Finra Series-6 Exam Topics
Finra Series-6 Exam Overview :
| Exam Name: | Investment Company and Variable Contracts Products Representative |
| Exam Code: | Series-6 |
| Certifications: | Finra Products Representative Qualification Certification |
| Actual Exam Duration: | 135 minutes |
| Expected no. of Questions in Actual Exam: | 100 |
| See Expected Questions: | Finra Series-6 Expected Questions in Actual Exam |
Finra Series-6 Exam Objectives :
| Section | Weight | Objectives |
|---|---|---|
| Function 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers | 24% | 1.1 Contacts current and potential customers in person and by telephone, mail and electronic means; develops promotional and advertising materials and seeks appropriate approvals to distribute marketing materials Knowledge of:
2210 – Communications with the Public 2211 – Communications with the Public About Variable Life Insurance and Variable Annuities 2212 – Use of Investment Companies Rankings in Retail Communications 2213 – Requirements for the Use of Bond Mutual Fund Volatility Ratings 2330 – Members’ Responsibilities Regarding Deferred Variable Annuities SEC Rules and Regulations Securities Act of 1933 Section 5 – Prohibitions Relating to Interstate Commerce and the Mails Section 12 – Civil Liabilities Arising in Connection with Prospectuses and Communications 135a – Generic Advertising 135b – Materials Not Deemed an Offer To Sell or Offer To Buy Nor a Prospectus 156 – Investment Company Sales Literature 482 – Advertising by an Investment Company as Satisfying Requirements of Section 10 498 – Summary Prospectuses for Open-End Management Investment Companies Securities Exchange Act of 1934 15c2-12 – Municipal Securities Disclosure Investment Company Act of 1940 34b-1 – Sales Literature Deemed To Be Misleading MSRB Rule G-21 – Advertising 1.2 Describes investment products and services to current and potential customers with the intent of soliciting business Knowledge of:
FINRA Rules 3160 – Networking Arrangements Between Members and Financial Institutions 3170 – Tape Recording of Registered Persons by Certain Firms SEC Rules and Regulations Securities Act of 1933 Section 2(b) – Consideration of Promotion of Efficiency, Competition, and Capital Formation Section 3 – Exempted Securities Section 17 – Fraudulent Interstate Transactions 134 – Communications Not Deemed a Prospectus Securities Exchange Act of 1934 10b-3 – Employment of Manipulative and Deceptive Devices by Brokers or Dealers 15c2-8 – Delivery of Prospectus 17a-3 – Records To Be Made by Certain Exchange Members, Brokers and Dealers Regulation D – Rules Governing the Limited Offer and Sale of Securities Without Registration Under the Securities Act of 1933 500 – Use of Regulation D 501 – Definitions and Terms Used in Regulation D 502 – General Conditions to be Met 503 – Filing of Notice of Sale 504 – Exemption for Limited Offerings and Sales of Securities Not Exceeding $5,000,000 506 – Exemption for Limited Offers and Sales Without Regard to Dollar Amount of Offering 507 – Disqualifying Provision Relating to Exemptions under Rules 504 and 506 508 – Insignificant Deviations from a Term, Condition or Requirement of Regulation D |
| Function 2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives | 16% | 2.1 Informs customers of the types of accounts and provides disclosures regarding various account types and restrictions Knowledge of:
FINRA Rules 4512 – Customer Account Information 4514 – Authorization Records for Negotiable Instruments Drawn from a Customer’s Account 4515 – Approval and Documentation of Changes in Account Name or Designation Employee Retirement Income Security Act of 1974 (ERISA) 2.2 Obtains and updates customer information and documentation, including required legal documents, and identifies and escalates suspicious activity Knowledge of:
FINRA Rule 2090 – Know Your Customer 3260 – Discretionary Accounts SEC Rules and Regulations Regulation S-P – Privacy of Consumer Financial Information and Safeguarding Personal Information 2.3 Makes reasonable efforts to obtain customer investment profile information including, but not limited to, the customer's other security holdings, financial situation and needs, tax status and investment objectives Knowledge of:
FINRA Rules 2111 – Suitability 2111.03 – Recommended Strategies 2111.05 – Components of Suitability Obligations 2214 – Requirements for the Use of Investment Analysis Tools SEC Rules and Regulations Securities Act of 1934 15l-1 – Regulation Best Interest 17a-14 – Form CRS, for Preparation, Filing and Delivery of Form CRS MSRB Rule G-19 – Suitability of Recommendations and Transactions 2.4 Obtains supervisory approvals required to open accounts Knowledge of: ? Required review, approvals and documentation for account opening and maintenance ? Physical receipt, delivery and safeguarding of cash or cash equivalents, checks and securities ? Circumstances for refusing or restricting activity in an account or closing accounts FINRA Rules 3110 – Supervision 3120 – Supervisory Control System MSRB Rule G-27 – Supervision |
