable-rate and variable-rate)
 Rights of preferred stockholders (e.g., preference upon corporate dissolution, dividend payment, conversions, sinking fund provisions)
 Rights and warrants: origination, exercise terms, relationship of subscription price to market price of underlying stock, anti-dilution agreement
 Electronic exchanges or auction markets (e.g., electronic communications networks (ECNs), over-thecounter (OTC), dark pools of liquidity)
 Types and characteristics of non-U.S. market securities (e.g., American Depositary Receipts (ADRs), corporate equity)
 Tax treatment of equity securities transactions
 Capital gains and losses, dividend distributions (qualified and non-qualified), wash sales, holding periods
 Determination of net long-term and short-term gains or losses
 When-issued securities, securities acquired through conversion
 Calculation of cost basis per share on: purchases, exchange of convertibles for common shares, stock dividends and stock rights, inherited or gifted securities
 Cost valuation: FIFO, LIFO, identified shares
Packaged products  Investment companies, exchange-traded funds (ETFs), unit investment trusts (UITs)
 Types of mutual funds: equity, fixed income, money market, interval
 Structure of investment companies (e.g., open-end and closed-end funds)
 Fund objectives (e.g., value, growth, income, balanced, international, sector, life cycle)
 Characteristics of:
 Open-end funds: e.g., NAV, forward pricing, offering price, exchange privileges within families of funds, fees and expenses: no load, load (front-end, back-end), distribution fees, management fees, nature of 12b-1 fees
 Closed-end funds: distributed in primary market at IPO price, traded in secondary market
 Sales practices (e.g., dollar-cost averaging (DCA), computing sales charge, breakpoints)
 Redemption (e.g., redemption price, payout or withdrawal plans, conversion privilege, restrictions, contingent deferred sales charge, tenders)
 Tax treatment of mutual funds
 Reinvestment of dividends and capital gain distributions
 Charges and expenses
 Variable life insurance/annuity contracts
 Characteristics and insurance features (e.g., minimum guarantees, death benefits, living benefits, riders)
 Separate accounts (e.g., purpose, management of portfolio, investment policies, performance of account)
 Valuation of a variable annuity contract (e.g., accumulation units, surrender value, annuitization units)
 Purchasing or exchanging variable annuities (e.g., immediate annuity, charges, fees, penalties, right of accumulation (ROA), waiver of premium)
 Annuitization: types of election, variable payout, assumed interest rate, relationship between assumed interest rate and real rate of return
 Tax treatment of variable annuity contracts during accumulation period and annuity period and taxation at surrender of contract
 Real estate investment trusts (REITs)
 Structure (e.g., finite number of shares, distributed in primary market at IPO price, traded in secondary market, premiums and discounts to NAV)
 Types and characteristics (e.g., equity REIT, mortgage REIT, hybrid REIT)
 Tax treatment (e.g., dividends, capital gains, distributions)
 Direct participation programs (DPPs)
 General characteristics
 Structures (e.g., limited partnerships (e.g., roles and duties of general partners vs. limited partners), limited liability companies, corporations that have tax pass-through exemption from the IRS)
 Tax treatment (e.g., flow-through of income, expenses and tax liability, real estate depreciation, oil and gas tax advantages)
 Types of DPPs (e.g., real estate, oil and gas, small-cap debt and equity, business development companies (BDCs), equipment leasing) and their investment advantages, risks and tax implications
 Types of DPP offerings (i.e., private placements and public offerings)
 Evaluation of DPPs (e.g., economic soundness of the program, expertise of the general partner, basic objectives of the program; start-up costs, leverage and other revenue considerations) Options
 Listed options and their characteristics (e.g., contract specifications and adjustments, dividends, exercise/assignment, settlement date, opening and closing transactions, values (premium, intrinsic and time), volume, open interest, position limits, exercise limits)
 The Options Clearing Corporation (OCC)
 American-style and European-style
 Long-term Equity AnticiPation Securities (LEAPS)
 Basic strategies (e.g., covered writing and hedging for equity, index, foreign currency and yield-based options)
 Protective put for equity and index options
 Covered call and put writing for equity options
 Advanced strategies (e.g., spreads, straddles, combinations, uncovered writing)
 Long (debit) and short (credit) spreads
 Straddle/combination for equity and index options
 Uncovered (naked) call or put writing for equity, index and yield-based options
 Profit and loss calculations, break-even points, economics of positions
 Tax treatment of option transactions (equity, index, foreign currency, yield-based)
Debt Securities
 Types of debt securities and money market instruments (e.g., corporate commercial paper, brokered CDs, Eurodollar bond, variable-rate preferreds)
 Characteristics: structure, risks and rewards, call provisions
 Structured products (e.g., equity-linked securities, exchange-traded notes (ETNs))
 Types and characteristics of non-U.S. market securities (e.g., sovereign and corporate debt)
 Types of yields (e.g., coupon (nominal), current, yield to maturity (YTM), yield to call (YTC), yield to worst and discount yield, calculations and relationship to price)
 Bond ratings
 Tax implications of taxable debt securities, including original issue discount (OID) rules, interest, principal, premiums, discounts, and capital gains and losses
Corporate bonds
 Types of corporate bonds (e.g., mortgage bonds, equipment trust certificates, debentures, step coupon bonds, zero-coupon bonds, convertible bonds, high-yield bonds, income bonds) and their characteristics
 Convertible bonds: general characteristics, (e.g., conversion privilege, fixed versus variable, conversion ratio or price, calculation of parity price of underlying security, arbitrage, factors influencing conversion)
Municipal securities
 General characteristics of municipal fund securities, method of quotations (e.g., yield/basis price, dollar price), interest rate, payment periods, denominations, diversity of maturities (e.g., serial, term) and legal opinion (purpose and contents)
 Analysis and diversification of municipal investments: geographical, type and rating
 Analysis of general obligation (GO) bonds, including: characteristics of the issuer, nature of the issuers debt, factors affecting the issuers ability to pay, municipal debt ratios
 Analysis of revenue bonds, including feasibility studies, sources of revenue, security (protective covenants of bond indenture), financial reports and outside audits, restrictions on the issuance of additional bonds, flow of funds, earnings coverage, sources of credit information, rating services, credit enhancements
 Purpose and characteristics of specific types of municipal securities:
 Types of municipal bonds (e.g., GO bonds, limited tax GO bonds and notes, revenue bonds, short-term municipal obligations (e.g., tax anticipation notes (TANs), bond anticipation notes (BANs), revenue anticipation notes (RANs), tax-exempt commercial paper, grant anticipation notes (GANs), tax and revenue anticipation notes (TRANs)))
 Special tax, special assessment, moral obligation, advance or pre-refunded, double-barreled, taxable (e.g., Build America bonds), OIDs, zero-coupon (capital appreciation) bonds, certificates of participation (COPs), alternative minimum tax (AMT), lease revenue, variable rate securities, auction rate securities
 Municipal fund securities including 529 college savings plans, local government investment pools (LGIPs), ABLE accounts (e.g., change in beneficiary, rollovers, ownership, tax consequences of unqualified withdrawals)
 Call features (e.g., par or premium, optional, mandatory, partial call, sinking fund, extraordinary calls, make whole calls), advantages/disadvantages to issuers and investors
 Put or tender options
 Refunding methods: direct exchange versus sale of new issue, advance refunding, refunding at call dates/current refunding, escrowed to maturity, crossover refunding
 Factors affecting the marketability of municipal bonds: rating, maturity, call features, interest (coupon) rate, block size, liquidity (ability to sell the bond in the secondary market), dollar/yield price, issuer name (local or national reputation), credit enhancement, credit and liquidity support, denominations
 Pricing of municipal securities and other mathematical calculations: dollar price, accrued interest (regular coupon, odd first coupon), computations of accrued interest (30/360), amortization of premium, accretion of discount, relationship of bond prices to changes in maturity, coupon, various yield calculations (taxable equivalent yield, net yield after capital gains tax, current yield, YTC on premium bonds) value of basis point, in default,
 Tax treatment of municipal securities: securities bought at a discount or premium in the secondary market, OID, federal income tax status, state and local tax status, computation of taxable equivalent yield, accrued interest, AMT, bonds, taxable bonds, bank qualified bonds Registered hedge funds and fund of funds
 Structure (e.g., private placements, registered, exemption from registration under the Investment Company Act of 1940, blind pool/ blank check)
 Characteristics (e.g., limited or no liquidity, limited available information, lock-up provisions, charges and expenses, tangible assets, wide array of investment styles, models and vehicles)
 Tax treatment of distributions
Asset-backed securities
 Collateralized mortgage obligations (CMOs)
 Collateralized debt obligations (CDOs)
 Characteristics (e.g., indenture, maturities, form of ownership, interest payment periods, call and put features, calculation of accrued interest, and specific characteristics (e.g., maturity, type of collateral, priority of claim, call provisions))
U.S. Treasury securities
 Treasury bills, notes, bonds
 Treasury receipts (Separate Trading of Registered Interest and Principal Securities (STRIPS)/zero-coupon)
 Treasury Inflation Protected Securities (TIPS)
 Characteristics (e.g., types, maturities, denominations, payment of interest)
U.S. government agency securities
 Government National Mortgage Association (GNMA)
 Federal National Mortgage Association (FNMA)
 Federal Home Loan Mortgage Corporation (FHLMC)
 Student Loan Marketing Association (SLMA)
 Characteristics: types, maturities, denominations, primary dealers, distribution, issue form, quotations, passthrough, calculating a spread, pricing, payment of interest and principal
FINRA Rules
2114 – Recommendations to Customers in OTC Equity Securities
2121 – Fair Prices and Commissions
2122 – Charges for Services Performed
2124 – Net Transactions with Customers
2310 – Direct Participation Programs
2320 – Variable Contracts of an Insurance Company
2341 – Investment Company Securities
2350 Series – Trading in Index Warrants, Currency Index Warrants, and Currency Warrants 4210(f)(2) – Definitions Related to Options, Currency Warrants, Currency Index Warrants and Stock Index Warrant Transactions
SEC Rules and Regulations
Securities Exchange Act of 1934
Section 9(a) – Prohibition Against Manipulation of Security Prices (Transactions Relating to Purchase or Sale of Security)
Exemption of Certain Issuers from Section 15(D) of the Act
3a51-1 – Definition of "Penny Stock"
15g-1 – Exemptions for Certain Transactions
15g-2 – Penny Stock Disclosure Document Relating to the Penny Stock Market
15g-5 – Disclosure of Compensation of Associated Persons in Connection with Penny Stock Transactions
15g-9 – Sales Practice Requirements for Certain Low-priced Securities
Investment Company Act of 1940
Section 2(a) – General Definitions
Section 10 – Affiliations or Interest of Directors, Officers and Employees
Section 12(a) – Functions and Activities of Investment Companies (Purchase of Securities on Margin;
Joint Trading Accounts; Short Sales of Securities; Exceptions)
Section 13(a) – Changes in Investment Policy (Prohibited Actions for Registered Investment Companies)
Section 15(a) – Investment Advisory and Underwriting Contracts (Written Contract to Serve or Act as Investment Adviser; Contents)
Section 16(a) – Changes in Board of Directors; Provisions Relative to Strict Trusts (Election of Directors)
Section 17(a) – Transactions of Certain Affiliated Persons and Underwriters (Prohibited Transactions)
Section 18 – Capital Structure
Section 19 – Dividends
Section 22 – Distribution, Redemption, and Repurchase of Redeemable Securities
Section 23 – Distribution and Repurchase of Securities: Closed-end Companies
Section 30 – Periodic and Other Reports; Reports of Affiliated Persons
Section 35 – Unlawful Representations and Names
Section 36 – Breach of Fiduciary Duty
Section 37 – Larceny and Embezzlement
12b-1 – Distribution of Shares by Registered Open-end Management Investment Company Cboe Rules
