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NEW QUESTION # 319
Class A and Class C shares of a mutual fund differ in which of the following ways?
Answer: A
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.
SEC Guidance on Mutual Fund Share Classes: SEC Fund Classes.
NEW QUESTION # 320
Which of the following statements is true about a general obligation (GO) municipal bond?
Answer: B
Explanation:
A general obligation (GO) municipal bond is backed by the full faith and credit of the issuing municipality or governmental unit, which is why choice C is correct. In practical terms, this means the issuer pledges its general taxing power and overall resources to meet debt service-interest and principal payments. GO bonds are typically supported by the issuer's ability to levy taxes (often property taxes, subject to legal limits), making their repayment source broader than that of revenue bonds.
Choice D describes a revenue bond, which is payable only from a specific revenue stream (e.g., tolls from a bridge, fees from a water/sewer system, or revenues from an airport). Revenue bonds do not rely on the issuer' s general taxing power; instead, bondholders depend on the project's or enterprise's revenues. That is a key GO vs. revenue distinction tested heavily on the SIE.
Choice A is incorrect because municipal securities customarily include a legal opinion addressing validity and tax status, especially for tax-exempt issues; the presence of a legal opinion is not something GO bonds uniquely lack. Choice B is incorrect because many municipal bonds, including many GO bonds, are federally tax-exempt on interest (and may also be state/local tax-exempt for in-state residents), though there are exceptions such as taxable munis and AMT considerations in certain cases. The question's best, universally correct feature of a GO bond is the backing by the issuing jurisdiction's full faith and credit.
This question aligns with SIE product knowledge of municipal securities, including repayment sources and how those sources affect credit considerations.
NEW QUESTION # 321
A customer calls his registered representative (RR) with a request to hold all mail for the next six weeks.
During the call, the RR checks his files and finds a letter from the customer for a similar request made the prior year. Despite a suggestion to convert to electronic statements via the firm website, the customer prefers paper statements. Holding this customer ' s mail is:
Answer: D
Explanation:
The correct answer is A, permissible if the customer provides written instructions. Under FINRA rules, specifically regarding holding customer mail, a firm may hold mail for a customer only if proper written authorization is obtained and certain conditions are met.
Step-by-step, firms must receive current written instructions from the customer specifying the time period for holding mail. While FINRA generally limits mail holds to no more than three months, a six-week (approximately 1.5 months) request is well within the allowable timeframe. Therefore, the duration itself is not a violation.
Choice B is incorrect because prior authorization does not carry forward-each mail hold request requires new written instructions. Choice C is incorrect because the allowable limit is three months, not one month.
Choice D is incorrect because opting out of electronic delivery does not prohibit mail holding; customers still have the right to request mail be held.
NEW QUESTION # 322
Which of the following entities issues certificates of deposit (CDs)?
Answer: B
Explanation:
Certificates of Deposit (CDs) are time deposit accounts issued by banks, offering fixed interest rates for a specified term. CDs are insured by the FDIC up to $250,000 per depositor, but the issuing entity is the bank itself.
* B is correct because banks issue CDs.
* A is incorrect because the FDIC insures CDs but does not issue them.
* C is incorrect because broker-dealers may facilitate the purchase of CDs but do not issue them.
* D is incorrect because the Federal Reserve does not issue CDs; it manages monetary policy.
Reference: SIE Study Guide, Chapter 4: Banking Products
NEW QUESTION # 323
SEC Regulation S-P (Consumer Privacy) requires certain information to be included in privacy notices delivered to customers of broker-dealers (BDs). Which of the following information is required to be included in the privacy notice?
Answer: A
Explanation:
Regulation S-P mandates that broker-dealers disclose how they collect, protect, and share customers' nonpublic personal information. The privacy notice must include:
* The categories of information collected.
* The firm's policies for safeguarding data.
* Opt-out rights for sharing information with unaffiliated third parties.
* D is correctbecause privacy notices must describe policies for protecting customer information.
* A,B, andCare incorrect because they do not relate to the required elements of Regulation S-P privacy notices.
NEW QUESTION # 324
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