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Series6 test Format | Series6 Course Contents | Series6 Course Outline | Series6 test Syllabus | Series6 test Objectives


The Series 6 Examination is the Investment Company and Variable Contracts Products Representative Qualification Examination. The examination is developed and maintained by the Financial Industry Regulatory Authority (FINRA). This Content Outline provides a comprehensive guide to the syllabus covered on the Investment Company and Variable Contracts Products Representative Qualification Examination (Series 6). The outline is intended to familiarize examination candidates with the range of subjects covered on the examination, as well as the depth of knowledge required. trial questions are also included to acquaint candidates with the types of multiple-choice questions used on the examination. It is recommended that candidates refer to the content outline as part of their preparation to take the examination. Candidates are responsible for planning their course of study in preparation for the examination.

The Series 6 Examination is designed to assess the competency of entry-level Investment Company and Variable Contracts Products Representatives. It is intended to safeguard the investing public by helping to ensure that Investment Company and Variable Contracts Products Representatives are competent to perform their jobs. Given this purpose, the Series 6 Examination seeks to measure the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the critical functions of an Investment Company and Variable Contracts Products Representative. For more information about the permissible activities of an Investment Company and Variable Contracts Products Representative.

Job Functions Number of Questions
Function 1 Regulatory fundamentals and business development 22
Function 2 Evaluates customers financial information, identifies investment objectives, provides information on investment products, and makes suitable recommendations 47
Function 3 Opens, maintains, transfers and closes accounts and retains appropriate account records 21
Function 4 Obtains, verifies, and confirms customer purchase and sale instructions 10
Total 100

The Series 6 Content Outline was developed based on the results of a job analysis study of Investment Company and Variable Contracts Products Representatives. The job analysis process included collecting data about the job functions, tasks and required knowledge of Investment Company and Variable Contracts Products Representatives from a wide variety of firms using numerous data collection techniques, including a survey.
To ensure and sustain the job relevance of the examination, under the guidance of FINRA staff, a committee of industry representatives (“the Committee”) writes, reviews and validates all test questions. Test questions are subjected to multiple reviews prior to inclusion on the examination and each question is linked directly to a component of the content outline. Test questions vary in difficulty and complexity. Each question will have only one correct or best answer.
The bank of test questions changes constantly as a result of amendments to, or the introduction of, government and self-regulatory organization (SRO) rules and regulations, changes in industry practice and the introduction of new products. It is the candidates responsibility to keep abreast of such changes when preparing to take the examination. Examination questions and their statistical performance are analyzed routinely by FINRA staff and the Committee to ensure that test questions continue to be relevant to the functions of Investment Company and Variable Contracts Products Representatives. Examination questions are updated when necessary to reflect current industry practices and government and SRO rules and regulations.

The examination is administered via computer. A tutorial on how to take the examination via computer is provided prior to taking the examination. Each candidates examination includes 5 additional, unidentified pretest questions that do not contribute toward the candidate's score. The 5 questions are randomly distributed throughout the examination. Therefore, each candidates examination consists of a total of 105 questions (100 scored and 5 unscored). Each scored test question is worth one point. There is no penalty for guessing. Therefore, candidates should attempt to answer all questions. Candidates will be allowed 135 minutes to complete the examination. Scratch paper and basic electronic calculators will be provided to candidates by the test administrator, and must be returned to the Test Center administrator at the end of the testing session. Some test questions involve calculations. Only calculators provided by the Test Center administrators are allowed for use during the examination. Candidates will not be permitted to bring any reference material to their testing session. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA-administered examinations.

Following a well-established process known as standard setting, FINRA determines the passing score for the examination based on the judgment of a committee of industry professionals with the designated registration. For the Series 6 exam, the passing score is 70. This passing score reflects the competency needed to hold the designated registration.

All candidate test scores have been placed on a common scale using a statistical adjustment process known as equating. Equating scores to a common scale accounts for the slight variations in difficulty that may exist among the different sets of test questions that candidates receive. This allows for a fair comparison of scores and ensures that every candidate is held to the same passing standard regardless of which set of test questions he or she received.

On the day of the test, candidates will receive a report of their test results both on screen and in paper format at the end of their test session. The score report will indicate pass/fail status and a score profile indicating performance based on each major content area covered on the examination. It is recommended that candidates who fail the examination review the information provided on the score report, as they may want to focus on the areas that they performed poorly on when preparing to retake the examination. For security reasons, the examination and individual test questions are not available for review after taking the examination.

