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  • Series 7 Exam Prep 88, Accrued Interest and Bond Settlement

    Series 7 Exam Prep 88, Accrued Interest and Bond Settlement
    2026/09/03
    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: - That the buyer of a bond pays the accrued interest to the seller. - How to calculate the accrued interest period: from the last coupon date up to, but not including, the settlement date. - The difference between the 30/360 day count for corporate and municipal bonds and the actual/actual day count for U.S. government bonds. - That most bond transactions, including corporate, municipal, and government, settle one business day after the trade date (T+1). - To watch for common exam traps like being given the trade date versus the settlement date and applying the wrong day-count convention. 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
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    4 分
  • Series 7 Exam Prep 87, Municipal Trading and Pricing

    Series 7 Exam Prep 87, Municipal Trading and Pricing
    2026/09/02
    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: - Municipal serial bonds are typically quoted on a yield-to-maturity (basis) basis, while term bonds are quoted in dollars. - MSRB rules require disclosing the 'yield to worst' on confirmations: yield to call for premium bonds and yield to maturity for discount bonds. - Accrued interest for municipal bonds is calculated based on a 30-day month and a 360-day year, accruing up to but not including the settlement date. - Customer confirmations must disclose the firm's capacity (agent or principal) and its compensation (commission, markup, or markdown). - MSRB Rule G-30 mandates that markups and markdowns must be fair and reasonable, based on factors like prevailing market price and transaction size, not a fixed percentage. 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
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    4 分
  • Series 7 Exam Prep 86, Investment Banking and Corporate Financing

    Series 7 Exam Prep 86, Investment Banking and Corporate Financing
    2026/09/01
    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 critical distinction between a 'firm commitment' (underwriter as principal, takes risk) and 'best efforts' (underwriter as agent, issuer retains risk) underwriting. - How the underwriting spread is calculated and distributed among the manager, syndicate members, and selling group. - The purpose and benefits of a shelf registration under SEC Rule 415, allowing seasoned issuers to sell pre-registered securities for up to three years. - The underwriter's legal obligation to perform due diligence as a defense against liability under the Securities Act of 1933. - The role of a Qualified Independent Underwriter (QIU) when a conflict of interest exists in an offering under FINRA Rule 5121. 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
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    4 分
  • Series 7 Exam Prep 85, Tender Offers, Mergers, and Corporate Actions

    Series 7 Exam Prep 85, Tender Offers, Mergers, and Corporate Actions
    2026/08/31
    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: - A tender offer must remain open to shareholders for a minimum of 20 business days. - Stock splits and reverse stock splits do not change the total market value of a shareholder's position; they only adjust the number of shares and the cost basis per share. - Mergers and acquisitions typically require shareholder approval, which is solicited through a proxy vote. - It is crucial to differentiate between mandatory corporate actions (e.g., stock splits, mergers) and voluntary ones (e.g., tender offers, rights offerings), as the latter require a decision from the shareholder. - A reverse stock split reduces the number of shares and increases the price per share, often to prevent a company's stock from being delisted by an exchange.
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    3 分
  • Series 7 Exam Prep 84, Penny Stocks and Low-Priced Securities

    Series 7 Exam Prep 84, Penny Stocks and Low-Priced Securities
    2026/08/30
    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: - A penny stock is an unlisted (non-Nasdaq) security trading under $5 per share. - For solicited penny stock sales to new customers, a firm must provide a risk disclosure document and receive a signed suitability statement before the trade. - The signed suitability statement rule is waived for unsolicited trades and for "established customers." - An established customer is one who has had an account for over a year or has made three prior penny stock purchases on different days. - For all penny stock trades, firms must disclose current quotes and the compensation for both the firm and the representative. 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
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    3 分
  • Series 7 Exam Prep 83, Customer Complaints and Account Documentation

    Series 7 Exam Prep 83, Customer Complaints and Account Documentation
    2026/08/29
    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: - A customer complaint must be in writing (e.g., email, text, letter) to be officially recognized under FINRA rules. - All written complaints must be immediately forwarded to a designated supervising principal for review and handling. - When a customer changes their address, the firm must send a confirmation of the change to the previous address on file to prevent fraud. - Any material change in a customer's financial status or objectives requires an immediate update to their account profile and a full reassessment of suitability. - Trades initiated by a client that are inconsistent with their objectives must be marked 'unsolicited' to properly document the origin of the trade idea. 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
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    3 分
  • Series 7 Exam Prep 82, Customer Recommendations by Life Stage

    Series 7 Exam Prep 82, Customer Recommendations by Life Stage
    2026/08/28
    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: - Why young accumulators with long time horizons should focus on growth-oriented investments like mid-cap stocks. - The importance of tax-advantaged investments, such as municipal bonds, for high-income professionals. - How to construct a suitable portfolio for a retiree focused on income and capital preservation, using a mix of bonds and dividend-paying stocks. - The key differences in product recommendations for conservative investors versus speculative traders. - Suitability considerations and restrictions for specialized accounts like trusts and minor (UGMA/UTMA) accounts. 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
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    4 分
  • Series 7 Exam Prep 81, Taxation of Investments

    Series 7 Exam Prep 81, Taxation of Investments
    2026/08/27
    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 different tax treatments for ordinary income, qualified dividends, and tax-exempt municipal bond interest. - How holding periods determine whether a capital gain is short-term (taxed at ordinary rates) or long-term (taxed at preferential rates). - The critical rules for adjusting cost basis, including return of capital, gifted securities (carryover basis), and inherited securities (stepped-up basis). - How to identify a wash sale (selling at a loss and repurchasing within a 61-day window) and its consequence of disallowing the loss and adjusting the new cost basis. - Strategies for answering tax-aware recommendation questions, which are a key part of testing suitability on the Series 7 exam. 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
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    3 分