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Finra Series-6 Exam
- Topic 1: Consideration of Promotion of Efficiency, Competition, and Capital Formation/ Reinvestment of dividend income and capital gains distributions
- Topic 2: Employment of Manipulative and Deceptive Devices by Brokers or Dealers/ Seminars, lectures and other group forum requirements
- Topic 3: Records To Be Made by Certain Exchange Members, Brokers and Dealers/ Standards and required approvals of public communications
- Topic 4: Exemption for Limited Offers and Sales Without Regard to Dollar Amount of Offering/ Advertising by an Investment Company as Satisfying Requirements of Section 10
- Topic 5: Types of mutual funds: equity, fixed-income, money market, interval/ Essential facts regarding customers and customer relationships
- Topic 6: Civil Liabilities Arising in Connection with Prospectuses and Communications/ Requirements for the Use of Bond Mutual Fund Volatility Ratings
- Topic 7: Circumstances for refusing or restricting activity in an account or closing accounts/ Determination of net long-term and short-term gains or losses
- Topic 8: Insignificant Deviations from a Term, Condition or Requirement of Regulation D/ Materials Not Deemed an Offer To Sell or Offer To Buy Nor a Prospectus
- Topic 9: Reasonable-basis, customer-specific and quantitative care obligations/ Financial factors relevant to assessing a customer?s investment profile
- Topic 10: Customer-specific factors that generally affect the selection of products/ Communications with the Public About Variable Life Insurance and Variable Annuities
Free Finra Series-6 Exam Actual Questions
The questions for Series-6 were last updated On Apr. 05, 2024
Upon receiving a complaint about one of its member firms, FINRA may:
i. require any person associated with the member firm to provide information to FINRA and to testify under oath.
ii. inspect and copy the books, records and accounts of the member firm.
iii. share information obtained from its investigation of a member firm with a foreign regulatory agency.
Upon receiving a complaint about one of its member firms, FINRA may require any person associated with the member firm to provide information and to testify under oath; it may inspect and copy the books, records, and accounts of the member firm; and it may share information obtained from its investigation of a member firm with a foreign regulatory agency. The foreign regulator must agree to treat the information confidentiality, and the agreement with the foreign regulator is predicated on two requirements: ''(A) the other regulator party to the agreement must have jurisdiction over common regulatory matters; and (B) the agreement must require the other regulator to reciprocate and share with FINRA information of regulatory interest or concern to FINRA.''
Chandler is a registered representative with GetErDone Broker-Dealers, a FINRA member-firm. His friend, Phoebe, is employed by FlyByNight Investments, which is not a member of FINRA, or any other securities association for that matter. Given these facts:
Given that Chandler is a representative with a member firm while Phoebe's employer is not a member of any known securities association, he is required to charge Phoebe the same commission that he charges any member of the general public when executing a transaction for her and is prohibited from splitting commissions with her. He is not prohibited from engaging in any financial transactions with her; he simply must do so ''for the same commissions or fees, and on the same terms and conditions as are. . .accorded to the general public,'' according to FINRA.
Anna Vestor placed an order to sell 100 shares of Microsoft through the on-line site of her broker, GetErDone Broker-Dealers. GetErDone sold her shares for $24.59 a share and charged her a commission of $8.95. Among other things, the trade confirmation that Anna receives must stipulate:
i. the time and date of the transaction.
ii. that GetErDone served as a principal in the transaction.
iii. the number of shares sold and the price at which they were sold.
IV. the exchange or ECN on which the transaction was executed.
Among other things, the trade confirmation that Anna receives must stipulate the items described in Selections I and III only. The trade confirmation that Anna receives from GetErDone must stipulate the time and date of the transaction, the number of shares sold, and the price at which they were sold. The exchange or ECN on which the transaction was executed is not provided on the confirmation statement. Whether GetErDone acted as a principal or a broker in the transaction does need to be stipulated, but in this instance GetErDone acted as a broker, not a principal. GetErDone did not itself buy the shares from Anna.
Mr. R. Retired recently turned 61 and has decided to annuitize a variable annuity contract in which he had been investing. When he does so:
When Mr. R. Retired decides to annuitize his variable annuity contract at the age of 61, his accumulation units will be converted into a fixed number of annuity units. The value of these units will depend on the actual returns earned by the account and the actuarially-determined assumed interest rate; it is not fixed. Mr. Retired will not be subject to a 10% penalty since he is over 59 years old.
Ms. Newbie's client, Mr. Nomad, has decided that he wants to go on an extended backpack trip through the Amazon. Since he'll be out of touch, he has given a friend of his limited power attorney to act on his behalf. Based on this, Mr. Nomad's friend can:
i. present Ms. Newbie with an order to purchase securities on Mr. Nomad's behalf.
ii. present Ms. Newbie with an order to sell securities on Mr. Nomad's behalf.
iii. request a check be issued to him so that he can send Mr. Nomad some money.
Mr. Nomad's friend can engage in the activities described in Selections I and II only. A limited power of attorney gives Mr. Nomad's friend the authority to buy and sell securities on Mr. Nomad's behalf, but not to make any cash withdrawals. He would need a full power of attorney to be able to do so.
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