Series 7 Audio Library

FINRA Rule 2210 communication categories, approval rules, filing requirements, the underwriting process, syndicate structure, IPO restrictions (Rules 5130/5131), Reg D accredited investors, Rule 144 resale rules, and research report obligations.

Open-end fund structure, share classes A/B/C and suitability, exchange privileges, redemption rules, prospectus delivery, closed-end fund premiums and discounts, UIT fixed portfolios, and ETF intraday pricing.

Variable annuity phases, separate vs. general account, AIR concept, surrender charges, 1035 exchanges, Rule 2330 suitability, REIT distribution rules, and limited partnership GP/LP roles and liability.

The questions that tripped you up on the road to 70%. Covers why intuitive answers are often wrong — from municipal advertising rules and short margin interest to mutual fund pricing traps, put exercise tax math, and the gift vs. entertainment distinction.

A deep dive into 36 of the trickiest Series 7 exam questions — the ones designed to punish surface-level understanding. Breaks down why the "obvious" answer is wrong and how to recognize the exam's favorite misdirection patterns.

Nineteen wrong answers dissected — from confusing the 1933 and 1934 Acts to mixing up IRA transfers and rollovers. Covers underwriting spread components, basis point math, open interest mechanics, interval funds, VRDOs, and why the answer that feels right is often the one the exam wants you to pick.

A comprehensive overview of equity securities - from the 1792 Buttonwood Agreement to modern ADRs. Covers common stock, preferred stock, dividends, shareholder rights, stock splits, warrants, and American Depositary Receipts. The foundation for everything else on your Series 7 exam.

How cities borrow money and why investors in high tax brackets love them for it. Covers GO bonds vs. revenue bonds, the tax-free triple exemption, protective covenants, debt service coverage ratios, call provisions, anticipation notes (BANs, TANs, RANs), and the full tax comparison table across security types.

How investment companies work - from mutual fund pricing and share classes to ETFs, REITs, and UITs. Covers NAV calculations, front-end vs. back-end loads, breakpoints, prohibited practices, and the key differences between open-end and closed-end funds.

A deep dive into how securities markets are structured - from the first market (exchanges) through the fourth market (dark pools). Covers the critical distinction between brokers and dealers, and why understanding market structure matters for the Series 7 exam.

From order ticket to settlement - how trades actually get processed behind the scenes. Covers prohibited trading practices, clearing corporations, T+1 settlement, and good delivery requirements.

Everything that happens when you open a brokerage account - from customer identification and anti-money laundering to suitability requirements and senior investor protections. Covers CIP, KYC, Regulation S-P, Reg BI, Form CRS, and the rules that protect vulnerable investors.

An extended deep dive into the Customer Identification Program (CIP), Know Your Customer (KYC) requirements, and suitability obligations. Covers anti-money laundering thresholds, SAR/CTR/MIL requirements, the three components of suitability, Reg BI's four obligations, and senior investor protections in greater detail.

How margin accounts work and why they exist - from the 1929 crash to modern Reg T requirements. Covers initial margin, maintenance requirements, short selling, and the paperwork needed to open a margin account.

An extended deep dive into margin mechanics, fiduciary obligations, custodial and trust accounts, joint and business accounts, and options account requirements. Covers leverage calculations, maintenance calls, and the regulatory framework for specialized account types.

How to recognize and understand multi-leg options strategies that bet on volatility instead of direction. Covers long and short straddles, strangles (combinations), the difference between the two, suitability signals, and how to spot them on the exam.

How the 1929 crash, bucket shops, and widespread fraud led Congress to create the SEC and write the rules that govern every securities transaction today. Covers the Securities Exchange Act of 1934, Rule 10b-5, insider trading, Reg FD, the Williams Act, Blue Sky Laws, Regulation Best Interest, and SIPC.

How the $4 trillion municipal bond market is regulated — from the SEC's overarching authority to the MSRB's rule-writing role to FINRA's enforcement of those rules. Covers the interplay between federal and SRO regulation that keeps the muni market functioning.

How the securities industry polices itself through self-regulatory organizations. Covers FINRA's history from the Maloney Act to the 2007 merger, registration (U4/U5), statutory disqualification, conduct rules, communications requirements, arbitration vs. Code of Procedure, MSRB rules, G-37 pay-to-play, and AML compliance.

The complete guide to SRO rules and SIPC coverage. Covers the regulatory hierarchy, all SROs (FINRA, MSRB, NYSE, Cboe, OCC), SIPC coverage limits, Reg BI obligations, key rule numbers, AML thresholds, arbitration details, and the most commonly missed exam traps on SRO and SIPC topics.

The tax mechanics behind premium and discount bonds - accretion, amortization, and the phantom income that catches investors off guard. Covers cost basis adjustments, the mandatory rules for municipal bonds, OID treatment, and why the IRS taxes your bond's journey to par every single year.

The account and retirement rules you're tested on, dramatized as broker-and-caller calls: individual and joint registration, trusts and business/entity accounts, transfers between firms, and the retirement moves that trip candidates up — direct vs. indirect rollovers, inherited IRAs, and Roth conversions. Educational dramatizations; the callers and firms are fictional.