Private 82

Private 82

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Series 82 – Private Securities Offerings Representative Exam

Registered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks.
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The Series 82 exam — the Private Securities Offerings Representative Exam — assesses the competency of an entry-level registered representative to perform their job as a private securities offerings representative.
The Series 82 exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a private securities offerings representative, including solicitation and sale of private placement securities products as part of a primary offering.
Candidates must pass the Securities Industry Essentials (SIE) exam and the Series 82 exam to obtain the Private Securities Offerings Representative registration. For more information about the SIE and Series 82 exams, refer to FINRA Rule 1210 and FINRA Rule 1220(b)(9) .
The Series 82 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. The outline is comprised of the four major job functions of a private securities offerings representative. The table below lists the allocation of exam items for each major job function.
Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm to be eligible to take FINRA representative-level qualification exams. For more information on registration requirements, refer to FINRA Rule 1210 .
The SIE exam is a corequisite to the Series 82 exam. Candidates must pass both the Series 82 exam and the SIE exam to obtain the Private Securities Offerings registration.
For more information on the registration process, see Register a New Candidate .
A candidate who passes the Series 82 exam is qualified for the solicitation and sale of private placement securities products as part of a primary offering.
For the best experience, please use a Windows laptop or desktop. Users have reported issues enrolling on Mac, mobile and tablet devices.
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(F1) Seeks Business for the Broker-dealer from Customers and Potential Customers
(F2) Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives
(F3) Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records
(F4) Obtains and Verifies Customers’ Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions

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Private Steele, the 82nd Airborne paratrooper who landed on top of a church on D-Day

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In a few days is the 76th anniversary of D-Day . There were so many compelling stories that happened on that first “day of days” that one could have gone in literally hundreds of directions to pick one to commemorate the landings:
Major John Howard’s airborne assault of “Pegasus Bridge” over the Orne River in the first few minutes of the invasion. Dick Winter’s assault on Brecourt Manor and his taking out a battery of 105mm artillery that was firing on Utah Beach. Norman “Dutch” Cota, the assistant division commander, rallying the troops on Omaha Beach. The 2nd Ranger Bn taking the cliffs at Pointe du Hoc . And there are many others.
But today, we’re remembering John M. Steele, who was rendered from a participant to an observer by a strange turn of events in the early morning hours of June 6, 1944. So, who is John M. Steele? While you may or may not remember his name, you’ll instantly know who he was if you are a fan of war films.
In the epic war film “The Longest Day” Steele was portrayed by Red Buttons. Steele was the paratrooper from Company F, 2nd Battalion, 505th Parachute Infantry, of the 82nd Airborne Division. He is famously known for getting hung up on the church steeple in the center of the town of St. Mère Eglise.
Steele was born on November 29, 1912, in Metropolis, Illinois, the eldest of seven siblings. His father piloted boats on the Ohio River. He joined the Army just prior to the United States being thrust into World War II. He volunteered for Airborne duty, being an older volunteer at age 29, and joined the 505th Parachute Infantry in North Africa.
Steele was known as a wise-cracking character, a beer lover, and a fly fisherman, who was also fond of New Orleans jazz. Steele jumped into Sicily with the 505th and broke his leg. He recovered and joined the battalion in Italy where he broke his other leg. But he joined the remainder of the 82nd Airborne in Britain in preparation for the invasion of France.
The 2nd Battalion’s mission on D-Day was to secure the town of St. Mère Eglise. The battalion commander was LTC Ben Vandervoort who was portrayed by John Wayne in the film. Vandervoort, known as Vandy, was twice decorated with the Distinguished Service Cross, the nation’s second-highest award for valor beneath the Medal of Honor.
Steele’s C-47 aircraft was piloted by a green pilot. The pilot climbed high and turned on the green light for the paratroopers to jump right over the center of town. German troops in the town were alerted. They killed many paratroopers before they hit the ground. Company F suffered numerous casualties before it even touched down. It was chaos.
On the way down, Steele was wounded by flak. In trying to avoid a burning barn on his way down, Steele slipped aside and got his parachute hung up on a gargoyle sculpture at the base of a bell tower on a 12th-century church. With paratroopers and Germans shooting it out in the town square below, Steele tried to cut his way out of his chute but dropped his knife which clattered on the ground below.
Now helpless, Steele was forced to hang limply. He played dead until a few hours later, two German soldiers, Rudolf May and Rudi Escher, up in the bell tower saw him and cut him down. Steele was not mistreated, however, and shortly afterward escaped from his captors by climbing out a window. He made it back to the American troops and was evacuated to Britain.
By the autumn he had recovered and jumped into Holland with the division during the disastrous Market Garden operation. He also fought with the division during the Battle of the Bulge.
In early 1945, Steele was reassigned to the 17th Airborne and took part in its operation across the Rhine. At the war’s end, Steele was sent home and was discharged in 1946.
He became famous in the town of St. Mère Eglise and was a frequent visitor on the anniversary of the D-Day jump.
Another American paratrooper who got hung up on the steeple of the church but isn’t remembered as well as Steele was Pvt. Kenneth Russell. He recalls that fateful night:
“I was bazooka gunner in the second platoon, Company F of the 505th PIR of the 82nd Airborne Division. For the jump, I was the 5th or 6th guy just after Lieutenant Harold Cadish, our jumpmaster. We were dropped over Sainte Mère Eglise, a house fire lit up the square. I landed on the roof of the church, and I was hanging by my parachute. While I was trying to reach my knife to get rid of my straps, another paratrooper hit the steeple and also remained suspended, not far from me. His canopy was hanging from a gargoyle of the steeple, it was my friend John Steele …”
Steele settled in North Carolina but suffered from throat cancer in 1961. That would eventually take his life in May of 1969. He was buried in his hometown of Metropolis. As Paul Harvey used to say, now you know… the rest of the story.
Editor’s note: The article has been updated to reflect that the D-Day anniversary is in a few days.
Steve is a SOFREP Senior Editor. He has served as a Special Forces NCO and Warrant Officer before injuries forced his early separation. He writes for SOFREP and covers the NFL for PatsFans . com and his work was regularly featured in the Millbury-Sutton Chronicle and Grafton News newspapers.
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The Series 62 certification authorized registered representatives to transact in corporate equities and corporate debt securities.

