Free FINRA Series 6 (Investment Company and Variable Contracts Products Representative) Seeks Business for the Broker-Dealer from Customers and Potential Customers Practice Questions
Seeking business from customers and potential customers on the FINRA Series 6 exam covers retail communications and correspondence, FINRA Rule 2210 approval requirements, prospectus delivery, and the rules governing how representatives describe mutual funds and variable products to the public (FINRA).
Under FINRA Rule 2210, which of the following BEST characterizes a "retail communication"?
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Correct Answer: A
Solution
A is correct. Rule 2210 defines a retail communication as any written (including electronic) communication distributed or made available to more than 25 retail investors within any 30 calendar-day period. The 25-investor threshold over a rolling 30-day window is the dividing line that separates retail communications from correspondence.
Question 2
Medium
When soliciting prospective customers, a registered representative may do all of the following EXCEPT:
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Correct Answer: C
Solution
C is correct. Guaranteeing a customer against loss is a prohibited practice; no representative may promise that an investment cannot lose value. Presenting standardized performance under SEC Rule 482, using a preliminary prospectus to gather indications of interest during the cooling-off period, and describing a fund's prospectus-stated investment objectives are all permissible solicitation activities.
Question 3
Hard
Under FINRA Rule 2330, a member firm's obligations in connection with a customer's purchase of a deferred variable annuity include all of the following EXCEPT:
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Correct Answer: B
Solution
B is correct. Rule 2330 requires a registered principal to review and approve the transaction before the application is transmitted to the issuer (no later than seven business days after a complete application is received), a reasonable basis to believe the customer was informed of the annuity's material features, and firm surveillance procedures together with product-specific training. The rule does not require principal approval before a representative may first describe the contract to a customer.
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