FUNCTION 1 – Regulatory fundamentals and business development
1.1: Demonstrates understanding of fundamental regulatory knowledge and provides personal and professional information required to be disclosed to obtain and maintain appropriate registration(s)
Knowledge of:
• General industry regulations, including SEC, SRO, and state requirements
• Registration, qualification, continuing education, and termination of employment of associated persons
• Permitted activities for registered and non-registered associated persons
FINRA By-Laws
Article I – Definitions
Paragraph (rr) – Person Associated with a Member
Article III – Qualifications of Members and Associated Persons
Section 1 – Persons Eligible to Become Members and Associated Person of Members
Section 3 – Ineligibility of Certain Persons for Membership or Association
Section 4 – Definition of Disqualification
Article V – Registered Representatives and Associated Persons
FINRA Rules
1010 – Electronic Filing Requirements for Uniform Forms
1122 – Filing of Misleading Information as to Membership or Registration
1250 – Continuing Education Requirements
2263 – Arbitration Disclosure to Associated Persons Signing or Acknowledging Form U4
3110 – Supervision
3270 – Outside Business Activities of an Associated Person
4530 – Reporting Requirements
8312 – FINRA BrokerCheck Disclosure
NASD Rules
IM-1000-2 – Status of Persons Serving in the Armed Forces of the United States
1031 – Registration Requirements
1032(b) – Investment Company and Variable Contracts Products Representative
1060 – Persons Exempt from Registration
1070 – Qualification Examinations and Waiver of Requirements
1080 – Confidentiality of Examinations
3010(e) – Supervision (Qualifications Investigated)
3010(f) – Supervision (Applicants Responsibility)
3040 – Private Securities Transactions of an Associated Person
3050 – Transactions for or by Associated Persons
Securities Exchange Act of 1934
Section 3(a) – Definitions and Application of Title
Section 15 – Registration and Regulation of Brokers and Dealers
Section 15A – Registered Securities Associations
Section 17(f)(2) – Accounts and Records, Reports, Examinations of Exchanges, Members, and Others
Rule 17f-2 – Fingerprinting of Security Industry Personnel
Investment Advisers Act of 1940
Section 201 – Findings
Section 202(a) – Definitions (of investment advisers and persons associated with an investment adviser)
Section 203 – Registration of Investment Advisers
1.2: Solicits business by contacting and building relationships with customers and prospects in person, by telephone, mail or electronic means
Knowledge of:
• Product definitions and classifications
• Required approvals and content standards of public communications: retail communications, institutional communications, correspondence, research reports, telephone solicitations
• Appropriate use of professional designations
• Definition of regulated investment company by the Internal Revenue Code
• “Conduit” or “pipeline” theory, required distribution of income and realized capital gains
• “Do-not-call” lists and other telemarketing requirements
FINRA Rules
2210 – Communications with the Public
2212 – Use of Investment Companies Rankings in Retail Communications
2213 – Requirements for the Use of Bond Mutual Fund Volatility Rating
2214 – Requirements for the Use of Investment Analysis Tools
3160 – Networking Arrangements Between Members and Financial Institutions
3170 – Tape Recording of Registered Persons by Certain Firms
3230 – Telemarketing
4512 – Customer Account Information
5230 – Payments Involving Publications that Influence the Market Price of a Security
NASD Rules
IM-2210-2 – Communications with the Public About Variable Life Insurance and Variable Annuities
Securities Act of 1933
Section 2 – Definitions; Promotion of Efficiency, Competition, and Capital Formation
(definitions of “offer to sell” and “prospectus”)
Section 5 – Prohibitions Relating to Interstate Commerce and the Mails
Section 17 – Fraudulent Interstate Transactions
Rule 134 – Communications Not Deemed a Prospectus
Rule 482 – Advertising by an Investment Company as Satisfying Requirements of Section
10 of Securities Act of 1933
Investment Company Act of 1940
Section 2 – General Definitions
Section 3 – Definition of Investment Company
Section 4 – Classification of Investment Companies
Section 5 – Subclassification of Management Companies
Section 6 – Exemptions
Section 8 – Registration of Investment Companies
Rule 34b-1 – Sales Literature Deemed to Be Misleading
1.3: Discusses the products and services offered with customers and prospects and distributes
offering and disclosure documents
Knowledge of:
• Content and delivery of prospectuses, Statement of Additional Information (SAI), and other offering
documents
• Networking arrangements
• Regulations related to marketing/prospecting
• Initial privacy disclosures to customers (e.g., definitions, privacy and opt-out notices, disclosure
limitations, exceptions)
FINRA Rules
2020 – Use of Manipulative, Deceptive, or other Fraudulent Devices
2266 – SIPC Information
NASD Rule
2420 – Dealing with Non-Members
Securities Exchange Act of 1934
Section 3(a)(4)(B) – Definitions and Application, Broker (Exception for Certain Bank
Activities)
Section 10 – Manipulative and Deceptive Devices
Rule 10b-3 – Employment of Manipulative and Deceptive Devices by Brokers or Dealers
Securities Act of 1933
Section 10 – Information Required in Prospectus
Section 23 – Unlawful Representations
Regulation D – Rules Governing the Limited Offer and Sale of Securities Without
Registration Under the Securities Act of 1933
Rule 431 – Summary Prospectuses
Rule 498 – Summary Prospectuses for Open-End Management Investment Companies
Rule 501 – Definitions and Terms Used in Regulation D
Rule 506 – Exemption for Limited Offers and Sales Without Regard to Dollar Amount of
Offering
Investment Company Act of 1940
Section 35 – Unlawful Representations and Names
Rule 35d-1– Investment Company Names
1.4: Conducts seminars and holds other public forums with customers and prospects, and
obtains appropriate approvals
Knowledge of:
• Definitions of retail communications, institutional communications and correspondence, including
categorization of public appearances, seminars and related sales literature and advertising
• Regulations regarding communications with the public
• Standards and approval of communications
FINRA Rules
2210 – Communications with the Public
NASD Rule
IM-2210-2 – Communications with the Public About Variable Life Insurance and Variable
Annuities
Securities Act of 1933
Section 12 – Civil Liabilities Arising in Connection with Prospectuses and Communications
Rule 135a – Generic Advertising
Rule 135b – Materials Not Deemed an Offer to Sell or Offer to Buy Nor a Prospectus
Rule 156 – Investment Company Sales Literature
Rule 482 – Advertising by an Investment Company as Satisfying Requirements of Section
10 of Securities Act of 1933
Investment Company Act of 1940
Section 30(b) – Periodic and Other Reports; Reports of Affiliated Persons
Rule 34b-1 – Sales Literature Deemed to be Misleading

