SIE Practice Test [PDF] Securities Industry Essentials License Exam

Since the holding period has been met, the maximum number of shares that can be sold by an insider under rule 144 is 1 percent of the outstanding shares or the average trading volume for the previous 4 weeks, whichever is greater An investor can sign a letter of intent (LOI) which allows him or her to receive breakpoint discounts based upon a commitment to buy a specified number of mutual fund shares over a period of time, usually 13 months The cooling-off period is when an issuer files a registration statement with the SEC. During this time, the SEC reviews the registration statement to see if it needs to be amended or if additional information is needed. It typically takes 20 days for the SEC to review the registration statement. As a matter of fact, it is sometimes referred to as the 20-day coolingoff period Withdrawals from a 401(k) after separating from service are penalty free if the separation occurs at age 55 or older. The other options would result in an early withdrawal penalty