1.1 – Definitions
4.5 (f) – Long-term Equity Option Series (LEAPS®)
4.6 – Adjustments
6.20 (e) – Exercise of American-style Index Options
6.21 – Allocation of Exercise Notices
8.1 – Just and Equitable Principles of Trade
8.3 – Position Limits
8.31 – Position Limits for Broad-based Index Options
8.32 – Position Limits for Industry Index Options
8.41– Position Limits — Interest Rate Options
8.42 (b) – Exercise Limits — Index Options
8.42 (f) – Exercise Limits — Interest Rate Options
11.1 – Exercise of Option Contracts
MSRB Rules
D-12 – Definition of Municipal Fund Securities
G-13 – Quotations Related to Municipal Securities
G-17 – Conduct of Municipal Securities Activities
G-30 – Prices and Commissions
G-45 – Reporting of Information on Municipal Fund Securities
Real Estate Investment Trusts (REITs)
REIT Modernization Act of 1999
Internal Revenue Code
301 – Distributions of Property
316 – Dividend Defined
856 – Definition of Real Estate Investment Trust
858 – Dividends Paid by Real Estate Investment Trust After Close of Tax Year
1035 – Certain exchanges of Insurance Policies
1091 – Loss from Wash Sales of Stock or Securities
1233 – Gains and Losses from Short Sales
1256 – Contracts Marked to Market
3.3 Provides appropriate disclosures regarding investment products and their characteristics, risks, services and expenses
Knowledge of:
 Required disclosures on specific transactions (e.g., material aspects of investments, statement of additional information, material events, control relationships)
 Types of investment risk (e.g., call, systematic and nonsystematic, reinvestment, timing)
 Types of investment returns (e.g., tax-exempt interest, return of capital)
 Costs and fees associated with investments (e.g., markups, commissions, net transactions, share classes, non-discretionary fee-based accounts, surrender charges, 12b-1 fees, mortality and expense charges in variable products, soft dollar arrangements)
 Tax considerations (e.g., unification of gift and estate taxes, lifetime exclusion, annual gift limit, taxation of securities received as a gift, inheritance of securities)
 Market analysis considerations (e.g., market sentiment, market indexes, options volatility, put/call ratio, market momentum, available funds, trading volume, short interest, index futures)
 Market analysis considerations for municipal securities, including Bond Buyer indexes (e.g., 11 GO Bonds Index, Municipal Bond Index (40 Bond), 20 GO Bonds Index)
 Technical analysis of basic chart patterns and key terms (e.g., trend lines, saucer/inverted saucer, headand-shoulders/inverted head-and-shoulders, breakouts, resistance/support levels, moving averages, consolidation, stabilization, overbought and oversold)
 Disclosure of material events effecting retail sales of municipal bonds
FINRA Rule
2165 – Financial Exploitation of Specified Adults
SEC Rules and Regulations
Securities Exchange Act of 1934
Section 28(e) – Effect on Existing Law (Exchange, Broker, and Dealer Commissions; Brokerage and Research Services)
Internal Revenue Code
2503 – Taxable Gifts
3.4 Communicates with customers about account information, processes requests and retains documentation
Knowledge of:
 Customer confirmations and statements, including: components, timing, mailings to third parties, and exceptions
 Account value, profits and losses, realized and unrealized
 Withdrawals and tenders
 Customer account records (e.g., updating for change of address, sending required notifications, investment objectives)
 Transferring accounts between broker-dealers (e.g., Automated Customer Account Transfer Service (ACATS), transfer agent and procedures)
 Books and records retention requirements
 Account closure procedures
FINRA Rules
409T – Statements of Accounts to Customers
2231 – Customer Account Statements
2232 – Customer Confirmations
2273 – Educational Communication Related to Recruitment Practices and Account Transfers
4510 – Books and Records Requirements
11870 – Customer Account Transfer Contracts
SEC Rules and Regulations
Securities Exchange Act of 1934
10b-10 – Confirmation of Transactions
15g-6 – Account Statements for Penny Stock Customers
17a-4 – Records To Be Preserved by Certain Exchange Members, Brokers and Dealers
Regulation FD – Disclosure Requirements
Cboe Rules
6.1 – Reporting duties
7.1 – Maintenance, Retention and Furnishing of Books, Records and Other Information
7.2 – Reports of Uncovered Short Positions
7.3 – Financial Reports
7.4 – Audits
7.5 – Automated Submission of Trading Data
7.7 – Risk Analysis of Market-maker Accounts
7.8 – Risk Analysis of Portfolio Margin Accounts
7.9 – Regulatory Cooperation
9.5 – Confirmation to Customers
9.6 – Statements of Accounts to Customers
9.14 – Transfer of Accounts
MSRB Rules
G-8 – Books and Records To Be Made by Brokers, Dealers, and Municipal Securities Dealers and Municipal Advisors
G-9 – Preservation of Records
G-15 – Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers
G-26 – Customer Account Transfers
Function 4: Obtains and Verifies Customers Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions
4.1 Provides current quotes
Knowledge of:
 Orders, offerings and transactions in customer accounts (e.g., at advertised yield)
 Trade execution activities
 Types of securities quotes (e.g., firm, subject)
 Types of orders (e.g., all-or-none (AON), fill-or-kill (FOK), immediate-or-cancel (IOC), not-held, market-onclose (MOC), spread, straddle)
 Short sale requirements and strategies (e.g., order marking, locate, borrow and delivery, speculation, hedging, arbitrage)
 Securities lending (e.g., hard to borrow, fail to deliver)
 Best execution obligations
FINRA Rules
4320 – Short Sale Delivery Requirements
4551 – Requirements for Alternative Trading Systems to Record and Transmit Order and Execution Information for Security Futures
5210 – Publication of Transactions and Quotations
5220 – Offers and Stated Prices
5260 – Prohibition on Transactions, Publication of Quotations, or Publication of Indications of Interest During Trading Halts
5290 – Order Entry and Execution Practices
5310 – Best Execution and Interpositioning
6100 Series – Quoting and Trading in NMS stocks
6110 – Trading Otherwise than on an Exchange
6120 – Trading Halts
6121 – Trading Halts Due to Extraordinary Market Volatility
6130 – Transactions Related to Initial Public Offerings
6400 Series – Quoting and Trading in OTC Equity Securities
6500 Series – OTC Bulletin Board® Service
6600 Series – OTC Reporting Facility
11860 – COD Orders
SEC Rules and Regulations
Securities Exchange Act of 1934
15c2-7 – Identification of Quotations
15c2-11 – Initiation or Resumption of Quotations Without Specified Information
15g-3 – Broker or Dealer Disclosure of Quotations and Other Information Relating to the Penny Stock Market
15g-4 – Disclosure of Compensation to Brokers or Dealers
Regulation ATS – Alternative Trading Systems
Regulation SHO – Regulation of Short Sales
Cboe Rules
5.33 – Certain Types of Orders Defined
5.7 – Required Order Information
NYSE Rules
7.12 – Trading Halts Due to Extraordinary Market Volatility
7.31 – Orders and Modifiers
7.35 Series – Auctions
7.37 – Order Execution and Routing
54 – Dealings on the Floor-persons
64 -- Bonds, Rights and 100-Share-Unit Stocks
71 – Precedence of Highest Bid and Lowest Offer
72(d) – Priority of Cross Transactions and Supplemental Material .10 – Definition of a Block
74 – Publicity of Bids and Offers
75 – Disputes as to Bids and Offers
76 – “Crossing” Orders
77 – Prohibited Dealings and Activities
80B – Trading Halts Due to Extraordinary Market Volatility
104 – Dealings and Responsibilities of DMMs
123A – Miscellaneous Requirements
123D(d) – Initial Listing Regulatory Halt
127 – Block Crosses Outside of the Prevailing NYSE Quotation
1000 – Automatic Executions
1001 – Execution of Automatically Executing Orders
1002 – Availability of Automatic Execution Feature
1004 – Election of Buy Minus Zero Plus Orders
4.2 Processes and confirms customers transactions pursuant to regulatory requirements and informs customers of delivery obligations and settlement procedures
Knowledge of:
 Information required on an order ticket (e.g., symbol, account number, price)
 Market making activities: role and functions of the designated market maker, listing requirements, limitations on trading during significant market declines, principal transactions, agency transactions, quotations (e.g., firm, subject or otherwise qualified, bid wanted, offer wanted, size obligations), SEC order handling rules, transaction reporting
 Use of automated execution systems
 Regulatory reporting requirements (e.g., Order Audit Trail System (OATS), Trade Reporting and Compliance Engine (TRACE), Electronic Municipal Market Access (EMMA), trade reporting facility (TRF), Real-Time Transaction Reporting System (RTRS))
 Delivery requirements
 Good delivery (e.g., certificates in possession of the seller, certificates in the name of two persons, deceased owner, stock or bond powers, mutilated certificates, due bills, DVP/RVP, book entry securities, stock certificate, endorsements, denominations, bearer, registrar, registered, Direct Registration System (DRS))
 Settlement of transactions (e.g., security-specific requirements, when-, as- and if-issued, ex-rights, exdividends, due bill checks, negotiated settlements, option exercise/assignment, dont know (DK), extensions)
FINRA Rules
5330 – Adjustment of Orders
6000 Series – Quotation, Order, and Transaction Reporting Facilities
6140 – Other Trading Practices
6700 Series – Trade Reporting and Compliance Engine
7000 Series – Clearing, Transactions and Order Data Requirements, and Facility Charges
11000 Series – Uniform Practice Code
SEC Rules and Regulations
Securities Exchange Act of 1934
15c6-1 – Settlement Cycle
Cboe Rules
6.20 – Exercise of Options Contracts
6.21 – Allocation of Exercise Notices
6.22 – Delivery and Payment
MSRB Rules
G-12 – Uniform Practice
G-14 – Reports of Sales or Purchases
Nasdaq Stock Market Rules
4600 Series – Requirements for Nasdaq Market Makers and Other Nasdaq Market Center Participants
4750 Series – Nasdaq Market Center-Execution Services
NYSE Rules
63 – “When Issued”— “When Distributed”
130 Series – Comparison and Exchange of Contracts
133 – Comparison—Non-cleared Transactions
135 – Differences and Omissions—Cleared Transactions (“DKs”)
136 – Comparison—Transactions Excluded from a Clearance
4.3 Informs the appropriate supervisor and assists in the resolution of discrepancies, disputes, errors and complaints
Knowledge of:
 Erroneous reports, errors, cancels and rebills
 Requirements for addressing customer complaints and consequences of improper handling of complaints
 Methods of formal resolution (e.g., arbitration, mediation, litigation)
 Form U4 reporting requirements
FINRA Rules
4513 – Records of Written Customer Complaints
4530 – Reporting Requirements
8000 Series – Investigations and Sanctions
11892 – Clearly Erroneous Transactions in Exchange-listed Securities
11893 – Clearly Erroneous Transactions in OTC Equity Securities
12000 Series – Code of Arbitration Procedure for Customer Disputes
13000 Series – Code of Arbitration Procedure for Industry Disputes
14000 Series – Code of Mediation Procedure
Cboe Rules
5.11 – Price Binding Despite Erroneous Report
9.17 – Customer Complaints
4.4 Addresses margin issues
Knowledge of:
 Requirements and characteristics of margin accounts (e.g., minimums, approvals, ineligible accounts, eligible/ineligible securities), and required disclosures (e.g., interest rate disclosure and hypothecation)
 Product or strategy specific requirements (e.g., Treasury securities, mutual funds)
 Calculations in margin accounts (e.g., long and/or short positions)
 Initial margin: long market value, short market value, debit balance, credit balance, initial Regulation T margin requirement on long or short positions, Regulation T requirement for established accounts, loan value, excess equity, buying power of deposited securities
 Maintenance: additional purchases, sales (long or short), cash withdrawals, stock withdrawals, simultaneous purchases and sales, restrictions, liquidation to meet a margin/maintenance call, deposit of cash or securities required to meet a margin or maintenance call
 Special memorandum account (SMA): balance, buying power, prohibited use of SMA, effect of excess equity, deposit of marginable securities, receipt of cash dividends and earned interest, liquidation of securities in the account, cash or securities withdrawals, new margin securities purchased or sold short
 Other margin accounts (e.g., portfolio margin, day trading)
FINRA Rules
2264 – Margin Disclosure Statement
4210 – Margin Requirements
Cboe Rules
10.1 – General Rules
10.2 – Time Margin Must Be Obtained
10.3 – Margin Requirements
10.4 – Portfolio Margin
10.5 – Determination of Value for Margin Purposes
10.6 – "When Issued" and "When Distributed" Securities
10.7 – Guaranteed Accounts
10.8 – Meeting Margin Calls by Liquidation Prohibited
10.9 – Margin Required Is Minimum
10.10 – Compliance with Margin Requirements of New York Stock Exchange
10.11 – Daily Margin Record
Federal Reserve
Regulation T – Credit by Brokers and Dealers