FUNCTION 2 – Evaluates customers financial information, identifies
investment objectives, provides information on investment products, and
makes suitable recommendations
2.1: Gathers customers financial and non-financial information to identify, analyze, and assess
risk tolerance, investment experience and sophistication level
Knowledge of:
• Essential facts regarding customers and customer relationships
• Financial and personal profile of a customer (e.g., age, other investments, financial situation and
needs, tax status, investment objectives, investment experience, investment time horizon, liquidity
needs, risk tolerance)
• Reasonable-basis suitability, customer-specific suitability and quantitative suitability
• Investment strategies and recommendations to hold
FINRA Rules
2010 – Standards of Commercial Honor and Principles of Trade
2090 – Know Your Customer
2111 – Suitability
2111.03 – Recommended Strategies
2111.05 – Components of Suitability Obligations
2.2: Makes suitable investment recommendations based on customers current investment profile,
including financial status, tax status, and investment objectives and explains to customers
how recommended products are structured and priced and the risks associated with the
underlying investments
Knowledge of:
• Investment profile and strategies
• Types of investment returns (e.g., dividends, capital gains, return of capital)
• Securities markets (e.g., exchange markets, over-the-counter (OTC)/negotiated market, new issue
market (e.g., primary offering, role of investment banker))
• Fair dealings with customers and appropriate business conduct (e.g., application, definitions, sales
charges, withhold orders, refund of sales charges, dealer concessions, member compensation,
execution of portfolio transactions, breakpoint sales)
• FINRAs cash and non-cash compensation regulations (e.g., gifts and business entertainment
limits)
• Insider trading and prohibited activities (e.g., churning, front running, switching, commingling,
unauthorized trading, guarantees against losses, selling away)
• Capitalization, pricing, secondary market trading, and redeemability
• Types of underlying securities
° Equity securities: Definitions and features of common stock, preferred stock and other
types of equity securities (e.g., ADRs, rights, and warrants)
° Debt securities: Definitions and features of corporate bonds and other debt securities
(e.g., zero coupon bond, convertible bond, mortgage-backed securities (pass through),
collateralized mortgage obligations (CMOs), asset-backed securities (ABS))
° Options: definition and features
° U.S. Treasury securities (e.g., Treasury bills, notes, and bonds, Separate Trading of
Registered Interest and Principal Securities (STRIPS), and Treasury Inflation
Protection Securities (TIPS))
° U.S. government agencies securities (e.g., Government National Mortgage
Association (GNMA) securities, Federal National Mortgage Association (FNMA)
securities, Federal Home Loan Mortgage Corporation (FHLMC) securities) issuing
agencies and their purposes, risks, payment of interest and principal
° Municipal bonds (General Obligation (GO) bonds, Revenue bonds)
° Other types of debt securities and money market instruments, including but not limited
to: corporate commercial paper, brokered certificates of deposit (CDs) and bankers
acceptances
• Other investment types, including but not limited to: Exchange Traded Funds (ETFs) and hedge
funds
• Variable annuities, deferred variable annuities and variable life (fees and charges, premiums,
riders, investment options, death benefits and payout options)
• Tax considerations
° Mutual fund investor activities, reporting dividend and capital gains distributions to IRS
and state tax agency, tax treatment of securities transactions and realized/unrealized
net capital gains/losses, exchanges as taxable event, shareholders tax basis (e.g.,
offering price, exchange of securities, gift of securities, inheritance of securities,
reinvested dividends and capital gains distributions)
° Determining holding period of securities (e.g., trade date, acquisition, redemption,
wash sale rule)
° Tax treatment of variable annuity contracts (e.g., accumulation period, annuitization
period, 72(t) taxation of annuity payments, withdrawals and surrenders, death benefits,
1035 exchanges)
° Tax treatment of variable life insurance to the policyholder (e.g., during the life of the
policy, upon the death of the insured, upon full or partial surrender of the policy, 1035
exchanges, modified endowment contract (MEC))
FINRA Rules
2000 Series – Duties and Conflicts
2060 – Use of Information Obtained in Fiduciary Capacity
2111 - Suitability
2150 – Improper Use of Customers Securities or Funds; Prohibition Against Guarantees
and Sharing in Accounts
2320 – Variable Contracts of an Insurance Company
2330 – Members Responsibilities Regarding Deferred Variable Annuities
2342 – “Breakpoint” Sales
3220 – Influencing or Rewarding Employees of Others
3240 – Borrowing From or Lending to Customers
NASD Rules
IM-2420-1 — Transactions Between Members and Non-Members
IM-2420-2 — Continuing Commissions Policy
1060(b) – Persons Exempt from Registration
2830 – Investment Company Securities
MSRB Rule
G-19 – Suitability of Recommendations and Transactions; Discretionary Accounts
Securities Exchange Act of 1934
Section 3(a) – Definitions and Application (Definitions of broker, dealer, security,
investment contract)
Section 20A – Liability to Contemporaneous Traders for Insider Trading
Section 21A – Civil Penalties for Insider Trading
Rule 10b-5 – Employment of Manipulative and Deceptive Devices
Securities Act of 1933
Section 2 – Definitions; Promotion of Efficiency, Competition, and Capital Formation
(Definitions of issuer and underwriter)
Investment Company Act of 1940
Section 8(b) — Registration of Investment Companies
Section 11 — Offers of Exchange
Section 12 — Functions and Activities of Investment Companies
Rule 12b-1 — Distribution of Shares by Registered Open-End Management Investment
Company
Section 13 — Changes in Investment Policy
Section 19 — Payments or Distributions
Rule 19a-1 — Written Statement to Accompany Dividend Payments by Management
Companies
Rule 19b-1 — Frequency of Distribution of Capital Gains
Section 22 — Distribution, Redemption, and Repurchase of Redeemable Securities
Rule 22c-1 — Pricing of Redeemable Securities For Distribution, Redemption and
Repurchase
Rule 22d-1 — Exemption From Section 22(d) to Permit Sales of Redeemable Securities at
Prices Which Reflect Sales Loads Set Pursuant to a Schedule
Rule 22d-2 — Exemption From Section 22(d) for Certain Registered Separate Accounts
Rule 22e-1 — Exemption From Section 22(e) During Annuity Payment Period of Variable
Annuity Contracts Participating in Certain Registered Separate Accounts
Section 23 — Distribution and Repurchase of Securities: Closed-End Companies
Section 35 — Unlawful Representations and Names
Section 37 — Larceny and Embezzlement
Insider Trading and Securities Fraud Enforcement Act of 1988
Section 3 - Civil Penalties of Controlling Persons for Illegal Insider Trading by Controlled
Persons
Section 4 - Increases in Criminal Penalties
2.3: Provides appropriate disclosures concerning products, risks, services, costs, fees, current
quotes and explains pricing method
Knowledge of:
• Definitions, characteristics, and concepts of products, types of accounts, and plans
• Price and yield terms (e.g., bid, ask, NAV, premium, par)
• Tax treatment, contributions, accumulation, withdrawals, account ownership, beneficiaries,
benefits, required minimum distributions (RMD), and rollovers and transfers
• Retirement and tax advantaged plans
° Types of individual retirement accounts (e.g., IRAs: traditional, Roth and SEP)
° Employer-sponsored retirement plans (e.g., Simplified Employee Pension Plan (SEP),
Savings Incentive Match Plans for Employees (SIMPLE), IRA and 401(k), 403(b) and
403(b)(7); 501(c)(3), and 457 plans, Employee Retirement Income Security Act
(ERISA)
° Non-qualified deferred compensation
° Education plans (e.g., 529 College Savings Plans, Coverdell Education Savings Plan)
• Open-end investment company
° Fund shares, important factors in comparison of funds, structure and operation (e.g.,
functions of the board of directors, investor advisor, underwriter/distributor, custodian,
and transfer agent), rights of shareholders, exchange privileges within families of
funds, automatic reinvestment of dividend income and capital gains distributions,
systematic purchase and withdrawal plans, performance, dollar cost averaging (DCA)
• Mutual fund
° Types of portfolios and funds (e.g., money market, fixed income, equity, specialized)
° NAV per share, offering price, ex-dividend, share class, SEC Rule 12b-1 distribution
plans, letter of intent, rights of accumulation,
° Fees, charges, and expenses including no load, load (e.g., front-end, back-end),
management fees, 12b-1 fees, administrative expenses, redemption fee, reduced
sales charges/quantity discounts, and breakpoints
• Variable annuity and variable life insurance
° Insurance company separate accounts/general accounts (Exempt under 3a-8 of the
Securities Act of 1933, Investment Company Act of 1940 Section 2(a)(37))
° Valuation of variable annuity contracts (accumulation units, annuitization units,
assumed interest rate (AIR), relationship between AIR and real rate of return)
° Variable life insurance (fixed and flexible premium types)
° Fees, charges, and expenses including management fees, 12b-1 fees, mortality and
expense charges, administrative expenses, payout or withdrawal plans, conversion
privilege, restrictions, contingent deferred sales charge, and reduced sales
charges/quantity discounts
• Unit Investment Trust (UIT)
• Closed-end fund
° Capitalization, pricing, distribution, redemption restrictions
FINRA Rules
2330 – Members Responsibilities Regarding Deferred Variable Annuities
2330(b) – Recommendation Requirements
2330(e) – Training
Securities Act of 1933
Section 3a-8 – Classes of Securities under this Title
Investment Company Act of 1940
Section 2(a)(37) – General Definitions
Rule 12b-1 – Distribution of Shares by Registered Open-End Management Investment
Company
2.4: Provides explanations to customers regarding how economic events and investment risk
factors may impact investments
Knowledge of:
• Investment risk factors (e.g., call, capital, credit, currency, inflationary, interest rate, liquidity,
market (systematic, non-systematic), social and political, pre-payment, reinvestment, timing)
• Concept of risk/reward and the effects of diversification
• Types of investment strategies
• Sources of market and investment information (e.g., news outlets, internet, rating agencies,
research reports) and economic factors (e.g., inflation, deflation, monetary policy, economic policy)
• The role of the Federal Reserve Board
• Changing interest rates and the effect on money supply, fiscal policy, federal taxation and spending
• International economic factors (e.g., currency exchange rates, balance of trade, gross domestic
product (GDP))

FUNCTION 3 – Opens, maintains, transfers and closes accounts and
retains appropriate account records
3.1: Provides information and disclosures to customers regarding various account types,
characteristics, and restrictions
Knowledge of:
• Account registration types (e.g., individual, JTWROS, UGMA)
• Distribution elections (e.g., cash, reinvestment)
3.2: Obtains and updates customer information and documentation necessary to open, maintain,
and close the account
Knowledge of:
• Customer screening (e.g., Customer Identification Program (CIP), determining whether a customer
is an associated person of another broker-dealer)
• Account authorizations and legal documents (e.g., power of attorney, authorized account user,
discretionary accounts, Transfer on Death (TOD), beneficiary forms)
• Recordkeeping (e.g., retention of customer and firm-related records)
• Customer account record maintenance (e.g., update personal information, holding of customer
mail, sending required SEC Rule 17a-3 notifications)
• Transferring customer accounts between broker-dealers (e.g., Automated Customer Account
Transfer Service (ACATS))
• Account registration changes and internal transfers (e.g., TOD, divorce)
• Delivery of annual reports and notices of corporate actions (e.g., proxy statements)
FINRA Rules
2090 – Know Your Customer
2251 – Forwarding of Proxy and Other Issuer-Related Materials
2267 – Investor Education and Protection
3150 – Holding of Customer Mail
3250 – Designation of Accounts
4510 Series – Books and Records Requirements
11870 – Customer Account Transfer Contracts
NASD Rules
2510 – Discretionary Accounts
Securities Exchange Act of 1934
Rule 17a-3 – Records to Be Made by Certain Exchange Members, Brokers and Dealers
Rule 17a-3(a)(9) – Customer Account Information
Rule 17a-3(a)(17) – Customer Account Records and Updates
Rule 17a-4 – Records to Be Preserved by Certain Exchange Members, Brokers and
Dealers
Rule 17a-4(b)(6) – Records relating to discretionary authority
Rule 17a-8 – Financial Recordkeeping and Reporting of Currency and Foreign
Transactions
Regulation S-P – Privacy of Customer Financial Information and Safeguarding Personal
Information
USA PATRIOT Act
Section 326 – Customer Identification Programs
3.3: Identifies and responds appropriately to suspicious customer account activity for the life of
an account
Knowledge of:
• Anti-Money Laundering (AML) compliance procedures, program, and reporting (e.g., Bank Secrecy
Act (BSA), Office of Foreign Asset Control (OFAC) Specially Designated Nationals (SDN) list,
Currency Transactions Reports (CTRs), Customer Identification Program (CIP), Suspicious Activity
Reports (SARs))
• Circumstances for notifying FinCEN or refusing or restricting activity in an account and/or closing
accounts
FINRA Rule
3310 – Anti-Money Laundering Compliance Program
USA PATRIOT Act
Section 314 – Cooperative Efforts to Deter Money Laundering
Section 352 – Anti-Money Laundering Programs

