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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials (SIE) Exam |
| Exam Number: | SIE |
| Passing Score: | 70% |
| Exam Price: | $80 USD |
| Available Languages: | English |
| Related Certifications: | FINRA Series 79 FINRA Series 7 FINRA Series 6 |
| Certificate Validity Period: | 4 years |
| Exam Duration: | 105 minutes |
| Exam Format: | Multiple-choice, Computer-based exam |
| Real Exam Qty: | 75 scored multiple-choice questions |
| Recommended Training: | FINRA SIE Exam Content Outline FINRA Securities Industry Essentials Exam Overview |
| Exam Registration: | FINRA Exam Registration Overview FINRA SIE Exam Official Page |
| Sample Questions: | FINRA SIE Sample Questions |
| Exam Way: | Computer-based exam delivered at authorized testing centers (Prometric). |
| Pre Condition: | No formal prerequisites required. Recommended for individuals entering the U.S. securities industry. |
| Official Syllabus URL: | https://www.finra.org/registration-exams-ce/qualification-exams/securities-industry-essentials-exam |
Securities Industry Essentials Exam (SIE) SIE answers real questions can help candidates have correct directions and prevent useless effort. If you still lack of confidence in preparing your exam, choosing a good FINRA SIE Answers Real Questions will be a wise decision for you, it is also an economical method which is saving time, money and energy.
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NEW QUESTION # 87
Which of the following legislation established the registration requirements for persons receiving compensation for advice concerning securities?
Answer: C
Explanation:
The correct answer is B, Investment Advisers Act of 1940. This Act specifically regulates individuals and firms that provide investment advice for compensation, making it directly applicable to the scenario described in the question.
Step-by-step, the Investment Advisers Act of 1940 requires investment advisers to register with the SEC or state regulators, depending on their assets under management. It also imposes fiduciary duties, meaning advisers must act in the best interests of their clients, provide full disclosure of conflicts of interest, and adhere to anti-fraud provisions.
Choice A, the Securities Act of 1933, focuses on the initial issuance of securities, requiring registration of new securities offerings and full disclosure to investors. It does not regulate investment advisers. Choice C, the Investment Company Act of 1940, governs investment companies such as mutual funds, not individuals providing advice. Choice D, the Securities Acts Amendments of 1975, primarily enhanced the regulatory framework of markets and expanded the authority of the SEC, but did not establish adviser registration requirements.
Therefore, the law that directly addresses registration and regulation of investment advisers receiving compensation is the Investment Advisers Act of 1940.
NEW QUESTION # 88
Which of the following statements describes a characteristic of exchange-traded funds (ETFs)?
Answer: C
Explanation:
Step by Step Explanation:
* ETF Expense Ratios: ETFs generally have lower expense ratios compared to mutual funds due to their passive management style.
* Incorrect Options:
* A: ETFs do not have sales loads; they are traded like stocks.
* B: ETFs can be purchased on margin, like other equities.
* C: ETFs are traded throughout the day at market prices, not NAV.
References:
* SEC ETF Fact Sheet: SEC ETF Info.
NEW QUESTION # 89
Which of the following listed securities carries voting rights?
Answer: A
Explanation:
Step by Step Explanation:
* Common Stock: Holders of common stock typically have voting rights, which allow them to participate in decisions like electing the board of directors or approving major corporate actions.
* Other Securities:
* Preferred Stock: Usually does not carry voting rights.
* Corporate and Convertible Bonds: Debt instruments, so they do not confer voting rights.
SEC Guide on Stock Voting Rights: SEC Voting Rights.
NEW QUESTION # 90
A customer purchases 100 shares of stock. The customer fears a decline in the share price and would like to protect his investment and minimize loss. Which of the following strategies should the customer employ to lock in his profit?
Answer: D
Explanation:
Purchasing a put option allows the customer to sell the stock at a predetermined price (the strike price) if the share price declines. This strategy protects against downside risk while maintaining upside potential.
* C is correct because a put acts as insurance, locking in a minimum sale price.
* A is incorrect because selling a put exposes the investor to additional risk if the stock declines.
* B is incorrect because selling a call generates income but does not protect against downside risk.
* D is incorrect because purchasing a call is a bullish strategy unrelated to protecting existing positions.
Reference: SIE Study Guide, Chapter 8: Protective Put Strategies
NEW QUESTION # 91
SEC regulations permit a company to issue securities exempted from registration requirements of the Securities Act of 1933 under which of the following conditions?
Answer: D
Explanation:
Step by Step Explanation:
* Regulation D (Rule 506(b)): Allows offerings to an unlimited number of accredited investors and up to
35 non-accredited investors, provided certain disclosure requirements are met.
* Incorrect Options:
* A: Refers to Regulation S, which governs offshore offerings, not domestic exemptions.
* B: There is no 40-investor limit in Regulation D.
* C: The $5 million limit applies to Rule 504, not Rule 506(b).
References:
* SEC Regulation D: SEC Regulation D.
NEW QUESTION # 92
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