FINRA’s Series 79 exam determines whether a registered representative is qualified to become an investment banker.

A registered representative (RR) is a financial professional who works with clients who are trading investments such as stocks and bonds. Learn more.

The Series 7 is an exam and license that entitles the holder to sell all types of securities with the exception of commodities and futures.

The Series 24 license entitles the holder to supervise and manage branch activities at a broker-dealer.

Regulation R was implemented in 2007 by the Gramm-Leach-Bliley Act of 1999 and provides exemptions for banks, allowing them to act as broker-dealers.

CFA vs. Series 7: What’s the Difference?

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The Series 82 is a certification giving financial professionals representing a sponsor organization the ability to transact private securities for clients.

Series 82 is a certification focused on private securities transactions. Its creation was mandated under the Gramm-Leach-Bliley Act of 1999. In 2001, the Securities and Exchange Commission (SEC) affected rules that separated the Series 82 transactional abilities from under the umbrella of the Series 7 and the Series 62. The Gramm-Leach-Bliley Act repealed and revised many of the legislations from the Glass Steagall Act, which broadened the service capabilities for commercial banks. As a result, commercial banks could offer a more diverse set of services and could more easily partner with broker-dealers to provide securities transactions to customers. The Series 82 was created from this movement and established an individual license focused just on the transactions of private securities by registered representatives .

The Series 82 Exam, also known as the Private Securities Offerings Representative Exam, is sponsored by the Financial Industry Regulatory Authority (FINRA) and administered at test centers across the nation. The exam focuses on private securities and private placement transactions.

The Series 82 certification can be achieved and used along with other FINRA-endorsed licenses for registered representatives. Series 82 provides clearly delineated due diligence and testing for the private securities market, adding additional credibility to the private securities market’s operational activities and trading efficiency. The Series 82 allows representatives to transact private placement securities as part of a primary offering.

The test consists of 100 multiple choice questions taken over 150 minutes. A score of 70% or better is required for passing. The Series 82 does not have any preliminary prerequisites and only requires that individuals be sponsored by an SEC-registered organization. 1

The test includes the following four sections of material:

Section One — Characteristics of Corporate Securities

This section fully encompasses all types of securities in the market. It includes details on equities, debt, asset-backed securities, real estate investment trusts, common stock, and preferred stock, as well as rights and warrants. It also includes information on investment companies, their structuring, and different fund variations.

Section Two — Regulation of the Market for Registered and Unregistered Securities

Section two goes into detail on the private placement mechanisms involved with securities. It also discusses underwriting commitments, financing proposals, distribution, and pricing. Other topics included in section two include the marketing and advertising of private placements, trading and transactions, and regulations under the Securities Act of 1933 and the Securities Exchange Act of 1934 .

Section Three — Analyzing Corporate Securities and Investment Planning

Section three tests on the analysis of corporate securities. This analysis includes balance sheet income statements and cash flow statements for equity securities. It also comprehensively includes debt analysis, with such topics as bond ratings, call provisions, interest rate risk, and yield curves. Section three also includes comprehensive market topics such as fiscal policy, the Federal Reserve Board, and the economy. Lastly, it discusses investment planning features such as suitability, investment objectives, constraints, risk, portfolio construction, and tax treatment.

Section Four — Handling Customer Accounts and Industry Regulations

Section four discusses account documentation and regulatory expectations. This encompasses client account forms, investment disclosures, documentation, regulatory filings with the Securities and Exchange Commission, and FINRA rules.

The Series 82 is very broad in its scope, requiring licensees to have a thorough understating of how all types of equity, debt, and other securities are analyzed, underwritten, and offered to investors. Private securities and private placements are investments that are only offered to a select group of investors. The structuring of their offerings, however, follows similar structures and techniques used in the public markets.

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