FINRA Series 6 questions and answers 2024\2025
GradeA+
Retail Communication
- correct answer "any written (including electronic) communication that is distributed or made available
to more than 25 retail investors within any 30 calendar-day period.
*Preapproval of a principal is required (prior to use).
Correspondence
- correct answer written or electronic communication that is distributed or made available to 25 or
fewer retail investors within any 30-calendar-day period
**Pre- or post-review of a principal is required (reviewed before or after use).
Institutional communication
- correct answer any written communication that is distributed or made available only to institutional
investors but does not include a member firm's internal communications.
**No preapproval of a principal is required
Public Appearance
- correct answer participation in a seminar, webinar, forum (including an interactive electronic forum
such as a chat room), radio or television interview, or other public appearance or public speaking
activity.
**Preapproval of a principal may be required but is not mandated
independently prepared reprint (IPR)
- correct answer consists of any article reprint that meets certain standards designed to ensure that the
reprint was issued by an independent publisher and was not materially altered by the member
,**must be preapproved by a principal if the communication meets the definition of a retail
communication.
research report
- correct answer is a document prepared by an analyst or strategist, typically as part of a research team
for an investment bank or broker-dealer.
**Research reports must be preapproved by a principal if the communication meets the definition of a
retail communication
electronic communications
- correct answer Websites, whether sponsored by the company itself or set up by an individual
registered representative, are considered retail communications and are subject to applicable filing and
recordkeeping rules. They must be reviewed and approved by a principal prior to first use and must
contain no exaggerated claims or misleading information.
Electronic bulletin boards
- correct answer are also considered retail communications, but a registered representative using one,
or a chat room, need not identify himself as a registered person. Use of an online interactive forum by a
registered representative must be approved by a principal, although each post does not require
principal approval
Generic advertising
- correct answer promotes securities as an investment medium but does not refer to any specific
security. Generic advertising often includes information about:
-the securities investments that companies offer,
- the nature of investment companies,
- services offered in connection with the described securities,
- explanations of the various types of investment companies,
- descriptions of exchange and reinvestment privileges, and
- where the public can write or call for further information
Rule 3110
- correct answer Each member must retain copies of its registered representatives' correspondence
according to the recordkeeping rule
,Filing Requirements during 1st year of operation
- correct answer FINRA will require the member to file any retail communication that is published or
used in any electronic or other public media (e.g., any generally accessible website, newspaper,
magazine or other periodical, radio, television, telephone or audio recording, video display, sign or
billboard, motion picture, or telephone directory [other than routine listings]) with FINRA at least 10
business days before first use (prefiling).
Filing Requirements for an "Established Firm" (after completion of 1st year of registration)
- correct answer may file retail communications relating to investment companies (including mutual
funds, variable contracts, and UITs) within 10 business days of first use (post-filing).
Whether a first year firm or not, retail communications for investment companies (including mutual
funds, variable contracts, and UITs) that include a ranking or comparison that is generally not published
or is the creation of the investment company or the member must be filed with FINRA....
- correct answer at least 10 business days before first use (prefiling).
If the ranking or comparison is generally published or is the creation of an independent entity (e.g.,
Lipper or Morningstar), what rules apply?
- correct answer the usual filing rules for filing will apply (i.e., within 10 business days of first use [post-
filing])
Spot Checks
- correct answer Each member's retail communications are subject to routine spot checks. Members
must comply with written requests for such material by FINRA. Material filed previously with FINRA
under this rule need not be resubmitted.
Exemptions From Filing and Spot Check Requirements
- correct answer -retail communications that previously have been filed with the department and that
are to be used without material change;
-retail communications that do not make any financial or investment recommendation or otherwise
promote a product or service of the member;
-retail communications that do no more than identify a national securities exchange symbol of the
member or identify a security for which the member is a registered market maker;
-retail communications that do no more than identify the member or offer a specific security at a stated
price;
, -press releases that are made available only to members of the media;
-any reprint or excerpt of any article or report issued by a publisher ("reprint")
-correspondence;
-institutional communications;
-communications that refer to types of investments solely as part of a listing of products or services
offered by the member;
-retail communications that are posted on an online interactive electronic forum; and
-press releases issued by closed-end investment companies that are listed on the New York Stock
Exchange (NYSE).
Ranking Entity
- correct answer refers to any entity that provides general information about investment companies to
the public, that is independent of the investment company and its affiliates, and whose services are not
procured by the investment company or any of its affiliates to assign the investment company a ranking
bond mutual fund volatility rating
- correct answer is a description issued by an independent third party relating to the sensitivity of the
net asset value (NAV) of a portfolio of an open-end management investment company that invests in
debt securities to changes in market conditions and the general economy, and is based on an evaluation
of objective factors, including the credit quality of the fund's individual portfolio holdings, the market
price volatility of the portfolio, the fund's performance, and specific risks, such as interest rate risk,
prepayment risk, and currency risk.
Required Disclosures of Bond Mutual Fund Volatility Ratings
- correct answer The name of the entity that issued the rating must be disclosed along with:
-the date of the current rating,
-a link to a website that includes the criteria and methodology used,
-a statement that there is no standard method to determine the rating a description of the types of risk
the rating measures (e.g., short-term volatility), and
-a statement that there is no guarantee the fund will continue to have the same rating or perform in the
future as rated
GradeA+
Retail Communication
- correct answer "any written (including electronic) communication that is distributed or made available
to more than 25 retail investors within any 30 calendar-day period.
