This course is designed to provide representatives with a general understanding of fixed income securities - what they are, how they can be employed in an investor's portfolio, and the potential risks and rewards of investing in fixed income securities.
11016
38
22
- Types of fixed income securities, including Treasury bonds, agency securities, municipal securities, mortgage-backed securities, collateralized mortgage obligations, and preferred stock - The role of intermediaries in the fixed income market - How fixed income securities are bought and sold - What types of investors may purchase fixed income securities - US and global bond markets - Suitability and sales process considerations
Anti-Money Laundering for Municipal Securities Representatives (FE INT)
11028
Overview
This course is intended for registered securities representatives and supervisors interested in learning how industry rules regarding anti-money laundering regulations. Every municipal securities dealer must establish and implement an anti-money laundering compliance program designed to achieve and monitor ongoing compliance with the requirements of the Bank Secrecy Act, 31 U.S.C. 5311, et seq. (BSA).
11028
41
27
- Overview of Money Laundering
- Awareness of AML Regulations
- Definition of Money Laundering
- How Money Laundering is Done
- Overview of Federal Efforts
- Impact on Your Broker Dealers and Clients
- Enhanced Customer Identification
- CDD Rule
- Additional Reporting Requirements
- Money Laundering Suspicious Activities
- Overview of Penalties
Auction Rate Securities (FE)
9143
Intermediate
This course is intended for representatives, investment advisers, institutional representatives, traders and supervisors who have a well-rounded background in the issuance, distribution, and risk-analysis of conventional securities. Those taking this course should have an intermediate understanding of the securities markets and the wide variety of securities products being offered to investors.
This course provides a detailed review of the first auction rate security for the tax-exempt market, which was introduced by Goldman Sachs in 1988. More specifically, the course provides background on auction rate securities, defines the various types of ARS orders, and uncovers the 2008 auction failures.
9143
29
20
- Background and Definition - Types of ARS Orders - The SEC Cease-and-Desist Order of 2006 - Auction Failures - Centralized Access to Municipal Auction Rate Security Information - Apparent Benefits of Auction Rate Securities
Basics of Bond Investing (FE INT)
12541
Overview
This course is intended for registered representatives, supervisors and other financial service professionals interested in learning more about the bond markets in general. Individuals taking this course should already have a basic understanding of how bonds are issued, purchased, and sold. This course provides an introduction to corporate bonds, touching on topics from how they are priced, how they are traded, and how they can be used to finance specific needs.
12541
27
15
- Bonds as IOUs
- Making Money off of Bonds
- The Bond Rating System
- Yield to Maturity
- Government Bonds
- Municipal Bonds
- Corporate Bonds
- Zero-Coupon Bonds
Customer Data Protection and the Municipal Securities Representative (FE INT)
11468
Overview
This course is intended for municipal representatives, supervisors, investment advisers or any financial service industry professional interested in learning how industry rules apply to the use and supervision of customer data. As a municipal representative, you need to know and follow your firm's policies and procedures for customer data protection. Failing to protect non-public customer information can make your customer vulnerable to identify theft. This is a serious issue for many businesses within, as well as outside of, the securities industry.
11468
19
15
- SEC Rule 30 of Regulation S-P
- Data Vulnerability
- Municipal Representative Responsibilities
- Examples of Customer Data Protection for the Municipal Securities Representative
- Conclusion
Disclosures in Connection with Primary Offerings (MSRB Rule G-32) (FE INT)
10695
Intermediate
This course provides an in-depth examination of the regulatory framework regulating municipal securities' primary issues, emphasizing the disclosures required of underwriters and issuers. It covers both the issuer disclosures required by regulation G-32 and the underwriter disclosures required by the same regulation. It also discusses the importance of reporting substantial developments that may affect the issuer's financial position. This course is intended for financial professionals who want to learn more about MSRB Rule G-32 and the disclosure obligations for underwriters and issuers and is suitable for financial advisers, underwriters, broker-dealers, and compliance professionals.
10695
47
35
- Understand disclosure requirements mandated by the federal municipal securities laws of the SEC and MSRB
- Distinguish between the disclosure obligations of underwriters and those of issuers
- Recognize the documents underwriters and issuers must disclose
- Locate disclosure resources
- Realize how disciplinary actions are taken and sanctions determined when disclosure responsibilities are not met
Ethics and Professional Conduct for the Municipal Securities Representative (FE INT)
10680
Overview
This course is intended for municipal securities brokers, municipal securities dealers, municipal securities sales representatives, municipal finance professionals (MFPs) and their supervisors. This course is geared towards the municipal securities representative discussing the nature of ethics and to whom the representative has an ethical responsibility. The course explains the importance of increased professionalism and offers practical guidelines for ways representatives can differentiate themselves ethically and professionally on a daily basis.
