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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials Exam |
| Exam Number: | SIE |
| Exam Price: | $100 USD |
| Certificate Validity Period: | 4 years |
| Exam Format: | Multiple Choice |
| Available Languages: | English |
| Passing Score: | 70% |
| Real Exam Qty: | 75 scored + 5 unscored pre-test |
| Exam Duration: | 105 minutes |
| Related Certifications: | Series 79 Series 7 Series 22 Series 86/87 Series 82 Series 6 Series 57 |
| Recommended Training: | FINRA SIE Content Outline & Study Materials |
| Exam Registration: | Prometric Testing FINRA Official Registration |
| Sample Questions: | FINRA SIE Sample Questions |
| Exam Way: | Computer-based; available in-person at Prometric test centers or online remote proctoring |
| Pre Condition: | Minimum age 18; no firm sponsorship or prior employment required; open to all individuals |
| Official Syllabus URL: | https://www.finra.org/registration-exams-ce/qualification-exams/securities-industry-essentials-exam |
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NEW QUESTION # 84
Under MSRB rules, which of the following information is a municipal securities dealer required to provide annually in writing to each of its customers?
Answer: C
Explanation:
Municipal securities regulation places a strong emphasis on transparency about the dealer's role and regulatory status in the municipal market. Under MSRB customer disclosure expectations, municipal securities dealers are required to provide customers with certain written disclosures, and a commonly tested requirement is that customers receive written notice confirming that the dealer is registered with the MSRB (often tied to annual customer notifications and educational disclosures). Therefore, the correct answer is B.
Choice A is incorrect because dealers are not required to distribute their own year-end income statements to customers annually as an MSRB customer disclosure item. Financial statement delivery requirements generally relate to specific contexts (and are not a standard annual customer mailing requirement under MSRB rules for all customers). Choice C is not the best choice because while firms must have supervisory and compliance infrastructure and may provide contacts, an annual written requirement to provide the chief compliance officer's contact information is not the standard MSRB annual disclosure item being tested here.
Choice D is incorrect because dealers do not provide customers an annual count of complaints as a required MSRB disclosure; complaint reporting and recordkeeping are internal compliance matters and may be reportable to regulators, but not typically distributed as a required annual customer disclosure.
On the SIE, when you see "municipal securities dealer" + "annual written disclosure," you should think MSRB-focused customer protection messaging-especially disclosures about the dealer's municipal regulatory framework and how municipal customers can access educational resources and regulatory information. The cleanest match among the options is the dealer's written statement of MSRB registration.
NEW QUESTION # 85
Which of the following types of investment companies typically have surrender fees?
Answer: C
Explanation:
Variable annuities typically include surrender charges (surrender fees), especially during the early years of the contract. A surrender charge is a fee assessed if the owner withdraws funds above permitted free-withdrawal amounts or terminates the contract during a specified surrender period. This feature is common because variable annuities are insurance products that often involve significant distribution costs, and insurers structure surrender schedules to recoup those costs if the investor exits early. On the SIE, variable annuities are treated as packaged products/variable contracts with unique fee structures, including surrender charges and separate account expenses.
By contrast, no-load mutual funds are designed specifically to have no sales charge (no front-end load and typically no deferred sales charge), though they may still have operating expenses in the expense ratio. UITs may involve sales charges at purchase, and they have a fixed portfolio that does not actively trade; they are not commonly characterized by surrender fees in the way variable annuities are. ETFs trade intraday on an exchange like stocks, and investors generally pay brokerage commissions and incur bid-ask spreads (and internal fund expenses), but ETFs do not impose surrender fees as an inherent product feature for secondary- market trades.
The concept being tested is recognition of product-specific fees. Variable annuities commonly include multiple layers of cost: mortality and expense (M&E) charges, administrative fees, underlying subaccount expenses, and surrender charges. Surrender charges are a key distinguishing characteristic and a frequent exam point because they affect liquidity and time horizon suitability.
NEW QUESTION # 86
A customer will be out of the country for the next two months on business and asks his firm to hold his mail until he returns. Which of the following statements is true regarding this request?
Answer: A
Explanation:
Step by Step Explanation:
* FINRA Rule 3150: Permits firms to hold customer mail only with written instructions specifying the duration, which cannot exceed three months unless there are exceptional circumstances.
* Incorrect Options:
* A: Holding mail is not prohibited if done in compliance with FINRA rules.
* C & D: Oral instructions or RR discretion are not sufficient; written authorization is mandatory.
References:
* FINRA Rule 3150 (Holding of Customer Mail): FINRA Rule 3150.
NEW QUESTION # 87
When exercised, an option written on which of the following items must be settled in cash?
Answer: C
Explanation:
Step by Step Explanation:
* Equity Index Options: These are cash-settled because the underlying asset is not a physical security but a theoretical value representing the index.
* Incorrect Options:
* Preferred Stock, Master Limited Partnerships, and ETFs: These involve physical delivery of the underlying asset upon exercise.
References:
* Options Clearing Corporation (OCC) Guidelines: OCC Cash-Settled Options.
NEW QUESTION # 88
Pursuant to the Securities Act of 1933, registration is required for which of the following securities?
Answer: C
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 correct because mutual funds are publicly offered and require registration.
* A is incorrect because private placements are exempt under Regulation D.
* B is incorrect because municipal securities are exempt under Section 3(a)(2).
* C is incorrect because U.S. government securities are also exempt under Section 3(a)(2).
Reference: Securities Act of 1933, Section 5; SIE Study Guide, Chapter 4
NEW QUESTION # 89
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