*Preapproval of a principal is required (prior to use).
Correspondence
- correct answer written or electronic communication that is distributed or made available to 25 or
fewer retail investors within any 30-calendar-day period
**Pre- or post-review of a principal is required (reviewed before or after use).
Institutional communication
- correct answer any written communication that is distributed or made available only to institutional
investors but does not include a member firm's internal communications.
**No preapproval of a principal is required
Public Appearance
- correct answer participation in a seminar, webinar, forum (including an interactive electronic forum
such as a chat room), radio or television interview, or other public appearance or public speaking
activity.
**Preapproval of a principal may be required but is not mandated
independently prepared reprint (IPR)
- correct answer consists of any article reprint that meets certain standards designed to ensure that the
reprint was issued by an independent publisher and was not materially altered by the member
,**must be preapproved by a principal if the communication meets the definition of a retail
communication.
research report
- correct answer is a document prepared by an analyst or strategist, typically as part of a research team
for an investment bank or broker-dealer.
**Research reports must be preapproved by a principal if the communication meets the definition of a
retail communication
electronic communications
- correct answer Websites, whether sponsored by the company itself or set up by an individual
registered representative, are considered retail communications and are subject to applicable filing and
recordkeeping rules. They must be reviewed and approved by a principal prior to first use and must
contain no exaggerated claims or misleading information.
Electronic bulletin boards
- correct answer are also considered retail communications, but a registered representative using one,
or a chat room, need not identify himself as a registered person. Use of an online interactive forum by a
registered representative must be approved by a principal, although each post does not require
principal approval
Generic advertising
- correct answer promotes securities as an investment medium but does not refer to any specific
security. Generic advertising often includes information about:
-the securities investments that companies offer,
- the nature of investment companies,
- services offered in connection with the described securities,
- explanations of the various types of investment companies,
- descriptions of exchange and reinvestment privileges, and
- where the public can write or call for further information
Rule 3110
- correct answer Each member must retain copies of its registered representatives' correspondence
according to the recordkeeping rule
,Filing Requirements during 1st year of operation
- correct answer FINRA will require the member to file any retail communication that is published or
used in any electronic or other public media (e.g., any generally accessible website, newspaper,
magazine or other periodical, radio, television, telephone or audio recording, video display, sign or
billboard, motion picture, or telephone directory [other than routine listings]) with FINRA at least 10
business days before first use (prefiling).
Filing Requirements for an "Established Firm" (after completion of 1st year of registration)
- correct answer may file retail communications relating to investment companies (including mutual
funds, variable contracts, and UITs) within 10 business days of first use (post-filing).
Whether a first year firm or not, retail communications for investment companies (including mutual
funds, variable contracts, and UITs) that include a ranking or comparison that is generally not published
or is the creation of the investment company or the member must be filed with FINRA....
- correct answer at least 10 business days before first use (prefiling).
If the ranking or comparison is generally published or is the creation of an independent entity (e.g.,
Lipper or Morningstar), what rules apply?
- correct answer the usual filing rules for filing will apply (i.e., within 10 business days of first use [post-
filing])
Spot Checks
- correct answer Each member's retail communications are subject to routine spot checks. Members
must comply with written requests for such material by FINRA. Material filed previously with FINRA
under this rule need not be resubmitted.
Exemptions From Filing and Spot Check Requirements
- correct answer -retail communications that previously have been filed with the department and that
are to be used without material change;
-retail communications that do not make any financial or investment recommendation or otherwise
promote a product or service of the member;
-retail communications that do no more than identify a national securities exchange symbol of the
member or identify a security for which the member is a registered market maker;
-retail communications that do no more than identify the member or offer a specific security at a stated
price;
, -press releases that are made available only to members of the media;
-any reprint or excerpt of any article or report issued by a publisher ("reprint")
-correspondence;
-institutional communications;
-communications that refer to types of investments solely as part of a listing of products or services
offered by the member;
-retail communications that are posted on an online interactive electronic forum; and
-press releases issued by closed-end investment companies that are listed on the New York Stock
Exchange (NYSE).
Ranking Entity
- correct answer refers to any entity that provides general information about investment companies to
the public, that is independent of the investment company and its affiliates, and whose services are not
procured by the investment company or any of its affiliates to assign the investment company a ranking
bond mutual fund volatility rating
- correct answer is a description issued by an independent third party relating to the sensitivity of the
net asset value (NAV) of a portfolio of an open-end management investment company that invests in
debt securities to changes in market conditions and the general economy, and is based on an evaluation
of objective factors, including the credit quality of the fund's individual portfolio holdings, the market
price volatility of the portfolio, the fund's performance, and specific risks, such as interest rate risk,
prepayment risk, and currency risk.
Required Disclosures of Bond Mutual Fund Volatility Ratings
- correct answer The name of the entity that issued the rating must be disclosed along with:
-the date of the current rating,
-a link to a website that includes the criteria and methodology used,
-a statement that there is no standard method to determine the rating a description of the types of risk
the rating measures (e.g., short-term volatility), and
-a statement that there is no guarantee the fund will continue to have the same rating or perform in the
future as rated
