Series 7 Numbers
Cash Basis settlement date:
Days before securities start trading in 2nd market
For local muni tax, 1 Mil =
Treasury notes or bonds quoted in % of 1000 +
GNMA pass-through notes quoted in
Equip Trust Certificates quote as % of par value in
Corporate/Muni's quoted in
Purchased options must be settled in
When excercised, a stock index option settles in
Treasury settlement date:
For 144, to sell must own for
"Good Faith" deposits are retired in
Ex-Dividend Date:
Sec's purchased in cash/margin paid for within
Shelf Registration good for
144 lifted after
Regular way settlement:
Corporate security settlement date:
Municipal security settlement date:
Excercised options settle in
Equity option delivery/payment expected in
If client is out of country, firm may hold all
correspondences for:
Leap (long term option):
Exercise limits relate to max number of contracts an
individual may exercise during a
MSRB rules require written complaint administered to
principal and retained for:
Options redeem in
For intra-state, must resell in same states for first
SEC rules require b/d must receive stock in
Advertising for most products (except investment
company ads) must be filed with the NASD
Advertising for investment company ads (mutual funds
and unit investment trusts) must file within
Opening an option account, client has
Cooling Off period after SEC file
Synd must keep copy of prospectus avail for:
Wash Sale Rule disallows loss if in...
Open-ended mutual fund Loan Value: after
Private Placement (Reg D) of
Rollovers from pension-IRA must be completed within
Number of days non-exchange/non-nasdaq keep
prospectus for:
Number of days non-exchange/non-nasdaq keep
prospectus for:
Filing for a Form 144 is good for
Letter of Intent backdates for
Distributions from an IRA account must start when
planholder reaches:
Max for Commercial Paper
Exempt from filing 144 by time of sale if less than
For 144, limited to sell greater of
Broker Dealers in the OTC market must follow:
NYSE margin on mkt value of long term bonds
NASD max sales charge for mutual fund:
Penalty on withdrawal from nonqualified variable
annuity
NASD max allowable underwriting compensation:
An Insider is anyone who owns
0
0
.001
1/32nds
1/32nds
1/8ths
1/8ths
1
1
1
1
2
2
2
2
2
3
3
3
3
3
3
same day
immediately
of a point variation.
9
9
10
10
+T bd's between OCC and Clearing member
bd in cash (next bd)Index Options expire monthly
bd
year
bds
business days prior to the record date
days of settlement date
years (not applicable to IPO)
years
business days from the trade
business days
business days
+T business days
T + 5business days
monthsif traveling within North America - only for 2
months
years for an expiration
business day period for each underlying stock on each
side of the marketaccounts at all firms
years along with record of what principal did to rectify
complaint.
months or less
months (for exempltion)
bds after settlement (or buy it in within 10 bds)
days prior to use.
10
days with the NASD following initial use
15
20
25
30
30
35
60
40
days to sign the options agreement
days
days
days you sell for loss and repurchase same...
days
non-accredited investors
days to avoid 10% penalty on early withdrawals for
ind's under 59.5
days if Non-IPO
90
days, if IPO
3
5
6
90
90
70.5
days
days
years of age(if not, 50% penalty)
270
500
days
shares or $10,000removed after 2 years
1%
5%
issue or 4wk Avg. Vol. Applies for 90 days
NASD markup policydoes not apply to
prospectus/exempt sec's
(this might not be worth remembering)
6%
8.5%
10%
10%
10%
if a withdrawal is made prior\ to age of 59.5
or more of a company's stock
Greenshoe clause allows underwriters to oversell and
get additional
Max TAX rate for individuals on cash dividends
Maximum tax rate for long-term capital gains:
If own 20% or more, Corp only pays
If own less than 20%, Corp pays
NYSE mim maintenance req for stock sold short at
$5/share or above is the greater of:
Keogh Contribution
NYSE/NASD minimum equity maintenance
requirement on long margin accounts:
NYSE/NASD SHORT margin min maintenance req:
Loan value of Stock in covering a margin call:
If individual doesn't make withdrawals from IRA after
70.5 years, subject to
Margin req for short sales above $5.00/share:
REITS must get
For Intra-state, revenues, assets, and proceeds in
same state of:
Bank qualified municipal bonds allowed to deduct
15%
securities at originally issued price.
15%
15%
20%
30%
30%
(or, is this 20%?)
of dividend
of dividend
of the market value or $5/share
20%
25%
up to 40,000, whichever is less
of market value = equity
30%
50%
50%
of short market value or $5.00 per share
of fully paid securities equal to margina call
penalty of "actuarial" amount that should have been
withdrawn.
To qualify as a regulated investment company or for
Conduit Tax Treatment, must pay at least
Conduit Tax Treatment, must distribute at least
REITS must distribute
Required equity for short sale where the stock is less
than $5 share is the greater of
For initial transaction in margin account, if a long
purchase, min. equity requirement is lesser of
In a restricted margin account
Margin requirement when purchasing options is:
90%
50%
75%
80%
80%
of their income from Real Estate activity
(Yet, 100% of purchases must be within state)
90%
90%
100%
of interest cost paid to depositors on funds for
purchasing bonds.
of net investment incomethen does not pay taxes on
income distributed to shareholders.
of net capital gains.
of their Net Income
of the market value or $2.50/share
100%
of the purchase price or $2,000.
100%
100%
of sales proceeds used to reduce debit balance
of the purchase price (premium).
OCC automatically exercises option about to expire if
in-money by at least:
For short selling account with less than $5 mkt value,
min maintenance of
Selling short securities w/market value less than
$0.75
Short sale NYSE min maintenance required if stock
sold at $5/share or above is the greater of:
MSRB Rules prohibit gifts in excess of
NYSE/NASD minimum equity requirement in a new
account for a long purchase:
NYSE/NASD min equity requirement if initial
transaction in margin account is short sale:
Max contribution to IRA
Maximum offsetting loss for ordinary income:
Most common denomination for municipal bearer
bonds
Maximum Gift without tax
Max amount ind may contribute to a Keogh plan
Minimum denominations for negotiable CDs:
Accredited Investor has yearly income of
SIPC provides max. protection of
Criminal Penalty for Insider Penalty
Regulation A maximum amount
Muni's may issue only up to
$11,000
$40,000
$100,000
$200,000
$500,000
$1mm
$5mm
$10mm
T-bills issued weekly and are settled on
IRA contribution must be made no later than
FX Options expire on the Friday before the
For client, options stop trading at
Client must submit options exercise notice
For broker/dealer, options expire at
Thurs
15-Apr
3rd
4:02pm
5:30pm
11:59pm
$2.50
or 100% mkt valuewhichever is greater.
$5.00
$5.00
per share require min maintenance of greater of
$2.50/share or 100% mkt value.
per share or 30% of market value
$100
$2,000
except for business transactions (dinner, etc..)
or 100% of purchase price -- whichever is less.
$2,000
$3,000
$3,000
$5,000
excess is carried forward
also issued in $1,000 denominations5K is more
common.
or 20% of self-employed income, whichever is less.
Typical denominations are $1,000,000 or more
for past two yearsor net worth of $1 million
for each customer with a different account title.
fine and civil penalty can sue for 3x the proft/loss
to avoid registration req's in issuing securities
annually in order to In order to qualify for bank
qualified muni bonds,
of the following year
Wednesday of the month
on the 3rd Friday of the month
on 3rd Friday of the month
on the Saturday following the 3rd Friday of month
