• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/184

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

184 Cards in this Set

  • Front
  • Back
Registration of new issues
The Securities Act of 1933 is concerned with this. (Q1-1)
Capital Markets - Primary Market
Covers the direct sale of securities by issuers to investors. Example would be an IPO or weekly auction of Treasury Bills by the U.S. Government. (1-1)
IPO (Initial Public Offering)
Represents a corporations first public attempt to attract capital from financial institutions and general public (1-1)
Capital Markets - Secondary Market
Trading financial instruments between investors. Example would be the sale of stock from one party to another on the floor of the NYSE (1-1)
Stock Market Crash of 1929
Banks tried to call on their loans; however, borrowers capital was wiped out. This worried depositors who tried to withdraw from overextended banks causing a world-wide depression (1-1)
Securities Act of 1933
This Act insures investors are provided with the information needed to make informed investment decisions. Also provides specific rules for the conduct of issuers and the investment bankers that are hired to advise them. (1-2)
Securities Exchange Act of 1934
This Act created the SEC, provides for the regulation of credit and provides for the registration of exchanges (Q1-2)
SEC (Securities and Exchange Commission)
This is NOT a self-regulatory organization and was created by the Securities Exchange Act of 1934. (Q1-3)
Placed on Inactive Status
What happens to a Registered Representative who does not complete their Regulatory Element training within 120 days of their anniversary date? (Q1-5)
Charitable Work
Doing what type of work is not necessary to notify your employer when you are a Registered Representative (Q1-6)
Code of Arbitration
Under this code, member vs member disputes must be submitted to arbitration, findings of the arbitration are binding and a client cannot be forced to submit arbitration (Q1-9)
Code of Procedure
This pertains to the handling of complaints and violations. (Q1-10)
Advertising
A radio spot describing the firm and its lines of business or a blind ad in a newspaper recruiting new registered representatives (Q2-1)
Requirements when Opening a Customer Account
Home street address, the signature of the representative opening the account and the signature of the principal approving the account. (Q2-2)
Margin account and Options account
A customer's signature is required when opening which account types? (Q2-3)
Minor's SSN
Whose social security number is used when setting up a Uniform Gifts to Minors or UTMA account? (Q2-6)
Customer provides written transfer request to receiving firm
What is the first step of the account transfer process? (Q3-2)
Carrying Firm Validates transfer instructions
Account Transfer: What is done after the customer provides written transfer request to the receiving firm? (Q3-2)
Customer is informed of any nontransferable securities
Account Transfer: What is done after the carrying firm validates the transfer instructions? (Q3-2)
Carrying firm sends the customer's securities to the receiving firm
Account Transfer: What is the last step of the account transfer process? (Q3-2)
Change the name on the account
What shouldn't be done when a death certificate is received for a person's account. (Q3-3)
$475,000
Accounts are covered for a max of 500k.
Max coverage in cash is $250k.
$175k + 250k + 50k = 475k
If you have $175,000 in securities and $275,000 in cash and also have a margin account with equity of $50,000, how much coverage do you have under SIPC if the firm goes bankrupt. (Q3-4)
Policies regarding client privacy
All customers at the time that they first establish a relationship with the firm should receive this. (Q3-5)
Annually
How often must broker-dealers provide its clients with an updated privacy notice. (Q3-6)
Shares nonpublic client information with nonaffiliated third parties
In what scenario does a broker-dealer need to give a privacy notice to a consumer (Q3-7)
Things stated on a broker-dealer's privacy statement
The kind of personal information that the firm collects, the fact that clients may opt out of having their information shared with others and the types of third parties to which the firm may disclose information. (Q3-8)
CTR (Currency Transaction Report
What report is used to report cash and cash equivalents exceeding $10,000. (Q3-9)
Punishable by up to 20 years in jail
What is the penalty for violating AML (Anti-Money Laundering), including willful negligence, (Q3-10)
CMIR (Currency and Monetary Instrument Transporation Report)
This must be filled whenever anyone physically transports or receives cash in the amount of more than $10,000 into or out of the United States (3-12)
SAR (Suspicious Activity Report)
This must be filed if the following is suspected: client is violating federal criminal laws, transaction of funds related to illegal activity, transaction designed to evade or has no apparent business purpose (3-12)
Compliance Officer
Who is responsible for the firm's AML program?
