[Series 65] 66, Agent and BD Registration Requirements

[Series 65] 66, Agent and BD Registration Requirements

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The specific definition of an 'agent' under the Uniform Securities Act and how it differs when representing a broker-dealer versus an issuer. - Key exclusions from the agent definition, particularly for individuals representing issuers in exempt security or exempt transactions. - State registration triggers for broker-dealers, including having a place of business or even a single retail client in a state. - The 'institutional client' and 'snowbird' exemptions that allow broker-dealers to avoid state registration. - The strict 30-day timeline for a firm to file Form U5 upon an agent's termination and the two-year jurisdictional period that follows. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

[Series 65] 65, Broker-Dealer vs Investment Adviser Distinction

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Broker-Dealers earn transaction-based commissions and are held to a suitability standard. - Investment Advisers earn fees for providing ongoing advice and are held to a higher, fiduciary standard. - The method of compensation—commissions for transactions versus fees for advice—determines whether one is acting as a BD agent or an IAR. - Wrap fee accounts, which bundle services for a single fee, always require registration as an Investment Adviser Representative because advice is a core component. - For dually-registered individuals, the exam requires you to identify which "hat" they are wearing based on the activity and compensation for that specific interaction. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

[Series 65] 64, IAR Definition and Registration Requirements

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The five specific job functions that define an individual as an Investment Adviser Representative (IAR). - The examination requirements for IAR registration, including the Series 65 or the Series 7 and 66 combination. - Which professional designations, such as CFP®, CFA®, and ChFC®, grant a waiver from the Series 65 exam. - The key differences in state registration requirements for IARs of federal-covered advisers versus state-registered advisers. - Common exam traps, including the distinction between clerical duties and activities requiring IAR registration, and the nuances of the de minimis exemption. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

[Series 65] 63, Form ADV Part 1 and Part 2 Brochure

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Form ADV Part 1 is the regulatory filing for the SEC and states, while Part 2 (the brochure) is the disclosure document for clients. - Part 2A is the firm's brochure, detailing services and fees, while Part 2B is the supplement, detailing the backgrounds of specific advisory personnel. - The client brochure must be delivered no later than the time of entering into an advisory contract. - Advisers must file an annual updating amendment within 90 days of their fiscal year-end and deliver a summary of material changes to clients within 120 days. - Any material changes to the Form ADV require a "prompt" filing of an other-than-annual amendment. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

[Series 65] 62, Custody Rules and Safeguarding Client Assets

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The broad definition of "custody" and how it's tested on the exam. - The critical role and requirements of a qualified custodian. - The purpose and exceptions to the annual surprise examination rule. - How custody is disclosed on Form ADV. - The concept of inadvertent custody and common exam traps associated with it. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep