NASD Exam for Series 6

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ISBN: 9780324186963 | 0324186967
Cover: Loose-leaf
Copyright: 6/3/2003

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In order to sell mutual funds, annuities, and variable contracts, one must be licensed and pass the Investment Company/Variable Contracts Licensure Exam (?Test Series 6?). Built on a highly-proven test-prep model, this new guide fully prepares the user to pass the Series 6 Exam as well as understand the four critical areas of a registered representative. Unlike other test-prep materials available, this guide is structured exactly how the Series 6 Exam is organized - leading to increased success in passing the exam.

Securities and Markets; Investment Risks and Policies

(74)

Investment Securities

(27)

Corporate securities

(20)

Equity securities

Debt securities

Special securities

U.S. Government securities

(4)

Marketable issues

Nonmarketable issues

State and municipal bonds

(2)

Money market instruments

(1)

Securities Markets

(9)

Exchange/auction markets

(1)

NASDAQ/NNOTC/Negotiated markets

(2)

New issues market

(2)

Market terms

(2)

Price and yield terms

(2)

Economic Factors

(10)

Price changes in the economy

(2)

Monetary policy

(4)

Fiscal policy of the federal government

(2)

International economic factors

(1)

Investment Risk Factors

(6)

Kinds of investment risk

(2)

Concept of risk/reward

(3)

Suitability Factors

(7)

Investment objectives of clients

(1)

Financial status of clients

(4)

Risk tolerance of clients

(2)

Investment Company Portfolio/Risk Characteristics

(13)

Money market

(1)

Income

(1)

Growth

(1)

Growth/Income

(1)

Aggressive growth

(1)

Bonds

(1)

Specialized

(1)

Chapter Summary

(6)

Review Quiz

(4)

Investment Companies, Taxation, and Customer Accounts

(64)

Investment Companies

(36)

Types of investment companies

(3)

Unit investment trust

Face amount certificate

Management companies: Closed-end

Management companies: Open-end

Diversified and nondiversified companies

Open-end mutual funds

(6)

General concept

Structure and operation

Cost of operation of mutual fund

Functions of underwriter (distributor)

Functions of custodian

Functions of transfer agent

Rights of shareholders

Types of fund distributions

(1)

Net investment income

Capital gains

Return of capital

Distribution alternatives

Conveniences and services provided to investors

(4)

Day-to-day investment decisions made by portfolio manager

Safekeeping of portfolio securities

Exchange privileges within families of funds

Ability to invest fixed sums in full and fractional shares

Can liquidate part of investment and keep diversification

Fund shares provide collateral for loans

Simplified recordkeeping

Ease of diversification

Ease of account inquiry

Ease of purchase and redemption of shares

Automatic reinvestment of dividends and capital gains

Systematic withdrawal plans

Check-writing services

Telephonic exchanges and services

Simplified tax information

Types of mutual funds, characteristics, investment policies

(2)

By objective

By underlying investment

Important factors in comparison of mutual funds

(4)

Basis of comparison

Performance statistics

Other factors

Sources of mutual fund performance statistics

(1)

Methods by which fund shares are purchased by the public

(1)

Prices of mutual fund shares

100

(4)

Net asset value (NAV) per share

Sales charges

Distribution plans, SEC Rule 12b-I

Reduced sales charges, quantity discounts

104

(1)

Qualifying for reduced sales charges

Rights of accumulation

Dollar cost averaging (DCA)

105

(1)

Redemption of mutual fund shares

106

(3)

Methods

Considerations

Basis of redemption price

Fund required to remit timely payment

Prospectus and statement of additional information (SAI)

109

(5)

Registration requirement

Purpose of prospectus

Contents

Federal Income Tax Regulations For Mutual Funds

114

(6)

Tax consequences of the investment company's activities

114

(2)

Regulated investment company

Tax treatment of capital gains distributions

Tax treatment of income distributions

Tax consequences of mutual fund investor's activities

116

(4)

Shareholder responsibility

Tax treatment of securities transactions

Tax basis of securities

Holding periods of securities

Wash sale rule

Customer Accounts

120

(6)

Open account characteristics

120

(1)

Required minimum investment

Dividend/capital gains election

Account documentation

121

(3)

Customer name and residence

Whether of legal age

Reasonable effort to obtain other information

Forms of ownership of mutual fund shares

124

(2)

Individual registration

Joint accounts: Joint tenants with right of survivorship

Joint accounts: Tenants in common

Trust accounts

Custodial accounts: UGMA/UTMA

Contractual Plan, Periodic Payment Plan

126

(14)

Characteristics

126

(2)