Accredited Investor
You must either be an affiliate of the issuer, a financial institution or an individual with $1 million net worth or $200,000 annual income to be this. (g)
Accretion
A method of adjusting a taxpayer's cost basis of a bond bought at an original issue discount. (g)
Accrued Interest
Interest due on a bond since the last interest payment was made. The buyer of the bond pays the market price plus THIS. (g)
Accumulation Account
account used by the sponsor of a Unit Investment Trust to acquire securities for the eventual placement within the trust (g)
Accumulation Period
In a variable annuity, the time when the client is contributing money into the annuity and purchasing accumulation units (g)
Accumulation Unit
an accounting measure that represents a contract owner's proportionate unit of interest in a separate account during the accumulation period of a variable annuity (g)
Acid Test Ratio
More stringent test of a corporation's liquidity than the current ratio. Calculated by adding cash, cash equivalents and accounts and notes receivable and dividing that sum by the total current liabilities (g)
ACRS (Accelerated Cost Recovery System)
The IRS approved method of calculating depreciation expense for tax purposes (g)
Additional Bonds Test
requirement that before more bonds, which will be secured by assets or revenues already pledges to existing bonds, can be issued, that specific financial requirements must be met. (g)
Additional Takedown
portion of the underwriting spread for municipal issue defined as total takedown less concession (g)
Adjustment Bond
also known as an income bond (g)
Ad Valorem Tax
tax based on the assessed value of real property (g)
Advance Refunded Bonds
bonds whose debt service is paid by escrowed funds (g)
Advance Refunding
method of eliminating a bond issue as an obligation of the issuer. Issuing a new bond issue and using the proceeds to purchase government obligations which will be escrowed and used to provide debt service on the original issue. (g)
Advisory Fee
fee paid to an investment adviser (portfolio manager) as compensation for managing a portfolio of securities. (g)
Affidavit of Domicile
a notarized affidavit executed by the legal representative of an estate reciting the residence of the decedent at the time of death. Required when transferring ownership of a security from a decease person's name (g)
Aftermarket
The Secondary Market. Used in reference to trading a new issue. (g)
Agent
securities firm or individual acting on behalf of the client. (g)
All-or-none (AON)
type of order where the client wants the entire order executed or none of it (g)
All-or-none (AON)
type of best efforts underwriting in which the issuer will sell the entire amount, or cancel the entire issue (g)
Alpha
statistical mesaure of a security's price volatility caused by factors other than the stock market as a whole (g)
Legal Entity
A corporation is a form of business enterprise that is a (Q4-1)
Debt & Equity Financing
Methods used to raise capital include (Q4-2)
Stock Certificate
What constitutes a physical evidence of ownership? (Q4-3)
Board of directors
The governing authority of the corporation is the. (Q4-4)
Preemptive Right
Buying new issues in order to maintain proportionate ownership in a company (Q4-5)
Dividend
What is the portion of the company's profit paid to shareholders called? (Q4-6)
Stock Split
What happens when a company chooses to reduce the market price of the stock, decrease par value and make the stock more marketable (Q4-7)
Reverse Stock Split
What is it called when a company chooses to create a smaller number of shares (Q4-8)
Preferred Stock
What type of stock is intended for investors who are more interested in income than capital appreciation, similar to bond purchases. (Q4-9)
Preferred Stockholders
What type of stockholders do not usually have voting rights (Q4-10)
Callable Preferred Stock
What type of stock can be bought back by the issuing corporation at a specified price. (Q4-12)
Convertible Preferred
Stock that can be exchanged for a designated number of common shares is called (Q4-13)
Subscription Price
Warrants give stockholders the right to buy stock at the... (Q4-14)
Blue-Chip Stocks
High grade issues of major companies that have long and unbroken records of earnings and dividend payments (Q4-15)
Income Stocks
Pay higher than average dividends and are purchased by those who buy stock for current income (Q4-16)
American Depository Receipts (ADRs)
Foreign stocks trade in US markets as (Q4-17)
Defensive
Classification of stock has a resistance to a recession (Q4-18)
$950. A bond selling at 95 is selling for 95% of its par value ($1,000) and 95% of $1,000 equals $950.