General Securities Representative Series 7
Business-Tests Representative study
Killexams : Business-Tests Representative study - BingNews https://killexams.com/pass4sure/exam-detail/Series7 Search results Killexams : Business-Tests Representative study - BingNews https://killexams.com/pass4sure/exam-detail/Series7 https://killexams.com/exam_list/Business-Tests Killexams : U.S. Oil and Gas Sector at Risk of a Cyber Breach According to BreachBits Study

ANNAPOLIS, Md., August 09, 2022--(BUSINESS WIRE)--The majority of companies across the U.S. oil and gas industry are at risk of a successful cyber breach according to BreachBits, a cyber risk rating and monitoring company that evaluates and tests organizations from a hacker’s perspective to empower them to anticipate attacks. Following an analysis of 98 representative upstream, midstream, downstream and supply chain companies across the energy sector, BreachBits has released their findings in BreachRisk: Energy 2022, a cyber state of the industry study.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220809005196/en/

Chart of BreachRisk for U.S. energy companies as examined by BreachBits. (Graphic: Business Wire)

"On average, the oil and gas companies we observed were at Medium Risk, with a score of 4.1 out of ten on our BreachRisk scale, but that risk was not distributed evenly across the sector," said BreachBits CEO and Co-Founder John Lundgren. "Additionally, 11% of the companies presented potentially serious, High Risk threats. We identify and monitor cyber risks at scale as we did here, detect issues and then test them just as a hacker would for our customers."

The study by BreachBits ranked 59% of companies at Medium Risk for a cyber breach, 13% at Low Risk and 28% at Very Low Risk. Other key observations included:

  • 94% of all ransomware threats were held by only 51% of companies.

  • BreachRisk increases for companies with greater than $50-million in annual recurring revenue.

  • BreachRisk significantly increases for companies with more than 250 employees.

BreachBits, founded by U.S. military cyber warfare veterans, measures an organization’s BreachRisk as the likelihood of a successful breach against the potential impact to the subject.

"We measure cyber risk based on real threats and viable attack vectors, not hypothetical ones, and we do that from the hacker’s perspective. That means the risks we identified in this study are the same observations being made by active cyber attackers," said BreachBits COO and Co-Founder J. Foster Davis. "What’s different is that we’ve taken those complex assessments and translated them into an easy to understand cyber risk score that everyone from the boardroom to the server room can use to better understand, measure and communicate risk."

Whether an organization needs to assess their own risk or that of a client, partner, portfolio or supply chain, the BreachRisk methodology by BreachBits provides a new standard to benchmark exposure to cyber attackers, track risk mitigation efforts, make informed decisions and shape the next era of cyber insurance. The full BreachRisk: Energy 2022 study is available for download at: www.breachbits.com/breachrisk-energy-2022

About BreachBits

BreachBits is revolutionizing the way defenders talk about cyber, empowering stakeholders and all parts of an organization with easy-to-understand cyber risk scores. Led by a team of cyber warfare veterans and multi-disciplined professionals, we help defenders predict cyber attacks before they happen and communicate threats to key stakeholders. Organizations are both enabled and threatened by cyberspace today, but BreachBits helps leaders make informed business risk decisions. Learn more at: breachbits.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005196/en/

Contacts

Joshua Cook
joshua@ghidotti.com
501.777.5032

Tue, 09 Aug 2022 01:03:00 -0500 en-US text/html https://finance.yahoo.com/news/u-oil-gas-sector-risk-130300245.html
Killexams : COVID-19 Infection May Accelerate Brain Ageing, Finds Study

Houston, Aug 2 (PTI) COVID-19 infections may predispose individuals to developing irreversible neurological conditions, according to a study.

The finding, published in the journal Ageing Research Reviews, also shows that COVID-19 may increase the likelihood of strokes and the chance of developing persistent lesions that can lead to brain bleeding.

The team, led by Joy Mitra and Muralidhar L. Hegde, from the Houston Methodist Research Institute, US, noted that a great deal of research has shown that the impacts of COVID-19 go far beyond the real time of infection.

COVID-19 is known to invade and infect the brain, among other major organs, the researchers said.

The coronavirus infection can cause long-term and irreversible neurodegenerative diseases, particularly in the elderly and other vulnerable populations, they said.

Several brain imaging studies on COVID-19 victims and survivors have confirmed the formation of microbleed lesions in deeper brain regions related to our cognitive and memory functions.

Researchers have critically evaluated the possible chronic neuropathological outcomes in aging and comorbid populations if timely therapeutic intervention is not implemented.

Microbleeds are emerging neuropathological signatures frequently identified in people suffering from chronic stress, depressive disorders, diabetes and age-associated comorbidities.

Based on their earlier findings, the researchers noted that COVID-19-induced microhemorrhagic lesions may exacerbate DNA damage in affected brain cells, resulting in neuronal senescence and activation of cell death mechanisms, which ultimately impact brain microstructure-vasculature.

These pathological phenomena resemble hallmarks of neurodegenerative conditions like Alzheimer's and Parkinson's diseases and are likely to aggravate advanced-stage dementia, as well as cognitive and motor deficits.

The effects of COVID-19 infection on various aspects of the central nervous system are currently being studied, the researchers said.

For instance, 20-30 per cent of COVID-19 patients report a lingering psychological condition known as 'brain fog' where individuals suffer from symptoms such as memory loss, difficulty in concentrating, forgetting daily activities, difficulty in selecting the right words, taking longer than usual time to complete a regular task, disoriented thought processes and emotional numbness.

More severe long-term effects analysed in the review include predispositions for Alzheimer's, Parkinson's and related neurodegenerative diseases, as well as cardiovascular disorders due to internal bleeding and blood clotting-induced lesions in the part of the brain that regulates our respiratory system, following the COVID-19 symptoms.

Cellular aging is also thought to be accelerated in COVID-19 patients, the researchers said.

A plethora of cellular stresses inhibit the virus-infected cells from undergoing their normal biological functions and let them enter into 'hibernation mode' or even die completely, they said.

The study also suggests various strategies to Excellerate some of these long-term neuropsychiatric and neurodegenerative outcomes, as well as outlines the importance of the therapeutic regimen of the 'nanozyme' in combination with various FDA-approved drugs that may prove successful to fight against this catastrophic disease.

