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FINRA SIE Exam Syllabus Topics:

Topic
Details

Topic 1

Employee Conduct and Reportable Events: This section of the exam measures the skills of Financial Compliance Specialists and covers regulatory expectations regarding employee conduct and disclosure requirements. Candidates must be familiar with Form U4 and Form U5, as well as reporting obligations for outside business activities and political contributions.

Topic 2

Understanding Trading, Customer Accounts, and Prohibited Activities: This section of the exam measures the skills of Securities Traders and focuses on different trading strategies, settlement processes, and corporate actions. Candidates must demonstrate knowledge of order types, including market, limit, stop, and good-til-canceled orders, as well as bid-ask spreads and discretionary versus non-discretionary trading.

Topic 3

Overview of the Regulatory Framework: This section of the exam measures the skills of Compliance Officers and evaluates knowledge of self-regulatory organization (SRO) requirements, including registration and continuing education for associated persons. Candidates must understand the distinction between registered and non-registered individuals and the requirements for maintaining industry qualifications.

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q38-Q43):

NEW QUESTION # 38
On settlement date, a customer is unable to pay for a purchase in his cash account. His position is liquidated.
Which of the following statements is true according to Federal Reserve Regulation T?

A. All related accounts are frozen for 90 days.
B. The customer is barred from trading for 30 days.
C. Only closing transactions are permitted.
D. The customer's account is frozen for 90 days.

Answer: D

Explanation:
Federal Reserve Regulation T mandates that customers must pay for purchases in a cash account within two business days of settlement (T+4). If payment is not made, the brokerage firm must liquidate the securities and place the account on a 90-day restriction.
* C is correctbecause the customer's account is frozen for 90 days, during which all trades must be paid for in advance.
* Ais incorrect as closing transactions are still permitted but require prepayment.
* Bis incorrect because the restriction lasts for 90 days, not 30.
* Dis incorrect as only the delinquent account, not related accounts, is frozen.

NEW QUESTION # 39
A broker-dealer (BD) creates a marketing postcard that includes a statement regarding FINRA's endorsement of the BD. Which of the following responses is true?

A. The statement regarding FINRA's endorsement is not permissible.
B. The statement is permissible if a principal of the BD approves it in writing prior to use.
C. The statement is permissible if the statement is approved in writing by FINRA prior to use.
D. The statement is permissible if the postcard does not discuss specific investment opportunities.

Answer: A

Explanation:
Step by Step Explanation:
* FINRA Rule 2210: Firms are prohibited from suggesting or implying FINRA's endorsement or approval in any advertising materials.
* Approvals: Even if a principal or FINRA approves the content, such a statement remains impermissible.
* Key Point: FINRA's role is to regulate, not to endorse firms or their marketing.
References:
* FINRA Rule 2210 (Communications with the Public): FINRA Rule 2210.

NEW QUESTION # 40
Trades that settle within the period preset by regulators of the particular market are considered to have which of the following types of settlement?

A. Rolling
B. Cash
C. Next day
D. Regular way

Answer: D

Explanation:
"Regular way" settlement refers to the standard settlement cycle for securities transactions, which is T+2 for most stocks and bonds. This timeline is set by regulators to ensure orderly processing of trades.
* D is correctbecause regular way settlement follows the preset T+2 cycle.
* Ais incorrect because cash settlement occurs the same day as the trade.
* Bis not a recognized term for settlement types.
* Cis incorrect because next-day settlement applies only to specific securities (e.g., Treasury securities).

NEW QUESTION # 41
Class A and Class C shares of a mutual fund differ in which of the following ways?

A. When the customer is permitted to purchase
B. The net asset value (NAV)
C. The expense ratio
D. The underlying investments

Answer: C

Explanation:
Step by Step Explanation:
* Expense Ratio: Class A shares typically have lower ongoing expense ratios but higher front-end sales charges. Class C shares often have higher ongoing expense ratios but no front-end charges.
* Incorrect Options:
* B: NAV is determined daily and does not vary by share class.
* C: All share classes invest in the same underlying portfolio.
* D: Purchase timing is the same for all share classes.
References:
* SEC Guidance on Mutual Fund Share Classes: SEC Fund Classes.

NEW QUESTION # 42
Pursuant to the Securities Act of 1933, registration is required for which of the following securities?

A. Open-end investment companies
B. Private placements
C. Municipal securities
D. U.S. government issues

Answer: A

Explanation:
The Securities Act of 1933 requires securities offered to the public to be registered with the SEC unless they qualify for an exemption. Open-end investment companies (mutual funds) are not exempt and must register.
* D is correctbecause mutual funds are publicly offered and require registration.
* Ais incorrect because private placements are exempt under Regulation D.
* Bis incorrect because municipal securities are exempt under Section 3(a)(2).
* Cis incorrect because U.S. government securities are also exempt under Section 3(a)(2).

NEW QUESTION # 43
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