Series 27: Exemption For Clearinghouse Liens

Taken from our Series 27 Online Guide

Exemption for Clearinghouse Liens

Commingling with the securities of persons other than customers is permitted for the clearing corporation of a national securities exchange or securities association on loans made and to be repaid on the same calendar day if it is incidental to the clearing of its transactions. A hypothecation or pledge may also exceed aggregate indebtedness for same-day clearinghouse liens.

SEC Rules 8c-1(

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Last August 2020 I passed the Series 28 on the first try using your materials. I just wanted to drop in and let you know I passed the Series 27 exam today!! I am so happy today as I took the test in Jan of this year and missed it by 3 points. I switched up my focus and really zoned in the most heavily weighted chapters. This is by far the hardest exam I have taken. Thank you Solomon for your excellent study materials. I'll be back when I pass the next one ;)

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