Investor purchased an 8% bond which matures in 10 years at 95.How much did the investor pay for this bond? (Q5-1)
Discount - 95 is less than 100
Investor purchased an 8% bond which matures in 10 years at 95.The bond was purchased at a? (Q5-2)
$1,040 - Investor will receive par which is $1,000 plus the final interest payment in the final year of $40. (Six month payment of $1,000 * 8%)
Investor purchased an 8% bond which matures in 10 years at 95.How much will the investor receive when the bond matures? (Q5-3)`
Zero-Coupon Bond
This type of investment is appropriate for someone who needs a lump sum in 10 years to pay off a balloon mortgage on his house (Q5-4)
Bond maturing in 15 years (Long term bonds are more vulnerable to interest rate risk)
Which security is likely to decrease the most in price if interest rates rise?A bond maturing in 2 years, orA bond maturing in 15 years (Q5-5)
8% - bond's nominal yield is the same as its coupon rate
An investor purchased an 8% Lemon County Bond at 80.What is the bond's nominal yield? (Q5-6)
10% - Calculated by annual interest over current market price ($80/$800 = 10%)
An investor purchased an 8% Lemon County Bond at 80.What is the bond's current yield? (Q5-7)
Greater than the current yield - Since the bond was bought at discount
An investor purchased an 8% Lemon County Bond at 80.The yield to maturity will be greater, less than or the same as the current yield? (Q5-8)
It will decrease as interest rates increase
If you have recently invested $100,00 in bonds, what will happen to the value of your portfolio if interest rates increase? (Q5-9)
$1,050
A bond is purchased that is callable at 105 in five years. How much will the investor receive if the bond is called after five years? (Q5-10)
High-yield Bonds
Bonds that are rated BB or below are called? (Q5-11)
Default
Bond rating organizations are primarily concerned with the risk of? (Q5-12)
Call Premium
What is it called when the issuer must pay to exercise the call privilege? (Q5-13)
Debentures
What are unsecured corporate bonds called? (Q6-1)
Subordinated Debenture
What is not secured by a corporation's assets? (Q6-2)
Common Stock
What can convertible bonds be converted into? (Q6-4)
Sell the bond at 113
A bond is convertible at 40. The bond is currently selling at 113 and the stock is selling at 45. The corporation calls the bond for redemption at 107. What should the bondholder do? (Q6-5)
$49 - You get this by taking the market price divided by the number of convertible shares. ($980/20 = $49)
Debentures are convertible into 20 shares of common stock. If the bonds were selling in the market at $980. What would the market price need to be to be at parity? (Q6-6)
Arbitrage
Technique used to profit from price differentials in the same security is known as. (Q6-7)
$936.25 - convert fraction to decimal = .625; convert 93.625% to decimal = .93625; multiply by bond's par value = $936.25
How much would an investor pay for a subordinated debenture selling at 93 5/8? (Q6-8)
Income or adjustment bonds
If a corporation has no earnings in a particular year, the corporation is not obligated to pay interest on this type of security (Q6-9)
Yellow Sheets
Corporate bond quotes can be found in the following colored sheets? (Q6-10)
152 days - Calculated from the last interest payment date up to but not including the settlement date. Settlement date is June 3. 5 months plus 2 days
A corporate bond pays interest on January 1 and July 1. How many days of accrued interest will the buyer pay the seller if the bond is purchased on Monday, May 31? (Q6-11)
Eurodollar Bond
What type of bond may never trade in the U.S. markets? (Q6-12)
It is treated as a deduction from outstanding shares.
Which of the following statements is TRUE about treasury stock?
A It receives dividends.
B It is treated as a deduction from outstanding shares.
C It has voting power.
D It is part of unauthorized stock.
Securities of a publicly held finance company
Which of the following would be considered nonexempt securities according to the Securities Act of 1933?
Currency Transactions Report (CTR), a Currency and Monetary Instrument Transportation Report (CMIR), and a Suspicious Activity Report (SAR)
Client purchasing securities today with five shipments of $9,500 in cash, each sent from either Moscow, Kiev, or St. Petersburg. The RR does not see any business purpose for paying for the transactions in this odd manner. What should be done?