FUNCTION 4 – Obtains, verifies, and confirms customer purchase and sale
instructions
4.1: Verifies, enters and monitors orders in accordance with customers instructions and
regulatory requirements and reports trade executions to customers
Knowledge of:
• Cash accounts (e.g., prompt payment for securities purchased, extension of time, frozen accounts)
• Market terms (e.g., trade date, settlement date, ex-dividend date)
• Delivery requirements and settlement of transactions
• Trade execution activities (e.g., market timing, late trading, prompt payment for securities
purchased, extension of time, frozen accounts, prohibition on arranging loans for others)
• Information required on an order ticket
• Sharing of referral fees and commissions
• Confirmations and account statements
FINRA Rules
2232 – Customer Confirmations
4510 – Books and Records Requirements
4514 – Authorization Records for Negotiable Instruments Drawn From a Customers
Account
4515 – Approval and Documentation of Changes in Account Name or Designation
5310 – Best Execution and Interpositioning
11860 – COD Orders
NASD Rules
2340 – Customer Account Statements
Securities Exchange Act of 1934
Section 17 – Accounts and Records, Reports, Examinations of Exchanges, Members, and
Others
Rule 10b-10 — Confirmation of Transactions
Rule 17a-3(a)(6) and (a)(7) – Order Tickets and Memoranda of Purchases and Sales
Rule 17a-3(a)(19) – Records to Be Made by Certain Exchange Members, Brokers and
Dealers
Federal Reserve Board
Regulation T – Credit by Brokers and Dealers
4.2: Informs the appropriate supervisor and assists in the resolution of trade discrepancies,
possible errors, disputes, and complaints
Knowledge of:
• Customer complaint procedures
• Arbitration procedures
Investigations and sanctions
FINRA Rules
2080 – Obtaining an Order of Expungement of Customer Dispute Information from the
Central Registration Depository (CRD) System
3110 – Supervision
4513 – Records of Written Customer Complaints
4530 – Reporting Requirements
8000 Series – Investigations and Sanctions
9000 Series – Code of Procedure
12000 Series – Code of Arbitration Procedure for Customer Disputes
13000 Series – Code of Arbitration Procedure for Industry Disputes
14000 Series – Mediation Ground Rules



