STUDY FOR THE SERIES 66 EXAM

NASAA makes Series 66 Test Specifications  available   for those planning to sit for the Series 66 Exam. These  recently revised  Test Specifications describe the subject matter of the 66 Exam in some detail. The Series 66 Test Specifications include Section IV (G) (5) (5.3) covering correspondence with clients and advertising, mentioning the use of social media, digital messaging, and internet communications, and implying the obligations of proper Record-Keeping. From time to time, the SEC issues press releases about penalties and charges brought against broker/dealers and advisers. Here is one that imposes penalties on 10 firms for inadequate Record-Keeping of electronic communications with clients, called "Off-Channel Communications." I include this SEC Release here because it demonstrates that a broker or adviser must treat the rules as having real life consequences, potentially bringing serious penalties and large fines for non-observance. Bob Eder in his  Study for the

For investment advisers reading this blog or for those who are planning to sit for the Series 66 Exam to become registered I.A. representatives, here is an interesting release from the SEC about Insider Trading by an investment adviser whom the SEC calls a "serial insider trader." SEC Charges Florida Investment Adviser a Second Time for Insider Trading Wellington resident agrees to pay a penalty equal to three times his unlawful profits to settle charges FOR IMMEDIATE RELEASE 2023-145 Washington D.C., Aug. 2, 2023 — The Securities and Exchange Commission today filed insider trading charges against Charles Rustin Holzer, a family office executive and former broker who last year settled SEC charges that he traded in options of Dun & Bradstreet Corp. (DNB) on inside information. The SEC’s latest complaint alleges that, in addition to the options trades that were the subject of the SEC’s prior lawsuit, Holzer also placed unlawful trades in DNB stock through offshore accounts