Series 7: 3.3.3.2.3 Undersubscription

Taken from our Series 7 Top-off Online Guide

3.3.3.2.3 Undersubscription

If the issue is not fully subscribed after the order period, the Agreement Among Underwriters may authorize the managing underwriter to lower the price and offer a new order period. The underwriter may also reallocate the unsold issue to the syndicate members and leave the price unchanged, or it may leave its delinquent members on their own to cut their losses as best they can. Its choices are stipulated in the contract.

When the syndicate is formed, the underwriters agree to distribute the issue using one of two types of accounts. The Agreement Among Underwriters may distribute bonds under a divided account or an undivided account

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I am still so giddy that I passed my Series 7 on 1/31. I truly cannot believe it. I took the 7 three times in 2019 utilizing Kaplan study materials and didn't feel good going into the tests any of the times. So shockingly I failed all three times by a lot. My highest score was a 68%. I used Solomon for my 51 in September (passed on the first try) so I thought I could try it for my 7 even though it is the hardest securities test I have taken. I felt so good going into the testing center and I passed!!! I am so grateful to have found your materials. They have been incredibly helpful and I am able to understand all the material covered in the books. I still am in shock that I passed. Now off to the 24!

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