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An introduction to look at various driven development | Series6 test Questions and Questions and Answers

verify pushed development (TDD) is the amalgam of two programming thoughts: test-First building (TFD) and Refactoring. looking on the first of these, TFD literally ability that earlier than you write some practical code (in whatever thing programming language you ensue to favor) you first write a small piece of code to look at various the outcomes or outcome of that practical code which doesn't yet exist. It may sound weird, testing anything that would not yet exist, however it truly is precisely the element: you want your examine to fail. Don’t be anxious, all will turn into clear via the conclusion of the tutorial!

So why might you are looking to use TDD at all? smartly at the beginning you should get into a unique attitude. believe this from β€˜Object pondering’ by David West: β€œan excellent developer may still gain knowledge of to pay attention to the problem house and never leap instinctively into the solution house.”

Take this example:

problem: extract the united kingdom postal area code from any given full UK postcode. instance input β€œSS17 7HN", output should be β€œSS", for input β€œB43 4RW", output should still be β€œB"

Instinctively you're likely already declaring a string variable for your head. but a stronger strategy to inspecting this difficulty is to identify the objects and their responsibility, the outcome of this self-discipline will assist produce the solution itself. there is certainly a Postcode object required and it can have the accountability to output it's postal enviornment. Objects equal classes and tasks are their methods, so the solution will involve a postcode type with a postalArea() components.

So your examine will contain something like (assuming c#):

Postcode objPc = new Postcode(); string strPa = objPc.postalArea();

All you need now could be a unit testing framework to position your check in. So how do you basically do it then? allow us to analyze an illustration the use of SharpDevelop and Nunit which integrate properly. At its most fundamental, Nunit is a DLL assembly that will also be referenced in your challenge. good enough, so open SharpDevelop and click the 'New answer' button on the delivery web page. opt for the class Library template and identify it Postcode. click good enough.

a brand new answer and project is created with a class file MyClass.cs. Set your namespace if necessary (usually company or very own name and then any subgrouping if relevant) Rename the category 'Postcode'. expand the venture within the solution explorer on the left hand facet and rename the type file 'postcode.cs'. appropriate click on references in the solution explorer and choose Add Reference. Scroll down to the nunit.framework entry in the checklist of references within the GAC tab. here is assuming that you just downloaded the nunit msi installer from [URL]http://www.nunit.org[/URL] and installed it.correct click the undertaking on the answer explorer and decide Add->item, within the speak container that appears select 'Unit look at various' and identify it 'PostcodeTest.cs'

appropriate click on the challenge on the answer explorer and decide Add->merchandise, within the speak container that seems opt for 'Unit verify' and name it 'PostcodeTest.cs' after which you'll want to get a brand new file in the solution explorer 'PostcodeTest.cs' after which rename the namespace if essential. be aware the [TestFixture] and [Test] attributes, see the 'Getting began' documentation for the two.2.7 free up of Nunit the place these attributes are explained.

Now they are able to display check first construction. With an expectation of the classification being able to return the a part of a UK postcode that represents its Postal area during this case, add some code to the check category to pastime the true classification during this method. in the 'PostcodeTest.cs' file add right here strains of code:

the usage of equipment; the usage of NUnit.Framework; namespace Gadgitbox.business.exams [TestFixture] public type PostcodeTest [Test] public void postalArea() // TODO: Add your examine. string[] strPc = "SS17 7HN", "B43 4RW"; string[] strPa = "SS", "B"; Postcode[] arrPc = new Postcode[strPc.Length]; for(int i = 0; i < strPc.size; i++) arrPc[i] = new Postcode(strPc[i]); Assert.AreEqual(strPa[i], arrPc[i].postalArea());

How do you know to write all that? convenient it's all within the problem. seem to be lower back at the problem remark previous listed here, there were two postcodes in it and two corresponding postal areas. they are the pattern information so you want a few string arrays to cling these, a standard system to dangle small amounts of information in memory. There are two postcodes within the problem so that’s varied cases of a postcode object required. therefore, you may as neatly have these in an array too. To verify each probability in the problem you should iterate through them so you deploy a for loop. In there which you could instantiate an example of type postcode for each and every example and contact its postalArea() system. The Assert category and the AreEqual() system are provided within the Nunit framework that you just added as a reference to the venture, as are the [TestFixture] and [Test] attributes.