However, given the ever-evolving nature of this field, associations like the ones described in this review show the fight against COVID-19 is far from over, the researchers said, adding that getting vaccinated and maintaining proper hygiene are key in trying to prevent such long-term and detrimental consequences.

(This story has been published from a wire agency feed without any modifications to the text. Only the headline has been changed.)

Tue, 02 Aug 2022 01:19:00 -0500 en text/html https://swarajyamag.com/science/covid-19-infection-may-accelerate-brain-ageing-finds-study
Killexams : High Rates of Chronic Hepatitis B and Tuberculosis Co-Infection Observed in Nationally Representative Quest Diagnostics Study High Rates of Chronic Hepatitis B and Tuberculosis Co-Infection Observed in Nationally Representative Quest Diagnostics Study

PR Newswire

SECAUCUS, N.J., July 25, 2022

Analysis of nearly 23 million lab tests finds only 1 in 3 patients with latent tuberculosis were also tested for chronic hepatitis B, despite similar risk factors in patients

Findings heighten caution about use of tuberculosis therapies, which raise risk of liver injury in patients co-infected with chronic hepatitis B virus

SECAUCUS, N.J., July 25, 2022 /PRNewswire/ -- Concurrent testing for chronic hepatitis B (HBV) and tuberculosis (TB) occurs in a minority of patients who test positive for either condition, despite similar risk profiles and, for some, risk of TB therapy-induced liver damage, according to a new Quest Diagnostics Health Trends® study published in the Journal of Public Health Management & Practice.

Quest Diagnostics Incorporated logo. (PRNewsFoto/Quest Diagnostics Incorporated)

The study was conducted by researchers from Quest Diagnostics (NYSE: DGX), Stanford University School of Medicine and the Veterans Affairs Palo Alto Health Care System in Palo Alto, Calif. Based on analysis of results of 17,635,261 deidentified laboratory tests for hepatitis and 5,205,393 tests for TB performed by Quest Diagnostics between 2016 and 2020, the study is the most comprehensive assessment of testing patterns and prevalence estimates of these two infectious diseases. Existing research to date is limited by small study size and decades-old data.

The researchers evaluated deidentified data from HBV surface antigen (HBsAg) and core antibody total (HBcAb) tests as well as the QuantiFERON® and T-SPOT®.TB series of Interferon Gamma Release Assay (IGRA) blood tests to assess latent TB infection. IGRA tests are guideline recommended for many patients and generally considered more efficient and accurate than skin prick tests, which require multiple doctor's appointments[i][ii][iii].

Latent TB infection was defined as having either a positive QuantiFERON or T-SPOT® test with no positive results for Mycobacterium tuberculosis (MTB) complex or mycobacterial culture during the study period (as that would indicate active TB infection). The QuantiFERON or T-SPOT® tests do not differentiate between active and latent.

Among patients tested for both infections, nearly one in 5 (19.6%) with chronic hepatitis B also have latent TB, more than twice the TB positivity of patients without chronic hepatitis B (7.3%). Among patients tested for both, the positivity rate for chronic hepatitis B among those latent TB positive was three times higher than for patients found not to have latent TB (1.5% versus 0.5%).

Among the study's most significant findings is that only one in three (32.3%) patients who tested positive for latent TB was also tested for HBV infection. Commonly used TB treatments can cause liver injury if administered to patients who are also co-infected with HBV. The study also found that only 10.7% of chronic HBV patients were also tested for latent TB.

The authors of the study wrote that the prevalence of co-infection is "substantial" and highlights the need to test for co-infection "to mitigate risk of drug-induced liver injury associated with TB medications in patients with concurrent chronic HBV."

According to lead author Robert Wong, M.D., Clinical Associate Professor, Stanford University, "This study is the first large scale analysis to my knowledge of coinfection of TB and HBV, two prevalent and under-screened and under-treated infectious diseases in the United States. Timely identification of underlying hepatitis B co-infection can help guide modification of TB treatments regimens with lower risk of drug-induced liver injury. This analysis identified an important gap in TB management and suggests the need for quality improvement initiatives to ensure routine HBV screening in TB patients prior to start of treatment."

Other findings showed that concurrent testing rose with increasing age, from 7.2% in patients younger than 18 years to 29.5% in those greater than 70 years. When evaluating by race/ethnicity, the highest rate of latent TB testing was observed among Black/African American patients, whereas the highest prevalence of HBV-latent TB co-infection was observed in Asian American patients, at 2.7% (based on race/ethnicity estimates drawn from 3-digit Zip codes). In addition, the study observed higher rates of co-infection in parts of southern California, the San Francisco Bay Area, and southern Nevada, compared to the rest of the United States.

"Our nationally representative study provides important novel insights into the scale of coinfection of both latent TB and HBV," said co-author Harvey W. Kaufman, M.D., Senior Medical Director and Director of the Health Trends research program for Quest Diagnostics. "It also provides important insight into demographic and regional patterns that may help guide public health and clinical decision making."

The Centers for Disease Control and Prevention (CDC) estimates that there are 862,000 people living with chronic HBV infection in the United States.[iv] The CDC also estimates that there were 7,860 reported TB cases in the United States in 2021, although as many as 13 million people, many born outside the United States, have latent TB infection.[v] Latent TB and chronic HBV both often lack symptoms, and, in some patients, can progress to acute disease, causing liver damage or failure. Delays in diagnosis and treatment for latent TB and chronic HBV are associated with significant morbidity and mortality, and result in 7 and 14 years per life lost, respectively.

The CDC also notes that rates of new HBV infections are highest among adults aged 40-49 years, reflecting low hepatitis B vaccination coverage among adults. HBV infection is associated with intravenous drug use related to the opioid crisis, incarceration, homelessness and other social determinants of health. Given comparatively high rates of infection in much of Asia, individuals of Asian descent in the United States are also more likely to be infected with chronic HBV even without other risk factors, according to the CDC.

The study's strengths include national scale and results of quality laboratory testing methods. Weaknesses include lack of medication and other clinical data to identify patterns in treatment.

About Quest Diagnostics Health Trends

Quest Diagnostics Health Trends™ is a series of scientific reports that provide insights into health topics, based on analysis of objective clinical laboratory data, to empower better patient care, population health management and public health policy. The reports are based on the Quest Diagnostics database of 60 billion de-identified laboratory test results, believed to be the largest of its kind in healthcare. Health Trends has yielded novel insights to aid the management of allergies and asthma, prescription drug monitoring, diabetes, Lyme disease, heart disease, influenza and workplace wellness. Quest Diagnostics also produces the Drug Testing Index (DTI)™, a series of reports on national workplace drug positivity trends based on the company's employer workplace drug testing data. https://newsroom.questdiagnostics.com/health-trends

About Quest Diagnostics

Quest Diagnostics empowers people to take action to Excellerate health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and Excellerate healthcare management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our nearly 50,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com  

[i] T-SPOT.TB. Package insert. Oxford Immunotec Inc; 2013.
[ii] Lewinsohn DM, Leonard MK, LoBue PA, et al. Official American Thoracic Society/Infectious Diseases Society of America/Centers for Disease Control and Prevention clinical practice guidelines: diagnosis of tuberculosis in adults and children. Clin Infect Dis. 2017;64(2):e1-e33. doi:10.1093/cid/ciw694
[iii] David M. Lewinsohn, Michael K. Leonard, Philip A. LoBue, David L. Cohn, Charles L. Daley, Ed Desmond, Joseph Keane, Deborah A. Lewinsohn, Ann M. Loeffler, Gerald H. Mazurek, Richard J. O'Brien, Madhukar Pai, Luca Richeldi, Max Salfinger, Thomas M. Shinnick, Timothy R. Sterling, David M. Warshauer, Gail L. Woods, Official American Thoracic Society/Infectious Diseases Society of America/Centers for Disease Control and Prevention Clinical Practice Guidelines: Diagnosis of Tuberculosis in Adults and Children, Clinical Infectious Diseases, Volume 64, Issue 2, 15 January 2017, Pages e1–e33, https://doi.org/10.1093/cid/ciw694
[iv] Filardo TD, Feng P, Pratt RH, Price SF, Self JL. Tuberculosis — United States, 2021. MMWR Morb Mortal Wkly Rep 2022;71:441–446. DOI: http://dx.doi.org/10.15585/mmwr.mm7112a1external icon.
[v] CDC FACT SHEET TB in the United States: A Snapshot. Sept. 2018. TB in the United States (cdc.gov)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/high-rates-of-chronic-hepatitis-b-and-tuberculosis-co-infection-observed-in-nationally-representative-quest-diagnostics-study-301591980.html

SOURCE Quest Diagnostics

Mon, 25 Jul 2022 12:57:00 -0500 en text/html https://www.morningstar.com/news/pr-newswire/20220725ny25110/high-rates-of-chronic-hepatitis-b-and-tuberculosis-co-infection-observed-in-nationally-representative-quest-diagnostics-study
Killexams : Breaking Down Financial Securities Licenses

So, you've decided to sell investments. Whether you want to be a registered representative (RR) or an investment advisor, the first step in either process is obtaining the proper securities license. The license needed is determined by several factors, such as the type of investments to be sold, method of compensation, and the scope of services that will be provided. In this article, we'll examine the different types of licensing and show you how to determine which license is right for you.

Key Takeaways

  • In order to market and sell investments professionally, an individual must obtain a securities license.
  • What license you need is determined by what kinds of products you want to sell, how you want to be compensated, and what kind of services you want to be able to provide.
  • The Series 7 license, also known as the general securities representative (GS) license has the broadest reach, allowing holders to sell almost all types of securities.
  • Other commonly-held licenses administered by FINRA include Series 6 and Series 3.
  • The North American Securities Administrators Association (NASAA) oversees the licensing of Series 63, Series 65, and Series 66.

FINRA Licensing Breakdown

The Financial Industry Regulatory Authority (FINRA) oversees all securities licensing procedures and requirements. This self-regulatory organization administers many of the exams that must be passed to become a licensed financial professional. It also performs all relevant disciplinary and record-keeping functions.

FINRA offers several different types of licenses needed by both representatives and supervisors. Each license corresponds to a specific type of business or investment. While there are several licenses geared toward specific types of securities, there are three general licenses that the majority of representatives and advisors usually obtain:

The Financial Industry Regulatory Authority (FINRA) supervises all securities licensing procedures and requirements and also administers many of the exams necessary to obtain the licenses.

