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Section 1: Knowledge of Capital Markets
1.1 Regulatory Entities, Agencies and Market Participants
1.1.1 The Securities and Exchange Commission (SEC)
• The high-level purpose and mission of securities regulation
• Definition, jurisdiction and authority of the SEC
1.1.2 Self-regulatory Organizations (SROs)
• Purpose and mission of an SRO
• Jurisdiction and authority of SROs (e.g., CBOE, FINRA, MSRB)
1.1.3 Other Regulators and Agencies
• Department of the Treasury/IRS
• State regulators (e.g., NASAA)
• The Federal Reserve
• Securities Investor Protection Corporation (SIPC)
• Federal Deposit Insurance Corporation (FDIC)
1.1.4 Market Participants and their Roles
• Investors (e.g., accredited, institutional, retail)
• Broker-Dealers (e.g., introducing, clearing, prime brokers)
• Investment advisers
• Municipal advisors
• Issuers and underwriters
• Traders and market makers
• Custodians and trustees
• Transfer agents
• Depositories and clearing corporations (e.g., Depository Trust & Clearing Corporation (DTCC), Options Clearing
Corporation (OCC))
1.2 Market Structure
1.2.1 Types of Markets
• The primary market
• The secondary market (e.g., electronic, over-the-counter (OTC), physical)
• The third market
• The fourth market
1.3 Economic Factors
1.3.1 The Federal Reserve Board’s Impact on Business Activity and Market Stability
• Monetary vs. fiscal policy
• Open market activities and impact on economy
• Different rates (e.g., interest rate, discount rate, federal funds rate

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