10680
30
15
- Ethical Conduct - Important Concepts for Ethical and Professional Conduct - Due Diligence & Valuing Professionalism - Industry Ethics - Cross-Selling, Switching and Churning - Helping the Client & Compliance and Ethics
Fixed Rate Primary Market Offerings (FE INT)
11583
Overview
This introductory level course provides intricate background to the roles and responsibilities of market participants in fixed rate primary market offerings. The course begins with an overview of the defining characteristics of primary and secondary market transactions. After that, the bond offering process is discussed, highlighting important participants, including: municipal advisors, bond counsel, underwriters, auditors, trustees and much more.
11583
35
40
- Primary and Secondary Market Transactions
- Bond Characteristics
- Issuer Risk and Default
- Interest Rates
- Borrowers in the Primary Market
- Negotiated Transactions
- Market Participants: Roles and Responsibilities
MSRB Advertising Rules (FE INT)
11540
Overview
This course covers the amendments to MSRB Rule G-21 on Advertising and the new MSRB Rule G-40 Advertising for Municipal Advisors. By the end of the course, you should have an understanding of what qualifies as advertising, especially social media and electronic public forum usage, what types of entities are subject to the rules, and where the various regulators may overlap in advertising requirements.
11540
41
60
- What is the MSRB?
- MSRB Regulated Entities and Persons
- Advertising Rule G-21
- New MSRB Rule G-40
- Frequently Asked Questions
MSRB G-43: Governing the Activities of Broker's Brokers (FE INT)
13136
Overview
This course is a study of Municipal Securities Rulemaking Board (MSRB) Rule G-43, Best Practices for Broker's Brokers. The rule is one that dictates expectations of duties and prohibited activities when dealers act as brokers for other dealers; or inter-dealer transactions in municipal securities markets. By the end of this course, you will be able to identify the role of a broker's broker in municipal market participation as well as the duties, responsibilities, and prohibitions on conduct of broker's brokers as well as understand the role of Automated Trading Systems under Rule G-43.
13136
34
30
MSRB Rule G-3: Registration and Continuing Education Requirements (FE INT)
20354
Overview
The MSRB recently introduced substantial updates to its rules related to the registration of reps and principals, as well as Continuing Education (CE) requirements. This course will cover the changes, which are designed to bring MSRB rules in alignment with FINRA requirements related to registration and CE. Two highlights are a new procedure developed by FINRA that will enable individuals to allow their registration to lapse for up to five years without needing to requalify by examination and the establishment of a new annual Regulatory Element CE requirement. This course is intended for financial advisers, underwriters, broker-dealers, and compliance professionals.
20354
46
35
MSRB Rule G-42: The Fiduciary Duty Rule (FE)
9470
Overview
MSRB Rule G-42 sets forth municipal advisors' required standards of conduct and duties when engaging in municipal advisory activities, other than municipal advisory solicitation activities. This course provides a brief overview of the duties and obligations under G-42, disclosure requirements for conflicts of interest and prohibited municipal advisor activities.
9470
23
20
MSRB Rules and Risks (FE INT)
10679
Overview
This introductory course provides registered representatives with a better understanding of MSRB rules and risks as they relate to the municipal securities market. Specifically, this course outlines the MSRB's recent compliance advisory and offers background to suitability obligations, pay-to-play restrictions, risk considerations, the revised Series 50 examination and much more.
This course addresses the recently effective requirement for municipal advisors to register with the SEC and the MSRB, including what type of firm is (and is not) considered a municipal advisor, the MSRB rules that apply to municipal advisors, and the types of policies and procedures a municipal advisor firm should implement to be ready for MSRB oversight as a regulated entity.
11231
34
30
Municipal Advisors, Municipal Underwriters, Advice and the MSRB (FE INT)
10936
Intermediate
This is not a course on the Municipal Advisor Rule, but rather, addresses elements within the Rule, now that the dust has settled. The course identifies the municipal advisor, municipal underwriter, and advice as it is applied to new issues from a municipal entity or obligated person. After designating that which differentiates the municipal advisor from the municipal underwriter, the MSRB rules are used to demonstrate that which they shared equally.