Series 6

The Series 6 license is known as the limited-investment securities license. It allows its holders to sell "packaged" investment products such as mutual funds, variable annuities, and unit investment trusts (UITs). The Series 6 test is 90 minutes long and covers basic information regarding packaged investments, securities regulations, and ethics.

This license is also required for insurance agents that sell variable products of any kind because securities constitute the underlying investments within those products. Principals who supervise representatives holding a Series 6 license must obtain the Series 26 license in addition to having already obtained the Series 6.

Series 7

The Series 7 license is known as the general securities representative (GS) license. It authorizes licensees to sell virtually any type of individual security. This includes common and preferred stocks; call and put options; bonds and other individual fixed income investments; as well as all forms of packaged products (except for those that also require a life insurance license to sell). The only major types of securities or investments that Series 7 licensees are not authorized to sell are commodities futures, real estate, and life insurance.

The Series 7 test is by far the longest and most difficult of all the securities exams. It lasts for 225 minutes and covers all aspects of stock and bond quotes and trading; put and call options; spreads and straddles; ethics; margin, and other account holder requirements; and other pertinent regulations.

Those who carry this license are officially listed as "registered representatives" by FINRA, but they are generally referred to as stockbrokers. Many insurance agents and other types of financial planners and advisors also carry the Series 7 license to facilitate certain types of transactions inherent in their businesses. Principals of general representatives must also obtain the Series 24 license. 

Series 3

The Series 3 license authorizes representatives to sell commodity futures contracts, which are generally considered the riskiest publicly traded investments available. Representatives that carry the Series 3 license tend to specialize in commodities and often do little or no other business of any type.

The Series 3 exam is approximately 150 minutes long and covers all forms of commodities transactions, options, hedging, margin requirements, and other regulations. An offshoot of this license is the Series 31 license, which allows representatives to sell managed futures (pooled groups of commodities futures similar to mutual funds).

NASAA Licensing Breakdown

Not all securities licenses are administered by FINRA. The North American Securities Administrators Association (NASAA) oversees the licensing requirements of three key licenses:

Series 63

The Series 63 license, known as the Uniform Securities Agent license, is required by each state and authorizes licensees to transact business within the state. All Series 6 and Series 7 licensees must carry this license as well. The provisions of the Uniform Securities Act are tested on the 75-minute exam.

While this test is much shorter and covers less material than the FINRA exams, it is known for asking "trick" questions that force the candidate to definitively know the difference between which transactions and situations are permitted and which are required by the rules. This test also contains some experimental questions that the NASAA uses to gauge future relevance. 

Series 65

The Series 65 license is required by anyone intending to provide any kind of financial advice or service on a non-commission basis. Financial planners and advisors that provide investment advice for an hourly fee fall into this category, as do stockbrokers or other registered representatives that deal with managed-money accounts.

The test for this license is a 180-minute test that covers the rules and regulations pertaining to registered investment advisors, as well as various investment vehicles and disciplines, economics, ethics, and analysis. Much of the material is covered on the Series 7 test as well, as many of the advisors who sit for this test are not, and may never become, Series 7 licensed and therefore need exposure to the investment material covered therein.

Series 66

This Series 66 is the existing test offered by NASAA. In essence, it combines the Series 63 and 65 exams into one 150-minute exam. This test contains no investment material, as the Series 66 license is only available to candidates that are already Series 7 licensed.

Making the Grade

Most securities exams administered by both FINRA and the NASAA have a passing score of 70%, except for Series 7, 63, and 65, which have passing scores of 72%, and Series 66, which has a passing score of 73%. All tests are now given via computer at approved proctor testing sites.

Broker-Dealer Sponsorship vs. RIA Requirements

Once all relevant securities tests have been taken and a passing grade received, licensees must register their securities licenses with an approved broker-dealer, who will hold their licenses and oversee their business (in return for a portion of the commission income). Generally, those who intend to hold themselves out to the public as Registered Investment Advisors (RIAs) must register with the state they do business in if their assets under management are less than $25 million. The location of the RIA's principal office, as well as the number of assets under management, determine whether the RIA must register with the SEC. Registered Investment Advisors do not need to associate themselves with a broker-dealer.

Securities License FAQs

What Are Securities Licenses?

Securities licenses are needed by anyone who wants to market and sell investments. The specific type of license depends on what type of investments the person wants to sell, how they expect to get paid, and what level of service they want to be able to provide to their customers.

How Do You Get a Securities License?

To get a license, an individual first needs to pass the Securities Industry Essentials (SIE) test through FINRA. Next, you need to be sponsored by a company that is a member of FINRA. Some companies will pay for a study course and the fees for taking the exam. Then, you must register for, study, and pass a FINRA license exam.

What Is a Series 7 Securities License?

The Series 7 license or general securities representative (GS) license allows the holder to sell almost all individual securities, including common and preferred stocks, call and put options, bonds, and other fixed income. Excluded from the list: commodities futures, real estate, and life insurance.

What Does It Cost to Get a Securities License?

The cost of the SIE test is $80. In order to obtain any securities license, a person must pass the SIE. The Series 6 test costs $75; the Series 7 costs $300; the Series 63 costs $147; the Series 65 costs $187; and the Series 66 costs $177. There are also other fees associated with getting a license, such as the cost of a study course to prepare for the exam.

What Jobs Can You Get With a Securities License?

A securities license allows you to market and sell investments. Depending on the license held, you might have a job as a registered representative or an investment advisor.

The Bottom Line

The majority of financial and investment companies that hire or train new advisors will have a mandatory licensing program included in the training package. The company will, in most cases, mandate which licenses must be obtained to sell the company's products and services. Those that decide to go into business for themselves still need to meet the licensing requirements of their chosen profession; the only real freedom of choice comes in which profession is chosen.

Sun, 17 Jul 2022 06:16:00 -0500 en text/html https://www.investopedia.com/articles/financialcareers/07/securities_licenses.asp
Killexams : Live Updates: Trump’s Private Residence in Florida Searched by F.B.I.

The search of former President Donald J. Trump’s home in Florida on Monday by the F.B.I. continued to rock Washington and, more broadly, American politics, amid a swirl of questions about what led the Justice Department to take such a stunning step.

The search came after an earlier visit this spring to Mar-a-Lago, Mr. Trump’s private club and residence in Palm Beach, Fla., by federal agents — including a Justice Department counterintelligence official — to discuss materials that Mr. Trump had improperly taken with him when he left the White House.

Mr. Trump was briefly present for that earlier visit, as was at least one of his lawyers, according to people familiar with the situation.

Those materials contained many pages of classified documents, according to a person familiar with their contents. By law, presidential materials must be preserved and sent to the National Archives when a president leaves office. It remained unclear what specific materials agents might have been seeking on Monday or why the Justice Department and the F.B.I. decided to go ahead with the search now.

Mr. Trump had delayed returning 15 boxes of material requested by officials with the National Archives for many months, only doing so in January when the threat of action to retrieve them grew. The case was referred to the Justice Department by the archives early this year.

Credit...MediaPunch, via Associated Press

In carrying out the search, federal agents broke open a safe, Mr. Trump said.

The search marked the latest remarkable turn in the long-running investigations into Mr. Trump’s actions before, during and after his presidency — and even as he weighs announcing another candidacy for the White House.

It came as the Justice Department has stepped up its separate inquiry into Mr. Trump’s efforts to remain in office after his defeat at the polls in the 2020 election and as the former president also faces an accelerating criminal inquiry in Georgia and civil actions in New York.

Mr. Trump has long cast the F.B.I. as a tool of Democrats who have been out to get him, and the search set off a furious reaction among his supporters in the Republican Party and on the far right of American politics.

Representative Kevin McCarthy of California, the Republican leader in the House, suggested that he intended to investigate Attorney General Merrick B. Garland if Republicans took control of the House in November. A delegation of House Republicans was scheduled to travel to Mr. Trump’s golf club in Bedminster, N.J., for a dinner with him on Tuesday night.

Aggressive rhetoric was pervasive on the right as Monday night turned into Tuesday morning.

“This. Means. War,” the Gateway Pundit, a pro-Trump outlet, wrote in an online post that was quickly amplified by a Telegram account connected to Stephen K. Bannon, Mr. Trump’s onetime political adviser.

The F.B.I. would have needed to convince a judge that it had probable cause that a crime had been committed, and that agents might find evidence at Mar-a-Lago, to get a search warrant. Proceeding with a search on a former president’s home would almost surely have required sign-off from top officials at the bureau and the Justice Department.

The search, however, does not mean prosecutors have determined that Mr. Trump committed a crime.

Despite the historic and politically incendiary nature of the search, neither the F.B.I. nor the Justice Department has made any public comment or explained the basis for its action, in line with their policies of not discussing ongoing investigations.

Mr. Trump was in the New York area at the time of the search. “Another day in paradise,” he said Monday night during a telephone rally for Sarah Palin, who is running for a congressional seat in Alaska.

Eric Trump, one of his sons, told Fox News that he was the one who informed his father that the search was taking place, and he said the search warrant was related to presidential documents.

Mr. Trump, who campaigned for president in 2016 criticizing Hillary Clinton’s practice of maintaining a private email server for government-related messages while she was secretary of state, was known throughout his term to rip up official material that was intended to be held for presidential archives. One person familiar with his habits said that included classified material that was shredded in his bedroom and elsewhere.

The search was at least in part for whether any records remained at the club, a person familiar with it said. It took place on Monday morning, the person said, although Mr. Trump said agents were still there many hours later.

“After working and cooperating with the relevant Government agencies, this unannounced raid on my home was not necessary or appropriate,” Mr. Trump said, maintaining it was an effort to stop him from running for president in 2024. “Such an assault could only take place in broken, Third-World Countries.”

“They even broke into my safe!” he wrote.

Mr. Trump did not share any details about what the F.B.I. agents said they were searching for.

Aides to President Biden said they were stunned by the development and learned of it from Twitter.

The search came as the Justice Department has also been stepping up questioning of former Trump aides who had been witnesses to discussions and planning in the White House of Mr. Trump’s efforts to overturn his election loss.

Mr. Trump has been the focus of questions asked by federal prosecutors in connection with a scheme to send “fake” electors to Congress for the certification of the Electoral College. The House committee investigating the Jan. 6 attack on the Capitol also continues its work and is interviewing witnesses this week.

