Security Markets & the Economic Environment begins with an overview of how securities are created and distributed, followed by a historical progression of various regulations and acts in the securities industry, beginning with the Securities Act of 1933 all the way through more current legislation such as the Dodd-Frank Act of 2010 and others. An initial overview of the taxation of securities is provided, followed by an explanation and walk-through of both fiscal and monetary policy, and how the Fed works to influence the overall economy and securities markets.

1-1 Explain functions of financial intermediaries, including investment bankers and dealers.
1-2 Identify components, terms, or mechanisms related to primary or secondary markets.
1-3 Explain characteristics of a given type of short-term security or deposit instrument.
1-4 Identify regulatory issues affecting financial planners.
1-5 Explain terminology related to taxes that affects investment decisions.
1-6 Evaluate the probable cause or effect on the economy or security markets of a given economic activity or statistical trend.
1-7 Infer the phase of the business cycle given an economic activity or statistical trend.
1-8 Assess the impact of a given monetary or fiscal policy on interest rates or security prices.

Author: Craig Kinnunen, MS, CFP®

Craig Kinnunen, MS, CFP® is an associate professor at the College for Financial Planning. Prior to joining the College, Craig enjoyed a long and successful career in personal financial planning and wealth management. Craig’s enthusiasm for financial planning extends beyond the classroom, as he also spends time providing pro bono financial education and individual financial counseling to members of the Colorado National Guard. Craig earned a bachelor of science degree in accounting from Northern Michigan University and followed that up with a master of science degree in finance from the University of Colorado in Denver. You can contact Craig at

Complexity Level: Intermediate