Series 26 Investment Company Principal Textbook and Exam Software
Securities Institute of America, Inc, January 2007
This exam is administered by The Financial Industry Regulatory Authority (FINRA) and will provide an individual with the qualifications necessary to become a principal who supervises and manages sales activities for investment companies and annuities.
Exam Prep Software
Series 26 Exam Prep
Over 600 of Questions!
Section One
- Brokerage Office Procedures
- Introduction
- Hiring New Employees
- Resignation of a Registered Representative
- Registration Exemptions
- Persons Ineligible to Register
- Disciplinary Actions Against a Registered Representative
- Termination for Cause
- Outside Employment
- Private Securities Transactions
- Gift Rule
- Sharing in a Customer’s Account
- Borrowing and Lending Money
- Becoming a Stockholder
- Trade Date
- Settlement Date
- Payment Date
- Violation
- Customer Confirmations
- Rules for Good Delivery
- Rejection of Delivery
- Customer Account Statements
- Carrying of Customer Accounts
- Dividend Distribution
- Declaration Date
- Ex dividend Date
- Record Date
- Payment Date
- Stock Price and the Ex Dividend Date
- Dividend Disbursement Process
- Due Bills
- Proxies
Section Two - Recordkeeping, Financial Requirements, and Reporting
- Introduction
- Blotters
- General Ledger
- Customer Accounts
- Subsidiary (Secondary) Records
- Securities Position Book (Ledger) Stock Record
- Order Tickets
- Confirmations and Notices
- Monthly Trial Balances and Net Capital Computations
- Employment Applications
- Records Required to Be Maintained for Three Years
- Records Required to Be Maintained for Six Years
- Records Required to Be Maintained for the Life of the Firm
- Financial Requirements
- The Customer Protection Rule
- Temporary Subordination Agreements
Section Three - Recommendations to an Institutional Customer
- Introduction
- Recommendations to Customers
- Recommending Mutual Funds
- Periodic Payment Plans
- Mutual Fund Current Yield
- Fair Dealings with Customers
- Churning
- Manipulative and Deceptive Devises
- Unauthorized Trading
- Fraudulent Acts
- Blanket Recommendations
- Selling Dividends
- Misrepresentations
- Omitting Material Facts
- Making Guarantees
- Recommendations to an Institutional Customer
- Information Obtained from an Issuer
- Customer Complaints
- Investor Information
Section Four - General Supervision
- Introduction
- The Role of the Principal
- Member Offices
- Office of Supervisory Jurisdiction
- Branch Offices
- Satellite Offices
- Annual Compliance Review
- Currency Transactions
- The Patriot Act
- U.S. Accounts
- Foreign Accounts
- Missing and Lost Securities
Section Five - Customer Accounts
- Introduction
- Holding Securities
- Transfer and Ship
- Transfer and Hold in Safekeeping
- Hold in Street Name
- Mailing Instructions
- Types of Accounts
- Individual Account
- Joint Account
- Joint Tenants with Rights of Survivorship (JTWROS)
- Joint Tenants in Common (JTIC)
- Transfer on Death (TOD)
- Death of a Customer
- Partnership Accounts
- Corporate Accounts
- Trading Authorization
- Operating a Discretionary Account
- Managing Discretionary Accounts
- Third Party and Fiduciary Accounts
- Uniform Gifts to Minors Account (UGMA)
- Responsibilities of the Custodian
- Contributions of a UGMA Account
- UGMA Taxation
- Death of a Minor or Custodian
- Uniform Transfer to Minors Act
- Accounts for Employees of Other Broker Dealers
- Numbered Accounts
- Account Transfer
- Margin Accounts
- The Credit Agreement
- The Hypothecation Agreement
- Loan Consent
- Commingling Customer’s Pledged Securities
- Wrap Accounts
- Regulation S-P
Section Six - Investment Companies
- Introduction
- Investment Company Philosophy
- Types of Investment Companies
- Face Amount Company/Face Amount Certificates
- Unit Investment Trust (UITs)
- Management Investment Companies (Mutual Funds)
- Open End vs. Closed End
- Diversified vs. Non-Diversified
- Investment Company Registration
- Registration Requirements
- Investment Company Components
- Board of Directors
- Bonding of Key Investment
- Company Employees
- Investment Advisor
- Custodian Bank
- Transfer Agent
- Mutual Fund Distribution
- Selling Group Member
- Distribution of No-Load Mutual Fund Shares
- Distribution of Mutual Fund Shares
- Mutual Fund Prospectus
- Additional Disclosures by a Mutual Fund
- Anti-Reciprocal Rule
- Characteristics of Open-End Mutual Funds
- Additional Characteristics of Open-End Mutual Funds
- Mutual Fund Investment Objectives
- Equity Funds
- Equity Income Fund
- Sector Funds
- Index Funds
- Growth and Income
- (Combination Fund)
- Balanced Funds
- Asset Allocation Funds
- Other Types of Funds