The law governing the preservation of White House materials, the Presidential Records Act, lacks teeth, but criminal statutes can come into play, especially in the case of classified material.

Criminal codes, which carry jail time, can be used to prosecute anyone who “willfully injures or commits any depredation against any property of the United States” and anyone who “willfully and unlawfully conceals, removes, mutilates, obliterates or destroys” government documents.

Samuel R. Berger, a national security adviser to President Bill Clinton, pleaded guilty in 2015 to a misdemeanor charge for removing classified material from a government archive. In 2007, Donald Keyser, an Asia expert and former senior State Department official, was sentenced to prison after he confessed to keeping more than 3,000 sensitive documents — ranging from the classified to the top secret — in his basement.

In 1999, the C.I.A. announced it had suspended the security clearance of its former director, John M. Deutch, after concluding that he had improperly handled national secrets on a desktop computer at his home.

In January of this year, the archives retrieved 15 boxes that Mr. Trump took with him to Mar-a-Lago from the White House residence when his term ended. The boxes included material subject to the Presidential Records Act, which requires that all documents and records pertaining to official business be turned over to the archives.

The items in the boxes included documents, mementos, gifts and letters. The archives did not describe the classified material it found other than to say that it was “classified national security information.”

Because the National Archives “identified classified information in the boxes,” the agency “has been in communication with the Department of Justice,” David S. Ferriero, the national archivist, told Congress at the time.

Federal prosecutors subsequently began a grand jury investigation, according to two people briefed on the matter. Prosecutors issued a subpoena earlier this year to the archives to obtain the boxes of classified documents, according to the two people familiar with the matter, who spoke on condition of anonymity because of the ongoing investigation.

The authorities also made interview requests to people who worked in the White House in the final days of Mr. Trump’s presidency, according to one of the people.

In the spring, a small coterie of federal agents — including at least one involved in counterintelligence — visited Mar-a-Lago in search of some documents, according to a person familiar with the meeting.

The question of how Mr. Trump has handled sensitive material and documents he received as president loomed throughout his time in the White House, and beyond.

He was known to rip up pieces of official paper that he was handed, forcing officials to tape them back together. And an upcoming book by a New York Times reporter reveals that staff members would find clumps of torn-up paper clogging a toilet, and believed he had thrown them in.

The question of how Mr. Trump handled classified material is complicated, because, as president, he had the authority to declassify any government information. It is unclear whether Mr. Trump, before leaving office, had declassified materials the archives discovered in the boxes. Under federal law, he no longer maintains the ability to declassify documents after leaving office.

While in office, he invoked the power to declassify information several times as his administration publicly released materials that helped him politically, particularly on issues like the investigation into his campaign’s ties to Russia.

Toward the end of the administration, Mr. Trump ripped pictures that intrigued him out of the President’s Daily Brief — a compendium of often classified information about potential national security threats — but it is unclear whether he took them to Florida. In one prominent example of how he dealt with classified material, Mr. Trump in 2019 took a highly classified spy satellite image of an Iranian missile launch site, declassified it and then released the photo on Twitter.

Earlier this year, Kash Patel, a former Defense Department senior official and Trump loyalist whom Mr. Trump named as one of his representatives to engage with the National Archives, suggested to the right-wing website Breitbart that Mr. Trump had declassified the documents before leaving the White House and that the proper markings simply had not been adjusted.

Local television crews showed supporters of Mr. Trump gathered near Mar-a-Lago on Monday night, some of them being aggressive toward reporters.

Mr. Trump made clear in his statement that he saw potential political value in the search, something some of his advisers echoed.

His political team began sending fund-raising solicitations about the search late on Monday evening.

Jonathan Martin, Luke Broadwater and Glenn Thrush contributed reporting.

Tue, 09 Aug 2022 02:51:00 -0500 en text/html https://www.nytimes.com/live/2022/08/09/us/trump-fbi-search-news/the-house-gop-is-rallying-around-trump-after-the-fbi-search
Killexams : CFA vs. Series 7: What’s the Difference?

CFA vs. Series 7: An Overview

The Chartered Financial Analyst (CFA) designation is a professional credential offered by the CFA Institute. It is a globally recognized and respected credential held by more than 167,000 professionals across 165 countries, and it is regarded as the gold standard for the investment industry.

Series 7 colloquially refers to the license that enables the holder to sell all types of securities except commodities and futures. Administered by the Financial Industry Regulatory Authority (FINRA), the Series 7 exam—also known as the General Securities Representative Qualification Examination (GS)—essentially assesses the competency of an entry-level registered representative to perform their job as a general securities representative, or a stockbroker in common parlance. To obtain the General Securities Representative registration, candidates must pass the Securities Industry Essentials (SIE) test and the Series 7 exam.

Comparing the CFA program with the Series 7 is an apples-to-oranges comparison. The CFA program is a rigorous, three-level advanced program, while Series 7 exams are meant for entry-level registered representatives. Thus, it would generally take much more time to study for the three test levels of the CFA program—an average of 300+ hours is recommended for each test level—than for the Series 7. The CFA exams are also notoriously difficult to pass; the average pass rate of all three CFA levels from 1963 to 2021 is 45%. FINRA does not publish pass rates for the Series 7 exams, but anecdotal evidence suggests that it is around 65% to 70%—significantly higher than the CFA pass rates, but certainly a challenging test to pass for an unprepared candidate.

While CFA and Series 7 credentials may take you down different career paths in the financial industry, many financial industry professionals possess both. Series 7 holders are licensed to sell most securities in their capacity as financial advisors and brokers. But quite often, being involved in the financial industry sparks an interest for more in-depth learning in areas such as investment analysis and portfolio management, as well as the desire to garner a career advantage through an advanced credential like the CFA. Note that the CFA is not mandated by any regulatory agency for a financial industry position. The CFA is primarily a certification, comparable to a master’s degree, that increases the credibility of investment professionals and improves career advancement prospects.

Key Takeaways

  • Comparing the Chartered Financial Analyst (CFA) program with the Series 7 is an apples-to-oranges comparison. The CFA program is a rigorous, three-level advanced program, while the Series 7 exams are meant for entry-level registered representatives.
  • The Series 7 is managed by the Financial Industry Regulatory Authority (FINRA) and required for individuals buying and selling a specific list of securities in their job.
  • The CFA is managed by the CFA Institute and is usually viewed as a high-level accreditation similar to a master’s degree.
  • CFA charterholders typically work primarily within the areas of investment portfolio analysis, investment advisory, securities analysis, investment banking, economics, and academia.
  • While CFA and Series 7 credentials may take you down different career paths in the financial industry, many financial industry professionals possess both.

CFA Charter

The CFA Institute issues the CFA charter to people who can pass its rigorous requirements. People sometimes compare the CFA study program to obtaining a master’s of business administration (MBA) except that it is much more specialized in the area of investments.

To enroll in the CFA Program and register for the Level I exam, candidates must have an international travel passport and meet one of the following entrance requirements: have a bachelor’s degree or be a final-year student, or have a combination of 4,000 hours of work experience and/or at least three sequential years of higher education.

To obtain a CFA, an individual must meet all of the requirements set forth by the CFA Institute, including:

  • Pass all three levels of the CFA exams.
  • Achieve qualified work experience—at least 4,000 hours of experience, completed in a minimum of 36 months.
  • Submit two to three professional references.
  • Apply to become a regular member of the CFA Institute, which requires an affiliation with a local chapter.

A breakdown of the CFA program curriculum can be found on the CFA Institute website.

CFA holders feel that the program’s most challenging facet is fulfilling the educational requirement. Candidates must pass three exams of progressive difficulty. According to the CFA Institute, on average, a typical candidate takes four to five years to pass all three exams. Successful candidates report spending more than 300 hours studying for each level, ranging from 303 hours for the CFA Level I test to 328 hours for the CFA Level II test and 344 hours for the CFA Level III exam. Most people may find it difficult to make that kind of time commitment.

And despite the amount of time spent studying, there is no ensure of success. Pass rates fell to record lows for all three levels of the CFA exams in 2021, as the global COVID-19 pandemic likely affected candidates’ test preparation efforts due to cancellations and deferrals.

All CFA exams are now administered through computer-based testing, as opposed to the in-person testing at examination centers that was the norm earlier. Level I exams are held four times per year, while Level II and Level III exams are held twice per year.

The CFA charter is considered to be one of the most specialized investment analysis certifications in the financial industry. A CFA can significantly help an individual’s career advancement, primarily in the areas of:

  • Investment management
  • Portfolio analysis
  • Buy-side trading
  • Sell-side research analysis
  • Investment banking
  • Academia
  • Economics
  • Financial advising

According to CFA Institute, the top five roles for CFA charterholders globally are:

  • Portfolio manager
  • Research analyst
  • Chief level executive
  • Consultant
  • Risk manager

Series 7

The primary difference between the Series 7 and the CFA is that one is a license, while the other is a certification. A Series 7 license is necessary for individuals whose job involves the solicitation, purchase, or sale of securities—including stocks, bonds, mutual funds, exchange-traded funds, options, direct participation programs, and variable contracts. As of October 2018, passing the Series 7 test is not the only requirement for new FINRA licensees. New licensing candidates must also pass the Securities Industry Essentials (SIE) exam.

The SIE is a 75-question, multiple choice exam. Candidates have one hour and 45 minutes to take the test. A passing score of 70 is required. The SIE test was designed by FINRA to ensure that FINRA licensees demonstrate a thorough understanding of basic securities industry knowledge.

The Series 7 test is managed by FINRA. It has 125 questions covering four main job functions of a Series 7 licensed representative. The test must be completed in 225 minutes.

The following are the four main job functions:

  • Function 1: Seeks business for the broker-dealer through customers and potential customers
  • Function 2: Opens accounts after obtaining and evaluating customers’ financial profile and investment objectives
  • Function 3: Provides customers with information about investments, makes suitable recommendations, transfers assets, and maintains appropriate records
  • Function 4: Obtains and verifies customers’ purchase and sales instructions and agreements, and processes, completes, and confirms transactions

Most Series 7 test preparation courses suggest 80 to 100 hours of study time, including live practice exams and at least 1,000 practice questions. Unlike the CFA exams, which cover case studies, financial and investment theories, and quantitative math, the Series 7 test involves memorizing U.S. Securities and Exchange Commission (SEC) regulations and some basic math. A 72% score is necessary to pass the exam.