10936
56
60
- Simplifying elements of the Municipal Advisor Rule
- Identifying who is and who is not a municipal advisor
- Identifying who is and who is not a municipal underwriter
- Evaluating what is and what is not advice
- Describing how implementation of MSRB rules make municipal advisors and municipal underwriters equals
- Applying Gifts and Gratuities, Rule G-20
- Applying Political Contributions, Rule G-37
- Reviewing applicable disciplinary actions
Municipal Bond Investing and Regulation (FE INT)
10719
Overview
This course is intended for municipal securities brokers, dealers, sales representatives, and other municipal finance professionals. This course provides municipal bond history and background to the establishment of the rule-making, self-regulatory organization known as the Municipal Securities Rulemaking Board (MSRB). You will learn about specific rules and regulations that govern municipal securities. The course follows municipal bond industry technological improvements and provides examples of rule changes and enforcement. General investment features, bond ratings, and risks associated with municipal bond investing are covered as well. Additionally, the course explores investor suitability, market transparency, and mandated disclosures.
10719
46
19
- Municipal Bond Overview
- Regulation
- MSRB Enforcement
- Two Common Types of Municipal Bonds
- Risk Factors
- Ratings Agencies
- Bond Insurance and Credit Ratings
- Interest Rate Risk
- Investor Suitability
Municipal Issuer Credit Analysis (FE INT)
10872
Overview
The municipal debt market is the primary means through which state and local governments can raise capital for infrastructure projects, such as the building of schools, highways, and other projects necessary for the proper functioning of a given community. In order to encourage investment in these products, income received from these bonds is federal income tax free and state and local income tax free to individuals living in the locality where the bond is issued. This course covers the credit risk of municipal issuers and the steps required to perform an adequate due diligence on the issuer of the security prior to investing in a municipal debt transaction.
10872
28
30
- Overview of the Municipal Debt Market
- Factors to Consider in Municipal Debt Credit Analysis
- Case Study in Municipal Debt Due Diligence
SEC Rule 15c2-12 (INT)
10696
Overview
The course discusses how the SEC Rule 15c2-12 and its subsequent amendments are designed to provide enhanced information to municipal securities investors by further regulating those who underwrite or sell such municipal securities.
This course discusses the Securities and Exchange Commission (SEC) Rule 15c2-12 on municipal securities disclosure and its program to resolve outstanding disclosure violations: the Municipalities Continuing Disclosure Cooperation Initiative (MCDC).
11465
27
45
- Rule 15c2-12 adoption and amendments
- Enforcement authority
- Purpose and terms of the MCDC Initiative
- MCDC settlement guidelines
- Penalties for individuals
- Underwriter enforcement actions
- Focusing on issuer settlements
- Evaluating self-reporting under the MCDC
- Avoiding Future Disclosure Failures
- Bank loan and debt disclosure
Structuring, Pricing, and Executing Municipal Debt Products (FE INT)
10752
Overview
This course will provide an overview of the municipal debt market, information on structuring and pricing municipal debt transactions, and how to execute municipal debt transactions. It closes out with a case study to help apply the concepts discussed throughout the course.
10752
30
20
Supervision of Municipal Securities Representatives (FE INT)
10950
Intermediate
This course is intended for supervisors of municipal securities representatives. The Municipal Securities Rulemaking Board (MSRB) has made great strides to develop systems and regulations that lend more transparency to the Municipal Securities Markets. This course discusses overall supervisory responsibilities for a manager of municipal securities representatives. It also explains basic hiring and registration requirements for representatives, the licenses that are required to sell municipal securities and supervise registered representatives, as well as supervisory controls and record-keeping best practices for municipal broker-dealers.
10950
33
25
- Classifications of Principals and Representatives - Supervisory Obligation - Written Record - Appropriate Principal - Written Supervisory Procedures - Internal Office Inspections - Heightened Office Inspections - Correspondence Review - Supervisory Control System - Responding to Complaints
The Role of the FINOP (FE INT)
17769
Advanced
Each FINRA member firm is required to engage the services of a registered financial and operations principal, also known as the "FinOp" or "FINOP". Whether within a clearing firm or introducing broker-dealer, working as a full-time or outsourced provider, the role of the FINOP remains a critical function of the firm. This course is designed to provide an overview of the role and responsibilities of the firm FINOP, highlight various reporting requirements and their mechanisms, and identify more recent regulatory changes that affect the FINOP's role and firm reporting. Please note: This course includes audio on each page.
