What is a series 14?

Series 14 is a test that needs to be taken into account by the officials employed in the New York Stock Exchange (NYSE) brokerage firms in the United States. Any individual who oversees 10 or more people who perform compliance with the regulations must pass the 14th test 14 to make sure it has sufficient knowledge and training to fulfill their work functions. The Tax Industry Regulatory Office (FINRA) ensures that all officials of compliance in the US meet this requirement. It requires a score of 70 percent to pass the exam, but if it fails. Every time he passes the 14th exam 14, an individual's fee is charged. The test is carried out at test points in most medium to large cities across the US and there is no prerequisites to take it. Basic knowledge of the activities of brokerage and securities regulations, but requires expertise in specific topics to pass the exam. Topics listed in line 14 include a municipalityGiving on primary and secondary markets, the rules of the Council for the creation of municipal securities (MSRB) rules, financial responsibility, surveillance of sales, supervision of customers and compliance. There are several sources on the Internet that provide educational and training materials for this exam, and there are books that even contain practical exams.

One part of series 14 includes MSRB rules. The US Congress created MSRB in 1975 to supervise companies in the city industry. It maintains the rules to protect investors together with state and local governments and other entities whose loan is supported by urban securities. The MSRB rules have been created to prevent manipulation and fraud and to help mechanisms with an open market system. For example, MSRB has principles for traders on standardization of trade confirmation and settlement of securities transactions,as well as requirements for keeping records for securities companies.

FINRA is a private organization reporting the Securities Commission (SEC) and regulates the owners for securities, including all brokers, in the US, the organization ensures that the securities businesses are fair and honest. In addition to passing series 14, it also provides education and registration to employees and companies, writes rules and enforces federal law. Finra protects and defends investors by educating individual investors and through regulation of the US stock markets, such as NYSE.