To fully obtain the Series 7 license, candidates must:

  • Be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm
  • Register with FINRA
  • Pass the SIE exam
  • Comply with eligibility under FINRA Rule 1220(b)(2)

Key Differences

The Series 7 license and CFA certification are generally acquired for different careers within the financial industry, although many financial industry professionals possess both. Series 7 licensed representatives tend to work in financial market sales, often as a stockbroker or financial advisor. Keep in mind that a Series 7 is required to solicit, purchase, and sell stocks, bonds, mutual funds, options, direct participation programs, and variable contracts in any financial position. The Series 7 license can expire if a representative is not employed with a FINRA-registered organization for two years.

Although some Series 7 licensed investment advisors also hold a CFA charter, most careers requiring a CFA don’t require a Series 7 license. Unlike the Series 7, the CFA certification does not expire. As such, it is a certification that can be used in marketing your personal skills throughout your career. With the CFA charter and membership with the CFA Institute, charterholders have the opportunity to further their education annually through continuing education courses. In general, the CFA can be a good pathway to a higher-paying job with greater latitude for responsibility and management authority.

In terms of curriculum and difficulty, there is a big difference between the Series 7 and the CFA. The Series 7 license covers basic securities market terminology, products, and job functions through both the SIE test and the Series 7 exam. The CFA curriculum is much more quantitative and theoretical, covering the areas of quantitative analysis, securities valuation, economics, financial reporting, accounting, ethics, and more.

What Are the Main Areas Where Chartered Financial Analyst (CFA) Charterholders Work?

According to the CFA Institute, the top five practice types for Chartered Financial Analyst (CFA) charterholders are equities, fixed income, private equity, derivatives, and real estate.

Do I Need to Have the CFA Designation if I am Interested in a Career in Investment Research?

It is not mandatory to have the CFA designation if you are interested in a career in investment research, but it would certainly help. The CFA program imparts a wealth of knowledge that is very useful in investment research and analysis, and many research analysts around the world are CFA charterholders.

I Would like an Entry-Level Position in the Financial Services Industry. Should I Study for the Series 7 or the CFA?

The Series 7 exams are specifically geared for entry-level representatives, so that would be the best choice. At a later point in time, once you have some industry experience under your belt, you can decide if the CFA charter is something that you wish to pursue.

The Bottom Line

Series 7 refers to the license that enables the holder to sell all types of securities except commodities and futures. Meanwhile, the CFA is primarily a certification, comparable to a master’s degree, that increases the credibility of investment professionals and improves career advancement prospects. The Series 7 license covers basic securities market terminology, products, and job functions, while the CFA curriculum is much more quantitative and theoretical.

Thu, 31 Mar 2022 17:19:00 -0500 en text/html https://www.investopedia.com/articles/financial-advisors/022216/cfa-vs-series-7-which-easier.asp
Killexams : Democracy is in crisis – moving beyond ‘disillusionment’ means recreating our political life No result found, try new keyword!South African democracy is in crisis. People do not see benefits from 28 years of freedom. Many are hungry, homeless, unemployed, subject to constant violence and without a remedy. Both rich and poor ... Tue, 09 Aug 2022 03:35:35 -0500 en-za text/html https://www.msn.com/en-za/news/other/democracy-is-in-crisis-moving-beyond-disillusionment-means-recreating-our-political-life/ar-AA10tvU5 Killexams : Mississippi First and Study.com Partner to Tackle Miss. Teacher Shortage Crisis

Study.com will donate 500 test prep scholarships to the state

JACKSON, Miss., Aug. 8, 2022 /PRNewswire/ -- Mississippi First, an education policy non-profit founded in 2008, is partnering with Study.com, a national EdTech platform, to launch Keys to the Classroom in the state of Mississippi. The initiative aims to help aspiring educators prepare for the Praxis, a required test with a pass rate of 50% for first-time test takers, to earn their teaching credential.

Through this partnership, Study.com will donate comprehensive, cost-free materials and resources to aspiring Mississippi teachers to help them prepare and pass their teacher certification tests. Mississippi districts that have diverse student bodies, as well as those that have low socioeconomic conditions, will be prioritized for the licenses in an effort to address the rising teacher shortage crisis and ensure the demographics of Mississippi students are being represented in the classroom and across the state’s teacher pipeline.

“The state of Mississippi is facing an overwhelming shortage of teachers and Study.com’s Keys to the Classroom will to help tackle this crisis head-on,” says Rachel Canter, Executive Director of Mississippi First. “Partnering with Study.com will allow Mississippi First to continue our mission to ensure educational excellence for every Mississippi child.”

This partnership comes on the heels of Mississippi First’s 2022 ‘Voices of the Shortage’ survey of 6,496 Mississippi public education teachers, which provides the state’s most comprehensive current resource for understanding the critical teacher shortage in Mississippi from teachers’ perspectives.

The teachers surveyed reported compensation as a top reason for potentially leaving the profession, but even current teachers consider their exit, aspiring new teachers face challenges to enter, including the difficulty of passing their teacher certification tests such as the Praxis.

In fact, according to a 2019 report from the National Council on Teacher Quality, half of teachers fail their first certification test and a quarter never pass. In contrast, 92% of teachers who used Study.com’s test prep resources reported passing their test on the first try.

In addition to a worsening teacher shortage, Mississippi also faces a decreasing number of both aspiring and current teachers of color. According to a report from Mississippi Department of Education, while 57% of Mississippi P-12 students identified as non-White; 70% of Mississippi teachers are White.

“Creating a more diverse and representative teacher pipeline is necessary to ensure students feel represented and encouraged. As Mississippi statistics show, this isn’t being reflected in the classroom but is statistically proven and needed,” said Study.com’s Senior Vice President of Social Impact Dana Bryson. “Our goal with bringing Keys to the Classroom to Mississippi is to diversify the teacher pipeline and help reduce the teacher shortage by removing the barriers to becoming a teacher.”

Study.com first launched Keys to the Classroom initiative last winter in Nevada, which had a teacher shortage of about 3,000. Since then, Study.com has donated 600 teacher test prep licenses in Nevada and has partnered with numerous educational organizations to support aspiring teachers and Excellerate educational outcomes. Study.com also recently launched Keys to the Classroom in South Carolina this Spring.

The Keys to the Classroom initiative is part of Study.com’s commitment to Pledge 1%, a corporate philanthropy movement dedicated to making the community a key stakeholder in every business. Pledge 1% continues the company’s commitment to Making Education Accessible through social impact programs focused on increasing access and equity in education for underserved learners, non-traditional students, and educators.

For more information on Study.com’s Keys to the Classroom scholarship, please visit
https://bit.ly/keystotheclassroom.

About Study.com

Study.com is a leading online education platform providing academic support for learners and educators. Recognized on the GSV EdTech 150 as a leading EdTech company, Study.com simplifies learning for over 30 million learners and educators a month. Study has donated $24 million in-kind value across social impact programs committed to Making Education Accessible through our Pledge 1% partnerships and programs focused on increasing access and equity in education for underserved learners.

About Mississippi First

Founded in 2008, Mississippi First is a nonprofit education organization whose mission is to champion transformation policy solutions ensuring educational excellence for every Mississippi child. Driven to change the fact that Mississippi has historically been last, our founders set a bold vision: a Mississippi first in education nationally. Today, Mississippi First is a leading voice for early childhood education, high-quality public charter schools, rigorous learning standards, commonsense testing and accountability policies, and strengthening Mississippi’s educator pipeline.

View original content to download multimedia: https://www.prnewswire.com/news-releases/mississippi-first-and-studycom-partner-to-tackle-miss-teacher-shortage-crisis-301600958.html

SOURCE Study.com

Mon, 08 Aug 2022 01:23:00 -0500 en text/html https://apnews.com/press-release/PRNewswire/education-mississippi-teaching-policy-65feb168bf0f5068c1395230d06040bf
Killexams : Data Results Published in American Journal of Managed Care demonstrate adoption and clinical utility of KidneyIntelX™ with Primary Care Physicians

98% of 401 Primary Care Physicians confirmed KidneyIntelX has value as a risk decision tool in their adult patients with type 2 diabetes and chronic kidney disease stages 1-3b.

Published study complements KidneyIntelX clinical utility data published at American Diabetes Association Annual Conference demonstrating improvements in guideline recommended care, including therapeutic managements and specialist consultation

NEW YORK and SALT LAKE CITY, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Renalytix plc (NASDAQ: RNLX) (LSE: RENX) today announced the publication of a clinical utility study in The American Journal of Managed Care confirming Primary Care Physicians (PCPs) understand the value of KidneyIntelX™ in determining appropriate guideline-recommended treatment decisions in their adult patients with type 2 diabetes (T2D) and early chronic kidney disease stages 1-3 (diabetic kidney disease). The study of 401 geographically diverse clinicians was conducted by Boston Healthcare Associates, a third party specialized in medical device evaluation, clinical development, and data management.

The published study complements  recently published data from a real-world evidence clinical utility study of 1,112 adult DKD patients presented at the accurate American Diabetes Association 82nd Scientific Sessions and the European Congress of Internal Medicine. These combined published results confirm the significant benefit of using KidneyIntelX in the Primary Care setting to direct care towards improving kidney health and reducing the significant financial burden associated with DKD.

“The study publication announced today is a key element of a comprehensive evidence development program,” said Tom McLain, President of Renalytix. “This program was designed to address the evidence requirements of payers, regulators, clinicians, and guideline setting bodies. The increasing volume of real-world evidence being generated from our health systems partnerships, presented at the ADA conference, confirms clinical utility, and indicates adoption of KidneyIntelX in the clinical setting.”

“We now have evidence that indicates that KidneyIntelX is not only clinically valued by PCPs but is also useful in aiding clinical decision making in the real-world setting, helping ensure that patients are on the right care path at the right time,” said Michael J. Donovan, Ph.D., M.D., Chief Medical Officer of Renalytix. “The adoption rate among PCPs as reported at the 2022 ADA late-breaking poster session on our real-world evidence study and the published clinical utility study underscores both the clinical need and clinician confidence in using KidneyIntelX to provide actionable risk stratification. In the real-world setting, this was associated with a 6-fold increase in the initiation of guideline-recommended treatments, and a nearly 3-fold increase in appropriate referrals.”

