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FINRA Series 99 Exam Study Guide with Complete Solutions
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FINRA Series 99 Exam Study Guide with Complete Solutions ways to raise capital - Answer️️ -1. sell ownership/equity in your company 2. issue debt securities (bonds) share of stock - Answer️️ -a percentage ownership of the company; a unit of ownership debit security/bond - Answer️️...

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  • September 25, 2024
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TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024

FINRA Series 99 Exam Study Guide with
Complete Solutions


ways to raise capital - Answer✔️✔️-1. sell ownership/equity in your company


2. issue debt securities (bonds)

share of stock - Answer✔️✔️-a percentage ownership of the company; a unit of

ownership

debit security/bond - Answer✔️✔️-"a tiny loan" to a company where the issuer promises

to pay back an amount of $ in the future + interest

capital markets - Answer✔️✔️-includes the stock market and the bond market

stock market - Answer✔️✔️-the place where stocks are traded among investors

bond market - Answer✔️✔️-the place where bonds are traded among investors

hire an underwriter or investment banking firm. - Answer✔️✔️-a company must do what

to issue stock?

primary market - Answer✔️✔️-the first time a stock is sold to investors

secondary market - Answer✔️✔️-the place where a stock is traded among investors

broker - Answer✔️✔️-1. acts as a go-between for the buyer and seller

2. earns $ through fees for their services (i.e. commissions)


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,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
dealer - Answer✔️✔️-1. makes trades out of their inventory of stock

2. buys at a lower "bid" price and sells it at a higher "ask" price

3. earns $ through the differences between the ask price and the bid price

registered investment advisors - Answer✔️✔️-individuals or firms that manage the

investment portfolios of individuals, groups, or funds

RIA needs to register with SEC - Answer✔️✔️-if AUM > $110 M

RIA needs to register with the state - Answer✔️✔️-if AUM < $100 M

RIA can register with SEC or state - Answer✔️✔️-if $100 M < AUM < $110 M

The Securities Act of 1933 - Answer✔️✔️-regulates the registration of securities that are

sold to the public

The Securities Act of 1933 - Answer✔️✔️-requires that issuers disclose material

information to investors

The Securities Act of 1933 - Answer✔️✔️-a.k.a. the "Paper Act" because corporations

register their securities through a paper registration statement

The Securities Act of 1933 - Answer✔️✔️-regulates the primary market

The Securities Exchange Act of 1934 - Answer✔️✔️-regulates broker-dealers and how

existing securities are resold in the secondary market

The Securities Exchange Act of 1934 - Answer✔️✔️-a.k.a. the "People Act" because it

regulates people who work in the industry



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,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
The Securities Exchange Act of 1934 - Answer✔️✔️-contains important trading laws,

such as insider trading laws

The Securities Exchange Act of 1934 - Answer✔️✔️-introduced margin requirements

The Securities Exchange Act of 1934 - Answer✔️✔️-created the Securities and Exchange

Commission (SEC) to interpret and enforce securities laws

The Securities Exchange Act of 1934 - Answer✔️✔️-allows securities exchanges and

broker-dealers to regulate themselves

The Securities Exchange Act of 1934 - Answer✔️✔️-requires broker-dealers to register

with the SEC and FINRA

security - Answer✔️✔️-(1) an investment of money that (2) involves a common enterprise

(3) in which the investors expect to make a profit (4) from the efforts of someone other

than themselves

what is not a security? - Answer✔️✔️-1. fixed annuity

2. whole life, term life, universal life, endowment policy

3. gold

4. collectibles, antiques, art

what are securities exempt under the '33 Act? - Answer✔️✔️-1. securities issued by the

federal gov't (U.S. treasury bills, notes, and bonds)

2. municipal securities




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, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
3. securities issued/regulated by government agencies and government sponsored

entities

4. securities issued by banks and credit union

5. securities issued by non-profits

private placement - Answer✔️✔️-a private offering of debt or equity securities to a small

group of investors

exempt transaction - Answer✔️✔️-a private placement that meets the requirements of

Regulation D, and is not subject to full SEC registration

Regulation D, Rule 504 - Answer✔️✔️-1. non-reporting issuers for small equity offerings

2. small, under 1 million aggregated over 12 months

3. no restriction on the number or type of investors

Regulation D, Rule 505 - Answer✔️✔️-1. open to all issuers (except sketch ones w/

violations)

2. somewhat small, under $5M aggregated over 12 months

3. maximum of 35 non-accredited investors

Regulation D, Rule 506(b) - Answer✔️✔️-1. open to all issuers (except sketch ones w/

violations)

2. no dollar cap

3. maximum of 35 non-accredited investors, but all must be sophisticated or

represented by a "purchaser representative"



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