When preparing for the Series 7 exam, it is important to know which business activities need to be reported. This can vary depending on the type of company you are working for and the state in which you reside. In this blog post, we will discuss some of the most common reportable events. Keep in mind that there may be other activities that need to be reported, so it is always best to check with your compliance officer or state securities regulator.
Some of the most common reportable events include outside business activities, private securities transactions, reporting of political contributions and consequences for exceeding dollar contribution thresholds, limits on gifts and gratuities, and limits on non-cash compensation. Additionally, you may need to report any felony or financial-related misdemeanors, as well as any liens or bankruptcy proceedings. For example, if you are employed by a financial institution and engage in securities trading on the side, this activity must be disclosed to your employer.
Other business activities that may need to be reported include business entertainment expenses and any gifts or gratuities received from clients or vendors. For example, if you host an expensive luncheon for potential clients, this would need to be reported in order to ensure compliance with regulations governing business transactions.
As a review, here is a list of the most common, reportable events
- Outside business activities
- Private securities transactions
- Reporting of political contributions and consequences for exceeding dollar contribution thresholds
- Limits on gifts and gratuities
- Limits on non-cash compensation
- Business entertainment
- Felony and financial misdemeanors
- Liens and bankruptcy proceedings
If you have any questions about reporting requirements for your specific business activities, it is best to consult with your compliance officer or state securities regulator for guidance. With the right knowledge and preparation, you can successfully navigate the Series 7 exam and start your career as a financial professional.
While these are some of the most common activities that must be reported to comply with Series 7 exam preparation guidelines, it is important to remember that there may be other requirements depending on your specific situation. Whether you work in a small startup or a large public corporation, it is always best to consult with your compliance officer or state securities regulator to ensure that you are following all relevant reporting requirements. With careful attention to these details, you can be well-prepared for the Series 7 exam and the world of business ahead of you.
Topics like these as well as others will be on the Series 7 exam. Achievable offers comprehensive Series 7 exam questions to prepare you for the Series 7 Exam. Check out Achievable's website to learn more about how you can excel on the Series 7 exam.