Results demonstrate growing awareness among PCPs in terms of the recognized value of KidneyIntelX in clinical decision making:

  • The significance of these results was supported by a rigorous, analytical framework created to be highly representative of real-world care today and included 42 unique patient profiles and was designed to show what happens when KidneyIntelX is included vs. not included in patient care.
  • The KidneyIntelX test had a greater relative importance than the standard of care (eGFR and UACR) for PCPs in prescribing guideline-recommended therapies and deciding when to consult with a specialist.
  • 98% of PCPs responded they were somewhat, very, or extremely likely to use KidneyIntelX to predict which of their patients will experience rapid progressive kidney function decline.
  • A behavioral shift among PCPs was examined after the introduction of KidneyIntelX. Approximately 80 percent of PCPs in the study noted risk assessment would support the decision to take more aggressive, guideline recommended clinical actions in high-risk, early stage (stage 1 through 3b) diabetic kidney disease patients.

“Adoption of KidneyIntelX among primary care physicians could play an important role in changing how we treat patients with diabetic kidney disease, by allowing for timely intervention in the early stages 1-3 of disease, when primary care physicians have the power to delay or prevent progression,” said Dr. Stephen Brunton, MD, FAAFP, CDCES, Primary Care Education Consortium, Family Practitioner and Executive Director of the Primary Care Metabolic Group. “This study adds to the growing body of clinical utility evidence showing how advanced prognosis tools like KidneyIntelX could help make more informed decisions in the management of patients, especially in early disease, and limit progression to end stage kidney disease.”

A total of 401 PCPs participated in the published clinical utility study. Respondents were recruited to ensure broad generalizability of results based on geographic and care model distribution, as well as a representative distribution of types of health insurance coverage. The geographic distribution of respondents was representative of the geographic distribution in the United States. The study was funded by a research grant from Renalytix.

The full study is available here.

About Kidney Disease
Kidney disease is a public health epidemic affecting over 850 million people globally.2 The Centers for Disease Control and Prevention estimates that 15% of U.S. adults, or over 37 million people3, have chronic kidney disease (CKD). Nearly 95% of people with CKD are in early stages 1-34. Despite its magnitude, early-stage (1-3) CKD is underdiagnosed and undertreated, largely because it’s asymptomatic at this time in the disease. As many as 9 in 10 adults with CKD, and 2 in 5 adults with severe CKD do not know they have the condition.3

About Renalytix
Renalytix (NASDAQ: RNLX) (LSE: RENX) is an in-vitro diagnostics and laboratory services company that is the global founder and leader in the new field of bioprognosis™ for kidney health. The leadership team, with a combined 200+ years of healthcare and in-vitro diagnostic experience, has designed its KidneyIntelX laboratory-developed test to enable risk assessment for rapid progressive decline in kidney function in adult patients with T2D with early CKD stages 1-3. We believe that by understanding how disease will progress, patients and providers can take action early to Excellerate outcomes and reduce overall health system costs. For more information, visit  www.renalytix.com.

About KidneyIntelX™
KidneyIntelX™ is a laboratory-developed test demonstrated to be a reliable, bioprognostic™ methodology that yields a simple-to-understand, custom risk score, enabling prediction of which adult patients with T2D and early CKD (stages 1-3) are at low, intermediate or high risk for rapid progressive decline in kidney function. By combining information from KidneyIntelX with newer cardio- and reno-protective therapies, doctors will have more information in determining which patients are at higher versus lower risk for rapid disease progression and may be able to more appropriately target resources and guideline-recommended treatments to advance kidney health. KidneyIntelX is supported by a growing body of clinical, utility and health economic studies (including a validation study of two large cohorts) and has a demonstrated a 72% improvement in predicting those patients who are at high risk for rapid progressive decline in kidney function versus the current standard of care (eGFR and UACR). KidneyIntelX has also received Breakthrough Device Designation from the U.S. Food and Drug Administration and has submitted for De Novo marketing authorization. To learn more about KidneyIntelX and review the evidence, visit  www.kidneyintelx.com.

Sources
1 Saran R, Robinson B, Abbott KC, Bragg-Gresham J, Xiaoying C. U.S. Renal Data System 7 2019 Annual Data Report: Epidemiology of Kidney Disease in the United States. Am J 8 Kidney Dis. 2020;75(1):S1-S64.
2 https://www.theisn.org/blog/2020/11/27/more-than-850-million-worldwide-have-some-form-of-kidney-disease-help-raise-awareness/
https://www.cdc.gov/kidneydisease/publications-resources/ckd-national-facts.html
https://www.cdc.gov/kidneydisease/basics.html

Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Examples of these forward-looking statements include statements concerning: the potential benefits, including economic savings, of KidneyIntelX, the potential for KidneyIntelX to receive regulatory approval from the FDA, the commercial prospects of KidneyIntelX, if approved, including whether and to what extent KidneyIntelX will be successfully adopted by physicians and distributed and marketed, our expectations regarding reimbursement decisions and the ability of KidneyIntelX to curtail costs of chronic and end-stage kidney disease, optimize care delivery and Excellerate patient outcomes. Words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “seeks,” and similar expressions are intended to identify forward-looking statements. We may not actually achieve the plans and objectives disclosed in the forward-looking statements, and you should not place undue reliance on our forward-looking statements. Any forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could cause real results, performance, or events to differ materially from those expressed or implied in such statements. These risks and uncertainties include, among others: that KidneyIntelX is based on novel artificial intelligence technologies that are rapidly evolving and potential acceptance, utility and clinical practice remains uncertain; we have only recently commercially launched KidneyIntelX; and risks relating to the impact on our business of the COVID-19 pandemic or similar public health crises. These and other risks are described more fully in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our annual report on Form 20-F filed with the SEC on October 21, 2021, and other filings we make with the SEC from time to time. All information in this press release is as of the date of the release, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Media Contacts:
United States:
Andria Parks
Renalytix
(801)-447-2698
media@renalytix.com

Outside of the United States:
Walbrook PR Limited
Paul McManus / Lianne Applegarth / Alice Woodings

Tel: 020 7933 8780 or  renalytix@walbrookpr.com
Mob: 07980 541 893 / 07584 391 303 / 07407 804 654

Sun, 07 Aug 2022 23:03:00 -0500 en text/html https://apnews.com/press-release/GlobeNewswire/covid-health-diabetes-kidney-disease-c437f031354081589671ca6f352316b8
Killexams : Shipping representative says Auckland Port debate is a distraction from the real supply chain issues

IAIN MCGREGOR/Stuff

Ships come into the Port of Auckland at all hours of the night. High above Auckland’s twinkling lights, as the city slumbers, crane operator Willie Maipi is there to meet them.

  • Productivity at ports has gone backwards during the pandemic with ships and containers being processed at a slower rate
  • When it comes to supply chain issues, Cosco Shipping Lines’ NZ general manager argues there are more important questions to resolve than whether the port in central Auckland should be moved to the Manukau Harbour
  • Moving to a 24-7 supply chain is seen as a way to ease the bottlenecks, but the availability of labour is a key constraint

The New Zealand general manager of Cosco shipping lines says we shouldn’t get distracted from major supply chain issues with a big debate about moving Auckland's port.

Supply chain issues like shipping delays, and the increased cost of transporting goods across borders, have been blamed for skyrocketing inflation.

Cosco Shipping Lines NZ general manager Mark Scott said New Zealand ports processed 7% fewer containers between January and June of this year than they did during the same period in 2019.

Scott cited other statistics showing port productivity in New Zealand had gone backwards since the pandemic: the ship processing rate had declined by a third since 2019, and the number of crane moves per hour had gone from 31 in 2019 to 28 in 2021.

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Shipping capacity had also effectively been cut because ships were taking longer to make their way around different ports and were also spending more days at sea.

On Monday, the first day of the two-day Freight Futures summit in Auckland, representatives of ports, transport, freight and energy companies, highlighted these and other supply chain issues.

Faced with a question about how realistic it was to move Auckland’s port to the Manukau Harbour – something which the Government is conducting a feasibility study on – Scott said the issue was a distraction from more pressing ones.

Chris McKeen/Stuff

Port productivity in New Zealand has declined since the start of the pandemic.

Shanghai-based Cosco is one of the world’s largest shipping lines and its port-owning subsidiary Cosco Shipping Ports is one of the world’s largest port operators, too.

“We have been too distracted by the new port, which is important, but we’ve got a lot to do,” Scott said.

One of those pressing issues is the possibility of more supply chain disruptions in the years to come.

At the same conference, University of Auckland Centre for Supply Chain Management director Tava Olsen made a “plea” for the Government to urgently undertake work to see how the country might be able to survive a major disruption to the flow of goods across borders – or the disaster scenario of a full border closure.

“The pandemic was a wakeup in terms of we hadn’t done a lot of that planning – and our borders weren’t even closed, they were just sluggish.”

New Zealand Trade and Enterprise supply chain adviser Dave Christie cited a McKinsey study which said companies could now expect month-long disruptions to supply chains once every four years.

Scott saw a move to a 24-7 supply chain as something that could smooth out disruptions, but others highlighted a lack of skilled labour as the main barrier to this.

Swire Shipping country manager Brodie Stevens said immigration, and the flow-on effects of not having enough skilled workers to do the work, was the “elephant in the room” when it came to ongoing freight delays.

Dileepa Fonseka/Stuff

A Freight Futures summit in Auckland has highlighted a range of issues including labour supply as responsible for supply disruptions at ports.

Customs Brokers and Freight Forwarders Federation President Rachel Madden said working weekends, or late-night shifts during winter, just wasn’t appealing to enough workers.

Auckland Port chief executive Roger Gray highlighted local government issues as another major constraint. Councils were increasingly demanding higher returns from their port assets, something which might add extra costs into the supply chain in future, while activism over "harbour health” could constrain future port growth if ports weren’t proactive about consulting mana whenua and others.

Slotting in over the top of all of this was the issue of climate change, which several speakers argued had implications for the future of shipping too, especially when it came to the action that might need to be taken to reduce emissions.

Slowing down ships, for example, would reduce emissions, but would also lead to delays.

Stevens said, in the end, the solution might well be to pass on higher prices.

“That’s the thing about sustainability at the moment, if you really want it then somebody's going to have to pay for it.”

Mon, 01 Aug 2022 10:30:00 -0500 en text/html https://www.stuff.co.nz/business/129448055/shipping-representative-says-auckland-port-debate-is-a-distraction-from-the-real-supply-chain-issues
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