- Bond Funds
- Corporate Bond Funds
- Government Bond Funds
- Municipal Bond Funds
- Money Market Funds
- Money Market Guidelines
- Valuing Mutual Fund Shares
- Changes in the NAV
- Increases in the NAV
- Decreases in the NAV
- No Effect on the NAV
- Sales Charges
- Open-End Funds
- Closed-End Funds
- Front-End Loads
- Back-End Loads
- Other Types of Sales Charges
- B- Fees
- Limits of B- Fees
- Calculating a Mutual Fund’s Sales Charge Percentage
- Finding the Public Offering Price
- Sales Charge Reductions
- Breakpoint Schedule
- Letter of Intent
- Back-Dating a Letter of Intent
- Breakpoint Sales
- Rights of Accumulation
- Automatic Reinvestment of Distributions
- Other Mutual Fund Features
- Combination Privileges
- Conversion or Exchange Privileges
- -Day Emergency Withdrawal
- Taxation of Mutual Funds
- Distribution of Capital Gains
- Receiving and Reinvesting Distributions
- Calculating Gains and Losses
- Cost Base of Multiple Purchases
- First In First Out
- Share Identification
- Average Cost
- Deducting Net Capital Losses
- Wash Sales
- Other Tax Rules
- Inherited Securities
- Withholding Tax
- Corporate Dividend Exclusion
- Voting Rights
- Mutual Fund Recommendations
- Performance
- Costs…
- Expense Ratio
- Yields
- Portfolio Turnover
- Services
- Taxation
- Purchasing Mutual Fund Shares
- Lump Sum Deposit
- Structured Accumulation Plans
- Voluntary Accumulation Plans
- Dollar Cost Averaging
- Contractual Accumulation Plans
- Sales Charges
- -Day Free Look
- Withdrawal Plans
- Fixed Dollar Amount
- Fixed Share
- Fixed Time
- Fixed Percentage
Section Seven - Variable Annuities, Life Insurance, and Retirement Plans
- Introduction
- Annuities
- Fixed Annuity
- Variable Annuity
- Direct Investment
- Indirect Investment
- Combination Annuity
- Annuity Purchase Options
- Single Payment Deferred Annuity
- Single Payment Immediate Annuity
- Periodic Payment Deferred Annuity
- Accumulation Units
- Annuity Units
- Annuity Payout Options
- Life Only/Straight Life
- Life With Period Certain
- Joint with Last Survivor
- Factors Affecting the Size of the Annuity Payment
- The Assumed Interest Rate (AIR)
- Taxation
- Types of Withdrawals
- Annuitizing the Contract
- Expenses and Guarantees
- Mortality Expense Risk Fee
- Operating Expense Risk Fee
- Other Charges
- Sales Charges
- Investment Management Fees
- Variable Annuity vs. Mutual Fund
- Life Insurance
- Whole Life
- Variable Life
- Universal Life
- Variable Universal Life/Universal Variable Life
- Premiums and Death Benefits
- Mortality Risk Fee
- Investment Management Fee
- Expense Risk Fee
- Assumed Interest Rate (AIR)
- Variable Policy Features
- -Day Free Look
- Loans…
- Contract Exchange
- Voting.
- Sales Charges
- Retirement Plans
- Individual Plans
- Individual Retirement Accounts (IRAs)
- Traditional IRA
- Roth IRA
- Simplified Employee Pension IRA (SEP IRA)
- Participation
- Employer Contributions
- SEP IRA Taxation
- Educational IRA
- Plans
- IRA Contributions
- IRA Accounts
- IRA Investments
- It Is Unwise to Put a Municipal Bond in an IRA
- Rollover vs. Transfer
- Rollover
- Transfer
- Keogh Plans (HR-)
- Contributions
- Tax-Sheltered Annuities/Tax-Deferred Accounts
- Public Educational Institutions (B)
- Nonprofit Organizations/Tax Exempt Organizations (C)
- Contributions
- Tax Treatment of Distributions
- Corporate Plans
- Non-Qualified Corporate Retirement Plans
- Payroll Deductions
- Deferred Compensation Plans
- Qualified Plans
- Types of Plans
- Defined Benefit Plan
- Defined Contribution Plan
- Profit Sharing Plans
- (k) Thrift Plans
- Rolling Over a Pension Plan
- Employee Retirement Income Security Act of (ERISA)
- Plan Participation
- Funding
- Vesting
- Communication
- Beneficiaries
Section Eight - Securities Industry Regulations
- Introduction
- Issuing Securities
- The Prospectus
- The Final Prospectus
- SEC Disclaimer
- Misrepresentations
- Tombstone Ads
- Freeriding And Withholding
- The Securities Exchange Act of
- The Securities Exchange Commission (SEC)
- Extension of Credit
- The National Association of Securities Dealers (NASD)
- The Rules of Fair Practice/Rules of Conduct
- The Uniform Practice Code
- The Code of Procedure
- The Code of Arbitration
- Becoming a Member of the NASD
- Communications with the Public
- Advertising
- Sales Literature
- Blind Recruiting Ads
- Generic Advertising
- Tombstone Ads
- Filing and Retention Requirements
- Testimonials
- Free Services
- Misleading Advertising and Sales Literature
- Securities Investor Protection Corporation (SIPC)
- Net Capital Requirement
- Customer Coverage
- The Insider Trading and Securities Fraud Enforcement Act of 1988
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