SERIES 6 ASKS ABOUT BANK SECRECY ACT

Some applicants foolishly go into the Series 6 exam without being adequately prepared on the regulations regarding the opening of accounts for customers.  I mean specifically, the Bank Secrecy Act, the Anti-Money Laundering Compliance Program, and Regulation S-P governing the privacy of consumer financial information.  Don't sit for the Series 6 exam unless you are conversant and familiar with these regulations.

PS Watch for Bob Eder's forthcoming book, Study for the Series 6 Exam.

SERIES 6 CANDIDATES, KNOW CONTRACTUAL PROVISIONS OF VARIABLE ANNUITY

If you are planning to take the Series 6 exam, make sure that you know various contractual provisions of a variable annuity contract.  Such as mortality guarantee, expense guarantee, and exchange privileges.

PS Look for our forthcoming book, Study for the Series 6 Exam.

TAKING THE SERIES 6 EXAM? KNOW PROVISIONS OF REGULATION T

If you are planning to take the Series 6 exam to be registered for Mutual Funds/Variable Contracts, please make sure that you are familiar with Regulation T, governing credit that a broker/dealer may extend to customers.  This includes being aware of time limits given by Reg T for a customer to pay for mutual funds or variable annuities.

BEFORE YOU TAKE THE SERIES 6 EXAM, KNOW WHAT A SHAREHOLDER'S "UNDIVIDED INTEREST" IS!

In a mutual fund, such as ABC Fund, shareholders possess an "undivided interest" in the securities in ABC's portfolio.  Make sure you know what this means before you take the Series 6 exam.

An undivided interest means that if there are 100 stocks in ABC's portfolio, a shareholder owns a portion of the entire portfolio.  A shareholder's interest cannot be divided or allocated merely to one or two securities. No, a shareholder has an interest in the entire portfolio.

SERIES 6 CONTAINS QUESTIONS ON FINRA RULES

The Series 6 exam contains many questions on FINRA rules.  Consider the complicated rule on communications with the public, FINRA Rule 2210.  Many retail communications between a representative and customers must be filed with FINRA, some before first use or publication, and others only after the fact.  If you are taking the Series 6, make sure that you are not only familiar but entirely knowledgeable about FINRA rules.

P.S.  Watch for Bob Eder's forthcoming book, Study for the Series 6 Exam.

SERIES 6 EXAM REQUIRES 70 PERCENT FOR 100 QUESTIONS

Are you taking the Series 6 exam?  The Series 6 contains 100 questions, and an applicant must score 70 percent correct.  Time limit is 135 minutes, or two and a quarter hours.  Don't forget, the Series 6 also contains an extra five questions that are used to evaluate future questions.  These five questions are not graded, but neither are they identified.