FINRA Series 22 Guide

Use this guide root when you are preparing for the Direct Participation Programs Representative Exam. Series 22 is a limited-scope path tied to direct participation programs rather than the broader general-securities product set. That limited scope is exactly why candidates need to study it on its own terms instead of assuming ordinary stock-and-bond sales logic will carry over cleanly.

The guide combines full chapter-based lessons with quick-reference pages such as the Cheat Sheet and FAQ. The educational chapter sequence follows the official FINRA exam functions, with chapters on seeking business, opening accounts, providing recommendations and disclosures, and processing transactions and complaints. That structure is deliberate. Series 22 is written as a DPP selling role, so the study path should mirror that workflow.

Use the chapter pages when you need full lesson coverage and cleaner reasoning about DPP structures, suitability, disclosure, and illiquidity risk. Use the cheat sheet when the framework is already familiar and you want a faster retention pass.

In this section

• Seeking Business and Offering Communications
  Learn the outreach, communications, and product-description rules that open the Series 22 exam.
  • Outreach and Communications With Customers
    Review the in-person, telephone, mail, and electronic-communication rules that govern early DPP business development on Series 22.
  • Describing DPP Offerings and Risks
    Learn how Series 22 tests DPP product explanations, risk descriptions, and the line between balanced disclosure and misleading promotion.
• Opening Accounts and Building the Customer Profile
  Learn the account, disclosure, documentation, and customer-profile topics that shape the second Series 22 function.
  • Account Types and Required Disclosures
    Review account-type selection and the disclosure obligations that accompany DPP account opening on Series 22.
  • Customer Information, Documentation, and Legal Forms
    Learn how Series 22 tests the collection and maintenance of customer facts, legal documents, and required account records.
  • Investment Profile, Sophistication, and Eligibility
    Review the customer-profile analysis that Series 22 uses to test DPP suitability and eligibility judgment.
  • Supervisory Approval To Open Accounts
    Learn the approval logic that Series 22 expects before DPP account opening and sales activity can move forward.
• Recommendations, Disclosures, and DPP Analysis
  Learn the DPP product-analysis, suitability, disclosure, and account-servicing topics that dominate the Series 22 exam.
  • DPP Structures, Risks, and Economics
    Review the program structures, sponsor economics, cash-flow themes, and risk patterns that Series 22 expects representatives to understand.
  • Suitability and Best Interest Analysis
    Learn how Series 22 tests customer profile review, concentration, liquidity, and DPP fit under a suitability and best-interest mindset.
  • Required Disclosures, Fees, and Conflicts
    Review the Series 22 disclosure duties around costs, fees, sponsor conflicts, product characteristics, and customer-facing explanations.
  • Account Servicing, Communications, and Record Retention
    Learn how Series 22 tests ongoing customer communications, request handling, and record retention after the DPP recommendation is made.
• Transactions, Agreements, and Disputes
  Learn the final transaction-processing and dispute-resolution function on the Series 22 exam.
  • Subscription Information, Pricing, and Agreements
    Review how Series 22 tests subscription details, offering prices, investor agreements, and the final pre-processing steps in a DPP sale.
  • Processing Transactions and Confirmations
    Learn the transaction-processing and confirmation rules that complete the DPP sale on Series 22.
  • Discrepancies, Disputes, and Complaints
    Review how Series 22 expects representatives to escalate transaction breaks, customer disputes, and complaint issues to supervision.
• Series 22 Study Plan — A Practical Reading and Review Schedule
  A practical Series 22 study plan with a clear reading order, weekly milestones, review rhythm, and a final review strategy.
• Series 22 Cheat Sheet — DPP Structures, Due Diligence, Risks & Tax Concepts
  Comprehensive FINRA Series 22 reference: DPP program types, limited partnership/LLC structures, due diligence and disclosure themes, fees and conflicts, liquidity limits, K-1/basis/passive loss concepts, and subscription/escrow processing.
• Series 22 FAQ — Common Questions & Quick Answers
  Answers to common questions about the FINRA Series 22 exam: eligibility and sponsorship, SIE corequisite, format/timing, scoring, retakes, what’s tested, and how to study.
• Series 22 Resources — Official FINRA Links & Content Outline
  Official resources for the FINRA Series 22 exam: exam page, content outline PDF, enrollment/scheduling, exam-day policies, and related rule references.