Websites are categorized as Retail Communications. It does not matter if an individual or firm creates them; they are considered retail communications under FINRA 2210(c)(1)(A). A tombstone advertisement gives investors basic information about a public offering that will be available in the near future. Correspondence is defined as any electronic or written communication circulated or made available to 25 or less retail investors in any 30 calendar-day period under FINRA 2210(a). Generic advertising pertains to advertising that promotes a particular firm, or securities, but without specific recommendations.

New FINRA member firms must file Retail Communications 10 business days prior to first use during their first year of operation. The one-year period begins on the date the FINRA membership is effective in the CRD system. After one year, Retail Communications can be filed within 10 business days of first use or publication under FINRA 2210(c)(1)(A).

US government securities such as notes, bonds, and bills are exempt from registration. Commercial Paper is exempt too, provided the term is 270 days or less. Bankers Acceptances are also exempt, provided the term is 180 days or less. The majority of life insurance contracts are also exempt from registration, excluding contracts that carry investment risk, such as variable life and variable annuities.

All are required to be gathered at the opening of the account except the customer's choice to reinvest capital gains and dividends from their mutual fund investments. This data can be obtained later.

457 plans are non-qualified, deferred compensation retirement plans offered to state, local government, and some nonprofit employees. Private sector employees do not contribute to 457 plans.

While most Municipal securities are exempt from registration under the Securities Act of 1933, the anti-fraud provisions of the Securities Exchange Act of 1934 still apply to them. The Investment Company Act of 1940 focuses on mutual funds, hedge funds, holding companies, and other types of equity funds. SEC Rule 135c pertains to advertisements.

Jennifer needs to have discretionary authority on this account. So, a limited Power of Attorney (POA) form signed by Michaela granting Jennifer discretionary authority to make adjustments on the portfolio is required. An LOI is a letter of instruction that broker-dealers use when receiving instructions from customers. A QIB is a qualified institutional buyer who receives less protection from securities market regulators since they are deemed to be sophisticated investors. An ODD is an options disclosure document published by the OCC (Options Clearing Corporation). It discloses the risks inherent in trading options.

The sales charge percentage can be calculated by this formula:
      POP-NAV/POP 13.30 - 12.85 = 0.45. 0.45/13.30 = 3.38%
 

The 12b-1 fee is the yearly marketing or distribution fee of a fund. It covers the costs of selling mutual fund shares and/or providing services to shareholders. The breakpoint amount is the threshold where mutual fund load fees begin to decrease, as investment size increases. The front-end load is the sales charge on Class A mutual fund shares. Class B mutual fund shares charge a back-end load, not a front-end load. The NAV is the Net Asset Value, and the dividend yield are the total yearly dividends received divided by the NAV of the fund.

All are required except the name of the representative that executed the trade. The name, address, and phone number of the broker-dealer must be included on the trade confirmation.

Fixed annuities, GO (General Obligation) muni bonds, Revenue Bonds (a type of muni bond) are all exempt from registration. However, secondary offerings of corporate securities are not exempt and require registration.

Gregory has only 2.5 years to retirement. The best choice is B as there should be more exposure to bonds and a focus on capital preservation versus growth. Lowering the beta of the stock funds could help. Making no changes is too risky, and selling all assets to cash is too conservative. Buying put options is most likely too risky and an inappropriate strategy.

Income from variable annuities is tax-deferred until one of two things happens: withdrawals begin, or the death benefit is paid to the investor (whichever comes first). Variable annuities have investment risk that the investor assumes, not the insurance company. There is no guaranteed rate of return in a variable annuity.

Nonsystematic (unsystematic) risk pertains to the market risk of an individual investment. Diversification can help to mitigate this type of risk. An index fund that owns multiple underlying stocks can reduce this type of risk. Timing the market properly could help with timing risk, but not nonsystematic risk.

Mutual funds have one sell price per day: the NAV. With mutual funds, one buys at the POP and sells at the NAV. The NAV is calculated after 4 PM, once markets close. This trade was executed 15% lower than the NAV price and is clearly a broker-dealer or clearing firm error. This would be designated as a "clearly erroneous trade." A discount order fill is not a widely used term, and is not applicable to the question. A rebill aka cancel/rebill occurs when some portion of the trade is processed incorrectly; for example, when a trade has been debited or credited to the wrong account. An outlier fill simply means a fill (trade execution) that was filled away from current market price but not far enough to be considered a clearly erroneous trade (15% or more away from current market price). This can happen if an order is routed to an exchange that has low liquidity and wider bid/ask prices.