| Function 3: Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records | 50% | 3.1 Provides customers with information about investment strategies, risks and rewards, and communicates relevant market, investment and research data to customers Knowledge of:
Knowledge of:
2320 – Variable Contracts of an Insurance Company 2341 – Investment Company Securities SEC Rules and Regulations Securities Exchange Act of 1934 15g-1 – Exemptions for Certain Transactions Investment Company Act of 1940 Section 2(a) – General Definitions Section 6 – Exemptions Section 8 – Registration of Investment Companies Section 8(b) – Registration of Investment Companies Section 10 – Affiliations or Interest of Directors, Officers and Employees Section 11 – Offers of Exchange Section 12 – Functions and Activities of Investment Companies 12b-1 – Distribution of Shares by Registered Open-End Management Investment Company Section 13(a) – Changes in Investment Policy (Prohibited actions for registered investment companies) Section 16(a) – Board of Directors (Election of directors) Section 18 – Capital Structure Section 19 – Dividends 19a-1 – Written Statement to Accompany Dividend Payments by Management Companies 19b-1 – Frequency of Distribution of Capital Gains Section 22 – Distribution, Redemption, and Repurchase of Redeemable Securities 22c-1 – Pricing of Redeemable Securities for Distribution, Redemption and Repurchase 22d-1 – Exemption from Section 22(d) to Permit Sales of Redeemable Securities at Prices Which Reflect Sales Loads Set Pursuant to a Schedule 22d-2 – Exemption from Section 22(d) for Certain Registered Separate Accounts 22e-1 – Exemption from Section 22(e) During Annuity Payment Period of Variable Annuity Contracts Participating in Certain Registered Separate Accounts Section 23 – Distribution and Repurchase of Securities: Closed-End Companies Section 30 – Periodic and Other Reports; Reports of Affiliated Persons Section 35 – Unlawful Representations and Names 35d-1– Investment Company Names Section 36 – Breach of Fiduciary Duty Section 37 – Larceny and Embezzlement MSRB Rules D-12 – Definition of Municipal Fund Securities G-45 – Reporting of Information on Municipal Fund Securities 3.3 Provides required disclosures regarding investment products and their characteristics, risks, services and expenses Knowledge of:
FINRA Rule 2165 – Financial Exploitation of Specified Adults 3.4 Communicates with customers about account information, processes requests and retains documentation Knowledge of:
FINRA Rules 2231 – Customer Account Statements 2232 – Customer Confirmations 2273 – Educational Communication Related to Recruitment Practices and Account Transfers 4510 – Books and Records Requirements 11870 – Customer Account Transfer Contracts SEC Rules and Regulations Securities Exchange Act of 1934 10b-10 – Confirmation of Transactions 17a-4 – Records To Be Preserved by Certain Exchange Members, Brokers and Dealers 17a-8 – Financial Recordkeeping and Reporting of Currency and Foreign Transactions MSRB Rules G-8 – Books and Records To Be Made by Brokers, Dealers, and Municipal Securities Dealers and Municipal Advisors G-9 – Preservation of Records G-15 – Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers G-26 – Customer Account Transfers |
| Function 4: Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions | 10% | 4.1 Provides current quotes Knowledge of:
FINRA Rule 5310 – Best Execution and Interpositioning SEC Rules and Regulations Securities Exchange Act of 1934 15g-4 – Disclosure of Compensation to Brokers or Dealers 4.2 Processes and confirms customers’ transactions pursuant to regulatory requirements and informs customers of delivery obligations and settlement procedures Knowledge of:
FINRA Rules 5330 – Adjustment of Open Orders 6140 – Other Trading Practices 11000 Series – Uniform Practice Code SEC Rules and Regulations Securities Exchange Act of 1934 15c6-1 – Settlement Cycle Federal Reserve Regulation T – Credit by Brokers and Dealers MSRB Rule G-12 – Uniform Practice 4.3 Informs the appropriate supervisor and assists in the resolution of discrepancies, disputes, errors and complaints Knowledge of:
FINRA Rules 4513 – Records of Written Customer Complaints 4530 – Reporting Requirements 8000 Series – Investigations and Sanctions 12000 Series – Code of Arbitration Procedure for Customer Disputes 13000 Series – Code of Arbitration Procedure for Industry Disputes 14000 Series – Code of Mediation Procedure |
| Official Information | https://www.finra.org/registration-exams-ce/qualification-exams/series6 |
Updates in the Finra Series-6 Exam Topics:
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