Quote from jly004:
Hey Chuck,
Did you encounter many questions on the actual series 56 that asked Rule 605 is ... and Rule 10b-5? Also, what type of questions do you think were the hardest you encountered on the actual test? Any feedback from other people also would be greatly appreciated. Thanks.
I don't remember exactly which rules were tested, but there were lots of questions on them. I would say just learn all the ones that pop up in the Pass Perfect tests.
I'd say the hardest thing about the test is they way they present and phrase the questions. They made up scenarios and presented concepts much differently than the questions in the pass perfect exams. It is very similar material, but tweaked in a different way. That is why it is so important to really understand the regulations and not just memorize answers to the practice tests.
For example, let's say there is a question about insider trading. We know it is illegal to try to profit by using non-public material information. The question won't be: Bob gets non-public material information and buys the stock. Is that insider trading? It will be more like: Bob is a junior officer at a stock brokerage where he is licensed. His wife's brother's cousin is an accountant at a publicly traded company. They meet at a company conference and are having dinner with the CFO. The CFO mentions they have a new product in the pipeline. A week later, after the earnings announcement, Bob advises his friend to purchase calls on the company's stock, but to do it in his non-taxable Roth IRA. Is the CFO liable for insider trading? Many questions won't be straight forward. They will be some sort of whacked story. By the way, I just made up that question and it is so jacked up, I don't even know the answer. I'm just trying to give an example of how they can twist around what seemed to be a simple concept.
So be sure you really understand how the regulations work. I hope that helps.