Fixed total investment

Fixed time period

Fixed payments at regular intervals

Fixed sales charges

Fixed custodial fees

Automatic reinvestment

Partial liquidation and reinstatement privileges

Lump sum purchase

Breakpoints

Prospectus requirements

128

(1)

Plan prospectus

Prospectus of underlying fund

Operation of contractual plan

129

(3)

Mutual fund underlying asset

Plan sponsor/company

Act of 1940, Section 27

Right to refund

Notice of right to refund

Right of withdrawal

Spread-load option

Chapter Summary

132

(5)

Review Quiz

137

(3)

Variable Contracts and Retirement Plans

140

(30)

Variable Contracts

142

(15)

Separate accounts

142

(1)

Definition

Variable annuity contracts

143

(7)

Comparison

Types of variable annuities

Features

Sales charge and expenses

Valuation of variable annuity contract

Tax treatment

Variable life insurance

150

(7)

Comparison

Features

Valuation of a variable life insurance policy

Tax treatment of variable life insurance

Retirement Plans

157

(13)

Individual retirement account (IRA)

157

(3)

Purpose

Funding

Eligibility/contribution limits

Rollover/transfer rules

Taxation

Distribution rules

Simplified employee pension (SEP) plans

Roth IRAs

Keogh/HR 10 plans

160

(1)

Purpose

Funding

Eligibility and employee coverage

Contribution limits

Taxation

Distribution rules

Corporate pension plans

161

(3)

Comparison: Defined contribution versus defined benefit

Types of defined contribution plans

Employees Retirement Income Security Act (ERISA)

164

(1)

Chapter Summary

165

(3)

Review Quiz

168

(2)

Securities Industry Regulations

170

(48)

General Industry Regulations

172

(15)

Securities Act of 1933

172

(1)

Definitions

Securities Exchange Act of 1934

173

(10)

Definitions

Securities and Exchange Commission (SEC)

Registered securities associations

The National Association of Securities Dealers (NASD)

Certificate of Incorporation

By-Laws

Membership and Registration Rules

Conduct Rules

Procedural Rules

Fingerprinting of securities industry personnel

Securities Investor Protection Act 1970

183

(1)

Purpose

Membership

Investment Advisers Act of 1940

184

(1)

Purpose

Definitions

Registration

Insider Trading and Securities Fraud Enforcement Act of 1988

185

(2)

Prohibition of misuse of material, nonpublic information

Civil penalties

Criminal penalties

Liability to contemporaneous traders

Policies and procedures to be developed by broker-dealers

Regulations Related to Marketing, Prospecting

187

(7)

Securities Act of 1933

188

(2)

Rule 134---Communications not deemed a prospectus

Rule 135A---Generic advertising

Rule 156---Investment company sales literature

Investment Company Act of 1940

190

(1)

Securities Exchange Act of 1934

191

(1)

NASD Conduct Rules

191

(3)

Rules Related to Sales Presentations, Materials

194

(7)

Securities Act of 1933

194

(2)

Securities Exchange Act of 1934

196

(1)

Manipulative and deceptive devices

Registration and regulation of brokers, dealers

Securities Investor Protection Act of 1970

197

(1)

NASD Conduct Rules

198

(3)

Use of Manipulative, Deceptive, or Fraudulent Devices

Communications with the Public

Customers' Securities or Funds

Rules Related to Transaction

201

(8)

Securities Exchange Act of 1934

201

(1)

Manipulative and deceptive devices

Accounts and records

Federal Reserve Board, Regulation T

202

(1)

Cash accounts

NASD Conduct Rules

203

(6)

Use of Manipulative, Deceptive, or Fraudulent Devices

Recommendations to Customers

Customers' Securities or Funds

Dealing with Nonmembers

Variable Contracts of an Insurance Company

Investment Company Securities

Private Securities Transactions

Transactions for or by Associated Persons

Books and Records

Prompt Receipt and Delivery of Securities

Subsequent and Ongoing Communication and Service

209

(9)

NASD Conduct Rules

209

(1)

Standards of Commercial Honor and Principles of Trade

Books and Records

NASD Procedural Rules---Code of Arbitration Procedure

210

(1)

Administrative provisions

Uniform Code of Procedure

Summary of NASD Prohibited Activities

211

(1)

Review of the NASD

211

(1)

Chapter Summary

212

(4)

Review Quiz

216

(2)

Series 6 Securities Practice Exam #1

218

(14)

Series 6 Securities Practice Exam #2

232

(14)

Glossary

246

(40)

Index

286

(16)

Appendix I: Answer Keys

302

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NASD Exam for Series 6

Summary

Table of Contents

Supplemental Materials