So go ahead press F8 or opt for construct solution from the build menu. you'll want to get two build mistakes. good the examine fails that is what you need the primary time round. in case you have greater than two error investigate you typed within the syntax as it should be.

the first of the construct mistakes will let you know there is no overload for formulation Postcode, so you want a constructor with a string parameter to settle for the postcode (see how the solution is emerging of itself.) The 2d compiler error tells you that the postalArea() formula would not exist so that you should create that too. So change to Postcode.cs and amend the code so it seems like this:

public classification Postcode public Postcode(string strPc) public string postalArea() return "postcode";

take into account here anecdotes, each of which quantity to the identical component so select which you discover most memorable or greater still bear in mind each!

  • β€œA system may still be as simple as possible, but never simpler" - Albert Einstein.
  • ok.I.S.S. (preserve It primary dull) The purpose here is to put in writing as little purposeful code as viable to satisfy the look at various, by using doing this they aren't simplest holding issues so simple as possible however they are following yet another discipline that recommends you code in small increments ( a few strains of code at a time as adversarial to 200+ strains of code per build).
  • good enough time for F8 again, this time the project should still construct. Now it's time to run the unit test. fan the flames of the Nunit GUI from the shortcut added to your start->programs menu when you put in Nunit. From the File menu select open and browse to the dll file SharpDevelop has just built. once it has loaded click the β€œRun" button. A sea of pink may still meet your eyes as it's no longer domestic time yet. but look how informative the error is, you can see the length and output isn't as expected. no longer simplest does it tell you the difference is at index 0 it puts a bit ASCII hat image displaying you the place index 0 is!

    What do you need to flow this examine? handy, you need a personal string member variable to dangle the postcode handed in to the constructor, and some common sense within the postalArea() components to extract the postal area from it. Amend Postcode.cs as follows:

    public category Postcode inner most string m_strPostcode; public Postcode(string strPc) m_strPostcode = strPc; public string postalArea() return m_strPostcode.Substring(1,2);

    build the solution and from the file menu in Nunit GUI choose 'Reload.' It nevertheless fails? a typical mistake in the parameters of the substring system, it should be from index 0 no longer 1 (see how easy these common developer blunders are picked up, with out your unit look at various how long could you had been attempting to find that with 200 strains of code between builds?)

    appropriate convenient then, substitute the 1 with a 0 hence:

    return m_strPostcode.Substring(0,2);

    And build, reload, run - see how here is getting iterative?

    still fails! On the second postcode substring isn't enough, you're nevertheless too standard, you deserve to contend with the fact some UK postcodes have a single personality to determine them. Amend your code as follows:

    public string postalArea() if (m_strPostcode.length < eight) return m_strPostcode.Substring(0,1) else return m_strPostcode.Substring(0,2);

    A sea of eco-friendly? brilliant your job is accomplished that you would be able to set up and go home and sleep soundly realizing that guide name will now not come. Oh but you do get a support name? Curses! What postcode was the client the usage of? β€œW1Y2 3rd" Tsk, the Postal provider surely haven't heard of KISS either. Anyway or not it's no difficulty, first element subsequent morning open up your task and add β€œW1Y2 third" and the anticipated enviornment β€œW" for West London to your verify.

    string[] strPc = "SS17 7HN", "B43 4RW", "W1Y2 third"; string[] strPa = "SS", "B", "W";

    Your logic error is now uncovered, your implementation is still a bit on the standard side and you need to take a unique approach. in preference to the size of the postcode you should look on the 2d personality and examine if it be a bunch or a letter. Add here inner most system to your Postcode classification:

    private static bool IsNumeric(string stringToTest) double newVal; return double.TryParse(stringToTest, NumberStyles.Any, NumberFormatInfo.InvariantInfo, out newVal);

    Now amend the if observation within the postalArea() components like this:

    if (IsNumeric(m_strPostcode.Substring(1,1))){

    build, Reload, Run. The tests should now flow. So TDD may additionally at first look like complicated work, but it surely basically can save you time and frustration extra down the line. This tutorial has simplest scratched the surface when it comes to the benefits of setting up your functions in this way. So listed below are some strategies for extra studying and positive links:

    Kent Beck and Cynthia Andres: excessive Programming defined: embrace alternate, second edition, Addison-Wesley, ISBN 0321278658

    David West: Object thinking, Microsoft Press, ISBN 0735619654

    http://www.agiledata.org/essays/tdd.htmlhttp://www.nunit.orghttp://www.sharpdevelop.internet/OpenSource/SD/Default.aspx


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