1 Securities trading
2 Stock exchanges
3 Extension of credit for margin purchases
The Securities Exchange Act of 1934 regulates:
1 Securities trading
2 Stock exchanges
3 Extension of credit for margin purchases
4 New issues
NYSE listed securities traded in the OTC market
The third market is concerned with:
60.10 - The buy stop is entered above the current market price.
A customer is currently short 100 shares of ABC common stock at 57.50 and, for protection, has entered a buy stop order at 60. Round lot trades that took place after these orders were entered were:
58 . 59.50 . 60.10 . 60.50 . 60 . 59.85
ROUND LOT
A unit of trading or a multiple thereof. On the NYSE, the unit of trading is generally 100 shares in stocks and $1,000 or $5,000 par value in the case of bonds. In some inactive stocks, the unit of trading is 10 shares.
LIMIT, LIMITED ORDER, OR LIMITED PRICE ORDER
An order to buy or sell a stated amount of a security at a specified price or at a better price.
GOOD TILL CANCELED ORDER (GTC) OR OPEN ORDER
An order to buy or sell which remains in effect until it is either executed or canceled.
U.S. Steel opened at 67 followed by a trade of 300 shares at 67.10
The following appears on the NYSE ticker tape: X 67. 3s .10. This means that:
Stop order
An order which becomes a market order when it sells at or below (or at or above) a particular price is called a:
customer must pay 28.75 which was the actual purchase price, even though the brokerage firm confirmed the erroneous price of 28.25
A brokerage firm erroneously confirms to a customer a purchase of 100 shares of XYZ Corporation at 28.25. The firm later finds that the purchase was actually made at 28.75. The customer:
A not-held order - allows a floor broker to use discretion in executing an order
A specialist cannot accept this type of order.
Specialist
Maintaining a fair and orderly market and acting as a broker for other brokers is the function of the:
II and III - Open or GTC orders entered below the market are automatically reduced when a stock sells ex-dividend unless they are (DNR).
Which TWO of the following orders will be reduced when XYZ Corporation sells ex-dividend?
1 A GTC order to sell 100 XYZ at $50
2 A GTC order to buy 100 XYZ at $50 stop
3 A GTC order to buy 100 XYZ at $50
4 A GTC order to sell 100 XYZ at $50 stop
105 shares of GM - When a customer sells short, the brokerage firm borrows stock to deliver it to the buyer
A customer sells 100 GM short. GM declares a 5% stock dividend. When the customer covers the short sale, the customer will have to deliver:
100 shares of VMO were sold but were reported out of sequence. SLD is the symbol indicating that it is an out of sequence transaction
The trade VMO SLD 18 indicates:
The stock will be reduced by $0.60 to account for the dividend so it should open at 71.40 (72 - .60 = 71.40).
A NYSE-listed stock closed at $72. The next day the stock is ex-dividend 60 cents. To open that morning at a price equal to the close, the stock should open at:
An institutional block trader
Who cannot trade on the floor of the NYSE?
Dealer
The 5% markup policy applies when a member is acting as a:
The difference between the bid and asked price of a stock at the current market
An over-the-counter trader, when talking about the "spread," is referring to:
Binding upon all parties to the arbitration
Decisions of the Board of Arbitration are:
Can be appealed to the National Adjudicatory Council
Decisions of the District Business Conduct Committee regarding complaints:
$100
A broker-dealer wishes to give a gift to an account executive of another firm. Industry regulations would consider the gift to be of material value if it exceeded a value of:
Firm quote for 100 shares
When a market-maker gives a quote for a stock without qualification, the quote is a:
The inside market for the security listed
Level I of Nasdaq indicates what?
Pink Sheets
The market makers for stocks not listed on the Nasdaq system are shown on what?
$365,000 securities and $135,000 cash - SIPC provides protection to a maximum of $500,000, of which $250,000 may be used for cash
A customer has $535,000 of securities and $135,000 of cash in his account. If the firm was to go bankrupt, what amount would SIPC cover?
The order can be accepted. It is not a discretionary order which requires written power of attorney.
A customer gives his registered representative the following instructions: Buy 100 shares of General Motors "whenever you think the price is right." Can the order be accepted?
The Federal Reserve Board (under Regulation T)
Who approves an over-the-counter stock for purchase on margin?
REGULATION T
The federal regulation governing the amount of credit which may be advanced by brokers and dealers to customers for the purchase of securities.
