STC's Curriculum Department monitors any changes to regulatory rules and regulations, and works alongside our 30 seasoned full-time instructors to integrate changes into our exam preparation programs.
Below are recent changes to regulatory rules and regulations, as well as any adjustments made to our exam prep content.
Financial Exploitation of Specified Adults – FINRA Rule 2165
April 2, 2018
FINRA created rule 2165 to help address issues of Financial Exploitation of Specified adults based on concerns received through a hotline they created for Seniors. In this rule, FINRA addresses the following:
- Definition of "Specified Adults"
- Creation of "Trusted Contact Person"
- Definition of "Financial Exploitation"
- Creation of a "Temporary Hold" status for disbursements
- The role and process for "Supervision" of the new rule
SIE updates from ARM Conference
March 7, 2018
On March 5 and 6, representatives from STC attended the Association of Registration Management (ARM) conference. In addition to the general sessions on the SIE and Exam Restructuring, Todd Rosenfeld, STC’s Chief Operating Officer, was a panelist of a well-attended session titled “From the Vendors Point of View.”
New updates include:
- A proposed voucher system for the SIE
- Proposed FINRA fees on SIE and new qualification exams
- Changes to the grading system for FINRA exams
During the panel session, Todd shared some important information about STC's General Securities College Program. STC is working with Colleges and Universities across the country to expand their current courses offered (Series 6 and Series 7) to include the SIE.
MSRB Exam Updates
Recent changes have been made to select MSRB rules, affecting Series 10, 50, 51, 52, and 53 Exams. Some of the information will have an immediate impact to existing exam questions, while other information may potentially be used in the future to create new exam questions.
All Qualification Exam Outlines are Now Available!
FINRA has updated their website to offer revised outlines for all qualification exams.
For the Series 6 and Series 7 Exams, you can expect a great deal of emphasis to be placed on knowledge of investments, tax treatment and suitability, disclosures of risk and expenses, and customer account documentation.
You can also expect overlap between the SIE and qualification exams. For example, the Series 57 questions about General Securities Industry Regulations have been eliminated due to overlap with the SIE. The 50 question exam will consist primarily of the other existing sections of the exam.The revised Series 57 outline is similar to the former Series 55 or Equity Traders Examination.
The Tax Reform Act of 2018 and 2018 Retirement Plans
The Tax Reform Act of 2018 and changes for 2018 retirements plans will impact the financial industry.
While some of the information will immediately affect FINRA, MSRB, and/or NASAA exam questions, other information may be used to create future exam questions. Click below for additional information.
For details regarding how these new tax laws will impact specific exams, download the series-specific summary PDF in your STCinteractive homeroom.
STC's New Leadership Will Drive Innovative Training Solutions
It's a new year and STC has new leadership to drive innovation and bring valuable training solutions to financial services firms and representatives.
STC has appointed Paul Skordillas as President and General Manager, who will bring the perfect combination of experience and vision to STC.
Click below to find out what you can expect in the coming year, and how you will benefit from these changes.
The Highly Anticipated SIE Outline is Now Available
On January 12, FINRA released the highly anticipated outline to the Securities Industry Essentials (SIE) Exam which is scheduled for roll out in October 2018. We are excited to share the outline with our valued clients below.
We'll be consistently providing you with SIE updates so you remain in the know about industry changes concerning the SIE. We will be there every step of the way with the highest quality content, classes, and materials to ensure you pass your SIE and qualification exam(s).
Series 52 Restructuring
The MSRB has added the Series 52 to the list of exam that will be restructured. Effective October 1, 2018, they will follow FINRA's lead and make the SIE a prequesite for the Series 52 top-off exam.
A proposed rule change will be filed in early 2018, but the number of questions is yet to be announced. Our SIE content with reflect the new Series 52 development.
A Shift to One Exam Delivery Vendor
T + 2 Settlement Update
Effective on September 5, 2017, the Securities and Exchange Commission (SEC) amended the Securities Exchange Act of 1934 to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (T+3) to two business days after the trade date (T+2). The changing of the settlement rule (SEC Rule 15c6-1) to T+2 effects both SEC and SRO rules (including FINRA and the MSRB) and will impact a number of different settlement-related provisions.
Revised Rule 147 and Regulation D
On April 20, 2017 changes to Rule 147 and the implementation of Rule 147A (the new safe harbor for intrastate offerings) go into effect.
FINRA Rule 3210 Updates
There are new updates regarding requirements for Broker-Dealers and Financial Institutions.