Series 6 Regulatory Fundamentals

This chapter gives you the legal and regulatory frame that sits underneath the rest of the Series 6 guide. The exam does not expect you to act like a securities lawyer, but it does expect you to know which law or regulator governs a given activity and why that rule matters for a representative who sells mutual funds, variable annuities, and variable life products.

The best way to study this chapter is by purpose, not by statute title alone. Ask what each law or regulator is trying to control: offerings, secondary-market activity, fund structure, adviser status, member conduct, or oversight. That approach makes it easier to sort answer choices that sound legally plausible but point to the wrong regulatory source.

Read the lessons in this chapter as a sorting system. If you can identify the correct regulatory bucket quickly, a large percentage of “rules” questions become much easier because the wrong answers usually belong to the wrong law, regulator, or level of oversight.

In this section

• Securities Act of 1933
  Primary-offering rules, registration, and exemptions under the Securities Act of 1933.
  • Purpose and Scope of the Securities Act of 1933
    Why the 1933 Act exists, what offerings it covers, and how disclosure supports investors.
  • Securities Registration Process under the 1933 Act
    How issuers register securities, file with the SEC, and deliver prospectus disclosure.
  • Exempt Securities and Transactions
    Key securities and offering transactions that do not require full 1933 Act registration.
• Securities Exchange Act of 1934
  Secondary-market regulation, broker-dealer oversight, and antifraud rules under the 1934 Act.
  • Regulation of Secondary Markets
    How the 1934 Act governs trading markets and ongoing market oversight.
  • Broker-Dealer Registration Requirements
    Registration, supervision, and compliance requirements for broker-dealers under the 1934 Act.
  • Section 10(b) and Rule 10b-5
    Core antifraud prohibitions against material misstatements, omissions, and deceptive conduct.
• Investment Company Act of 1940
  Definitions, fund types, registration, and operating rules under the Investment Company Act.
  • Investment Company Definitions and Types
    How the 1940 Act defines investment companies and distinguishes major fund categories.
  • Investment Company Registration and Regulation
    Registration, structure, and operating requirements for investment companies under the 1940 Act.
• Investment Advisers Act of 1940
  Adviser definitions, registration standards, and exemptions under the Advisers Act.
  • Investment Adviser Definition and Responsibilities
    Who qualifies as an investment adviser and what duties follow from that status.
  • Investment Adviser Registration and Exemptions
    When advisers must register and which exclusions or exemptions may apply.
• FINRA Rules and Regulations
  Membership, conduct, and communications rules that shape Series 6 representative activity.
  • FINRA Membership and Governance
    How FINRA membership works and how the organization is structured and governed.
  • FINRA Conduct Rules
    Core standards for fair dealing, supervision, and ethical conduct under FINRA rules.
  • FINRA Communications with the Public
    FINRA standards for retail communications, correspondence, and public-facing material.
• Other Regulatory Entities
  The roles of the SEC, NASAA, and MSRB in the securities regulatory framework.
  • Securities and Exchange Commission (SEC)
    The SEC's core role in securities regulation, disclosure oversight, and enforcement.
  • North American Securities Administrators Association (NASAA)
    NASAA's role in state securities regulation and coordination among securities administrators.
  • Municipal Securities Rulemaking Board (MSRB)
    How the MSRB writes rules for the municipal securities market and related professionals.
• Self-Regulatory Organizations
  How SROs support market oversight, member supervision, examinations, and enforcement.
  • Role and Functions of Self-Regulatory Organizations
    What self-regulatory organizations do in market oversight, member supervision, and rule administration.
  • SRO Compliance and Enforcement
    How SROs examine members, enforce rules, and discipline misconduct.