$2,500 excess
The initial FRB margin requirement is 50%. A customer purchased 100 XRX at $100 per share ($10,000) depositing $5,000 in the account. If Xerox increased in value to $150 per share, how much excess (SMA) would the customer have in the account?
$500
The initial FRB margin requirement is 50%. A customer has a margin account with a market value of $20,000 and debit balance of $12,000 and an equity of $8,000. If the customer were to sell $1,000 worth of stock, the amount of the adjusted increase in the SMA would be:
$2,000
A customer makes an initial purchase of 100 shares of XYZ on the NYSE at $30 per share. The Federal Reserve margin requirement according to Regulation T is 50%. The customer will have to deposit:
Before the purchase transaction is made
If a customer wants to purchase securities in an account that has been frozen, when must he deposit the required cash in the account?
Stock Split
A vote of the common shareholders is required for a corporation to declare a:
Common stockholders and Preferred stockholders
Which of the following would be considered owners of a corporation?
20%
ABC Corporation announces a 5-for-4 split. After the split the market price of ABC Corporation will be reduced by:
Preferred shareholders do not have the right to subscribe to rights offerings
As far as rights offerings are concerned:
Defensive Stock
A construction company stock would be considered what type of stock?
Give the small stockholders the chance to gain representation on the Board of Directors
The purpose of cumulative voting is to:
Baa
Concerning Moody's ratings, which is the most speculative in the investment grade category?
Random lot - Random selection is the method used to call bonds.
A term bond has a mandatory sinking fund call feature. What method will be used to determine which specific bonds will be called?
$350
A customer purchases ten 7% $1,000 par value bonds selling at a discount that have a yield-to-maturity of 9%. The customer will receive a semiannual interest payment of:
Pre-refunded bonds
The proceeds of the sale of a municipal bond issue are invested in U.S. Government securities that are sufficient to cover interest, principal, and call premiums on an outstanding bond issue. The outstanding bonds are called:
When interest rates are high and are expected to drop
If an investor is primarily seeking capital gains, when would be the best time to buy bonds?
Interest rates are falling
A new convertible bond has a provision that it cannot be called for five years after the issue date. This call protection would be most valuable to a recent purchaser of the bond if:
Bonds
The purpose of a "sinking fund" is for redeeming a corporations:
SINKING FUND
Money regularly set aside by a company to redeem its bonds, debentures, or preferred stock from time to time as specified in the indenture or charter.
Debenture
A corporate bond that has no specific collateral backing it and is guaranteed by the "full faith and credit" of the issuing corporation is called a(n):
Collateral trust certificate
A bond secured by other bonds and securities is called a:
$24
A convertible bond selling at $1,200 is convertible into 50 shares of common stock. For the stock to be on parity with the bond, it would have to be selling at:
Allow the bond to be called
A convertible bond is selling in the market at $1,248. It is convertible at $30. The market price is 37.50. The bond has been called at 103. What is the least attractive for the investor?
$50,000
A customer buys bonds with a $50,000 par value at 85 1/2. The bonds are callable at 110. If the customer holds the bonds to maturity he will receive:
$958.75
A U.S. government bond is selling in the market at 95.28. The dollar value of this bond is:
$1.25 per $1,000 par value
A Treasury bond has increased in value from 98.4 to 98.8. The bond has increased by:
TREASURY BONDS
U.S. Government obligations with original maturities of more than 10 years. They are issued in $1,000 denominations and pay interest semiannually.
53
An investor purchased T-bonds that mature January 1, 2012. He purchased the T-bonds on Friday, February 20 for regular way settlement. How many days of accrued interest did the investor owe?
Treasury STRIPS
An investor's goal is to buy a security that establishes a fixed return, for a long period of time, with no reinvestment risk. Which of the following best suits the investor's needs?
STRIP
Brokerage house practice of separating a bond (which is held in trust) into its face and coupons, which are then sold separately as zero-coupon bonds. generally referred to as Treasury Receipts, but are better known as CATS, TIGRS, etc.
YIELD TO MATURITY (YTM)
The yield of a bond to maturity takes into account the price discount from or premium over the face amount. Greater than the current yield when the bond is selling at a discount and less than the current yield when the bond is selling at a premium.
Below par
If a municipal bond has a basis of 5.25 (5 1/4%) and the rate of interest on its face (nominal yield) is 4 3/4%, the bond is selling:
Nominal Yield
The stated rate of interest that a bond pays the holder, based on its par value. It is also known as the coupon, coupon rate, and interest rate.
A 30-day month and a 360-day year
Accrued interest for municipal bonds is computed on:
The yield of selected general obligation bonds with 20-year maturities
What is the 20-Bond Buyer Index?
Revenue Bond Index
The average yield (on a particular day) on twenty-five selected revenue bonds with thirty-year maturities. It is computed on Thursday afternoon and published in The Bond Buyer on Friday.
Charges on the benefited property
The interest paid on "special assessment bonds" is derived from:
Special Assessment Bond
A bond secured by a compulsory levy on the benefited property.
$3.75
A new municipal underwriting is shown as 1/4 additional takedown and 1/8 concession (1/4 + 1/8). What is the discount to the member?
Can be paid from the revenues of a project and is a general obligation of a municipal government
A double-barrelled security is a municipal security that:
DOUBLE-BARRELED BOND
A municipal bond with two separate pledged sources of revenue. Generally the revenues of the project or special revenues provide the initial security, with secondary security provided by the general obligation taxing powers of the issuer.
Bond anticipation notes
A municipality borrowing for a short-term period to finance a capital project would issue:
Commercial Paper
Debt instruments issued by well established companies to meet short-term financing needs. Commercial paper is unsecured debt and has a maximum maturity of 270 days.
BOND ANTICIPATION NOTE (BAN)
A short-term security issued by a municipality. Payment of the note at maturity will be accomplished with the proceeds of a bond issue.
Treasury bonds - Only Treasury obligations are acceptable securities as escrow when a bond is advance-refunded.
When a municipal bond is to be advance refunded (pre-refunded), an escrow account is set up to insure the money will be available. Securities are deposited in the escrow account. The securities that are deposited in the escrow account are:
Have a liability in proportion to their participation even though they have sold their allotted commitment
The conditions of an "Eastern" account provide that syndicate members:
Syndicate
A group of investment bankers who together underwrite and distribute a new issue of securities or a large block of an outstanding issue.
$6,000,000
A Water & Sewer revenue project has $15,000,000 in total revenues. The operating and maintenance expenses are $9,000,000, bond interest is $2,000,000, and principal repayment is $1,000,000. How much is available for debt service?
Debt Service
The yearly amount of interest and principal payable on a bond issue.
Property values
An ad valorem tax is based upon:
ASSESSED VALUATION
The value of real estate that is used for tax purposes.
8.25%
Richmond, Virginia is issuing 8.25% general obligation bonds at 100% of their par value. The bonds will mature in 20 years. An investor purchasing a bond at its offering price and holding the bond for 20 years will receive a yield-to-maturity of:
COUPON RATE
The interest rate on a bond. On a bearer bond, it refers to the collection of interest by presenting the coupons which are attached to the bond.
FLOW OF FUNDS
The sequence of payment to different accounts which will be used in a revenue issue. Usually Revenue Fund to Operations and Maintenance Fund to Debt Service Fund, etc.
Ad valorem taxes
Which of the following would not be available to pay interest on a revenue bond issue?
1 Tolls
2 Lease payments
3 Ad valorem taxes
4 User fees
Will be sold in the next 30 days through competitive and negotiated sales of general obligation and revenue bonds
The 30-day "visible supply" of municipal securities refers to new municipal bonds that:
Yield
The dividends or interest paid by a company expressed as a percentage of the current price. A stock with a current market value of $40 a share paying dividends at the rate of $3.20 is said to return 8 per cent ($3.20 ÷ $40.00).
Informational purposes
MSRB rules state that subject or nominal quotes may be given for:
MUNICIPAL SECURITIES RULEMAKING BOARD (MSRB)
The self-regulatory organization of the municipal securities industry. Created in 1975, it has primary responsibility for development of rules and regulations to govern the activities of municipal securities dealers.
A Municipal Securities Principal
A municipal tombstone advertisement must be approved by:
FINANCIAL ADVISORY RELATIONSHIP
An agreement whereby a broker-dealer is paid to provide advice to a municipality regarding a new issue of bonds.