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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials Exam |
| Exam Number: | SIE |
| Exam Duration: | 105 minutes |
| Real Exam Qty: | 75 scored + 5 unscored pre-test |
| Related Certifications: | Series 82 Series 79 Series 86/87 Series 22 Series 57 Series 7 Series 6 |
| Certificate Validity Period: | 4 years |
| Exam Format: | Multiple Choice |
| Exam Price: | $100 USD |
| Passing Score: | 70% |
| Available Languages: | English |
| Recommended Training: | FINRA SIE Content Outline & Study Materials |
| Exam Registration: | FINRA Official Registration Prometric Testing |
| 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 # 19
Which of the following risks are associated with Treasury securities?
Answer: B
Explanation:
Step by Step Explanation:
* Interest Rate Risk: Treasury securities are sensitive to changes in interest rates. When rates rise, Treasury prices fall, exposing investors to price risk.
* Incorrect Options:
* Credit Risk: Virtually nonexistent for Treasuries, as they are backed by the U.S. government.
* Liquidity Risk: Treasuries are highly liquid.
* Prepayment Risk: Applies to mortgage-backed securities, not Treasuries.
:
SEC Bond Risk Disclosures: SEC Treasury Risks.
NEW QUESTION # 20
A registered representative files a petition for personal bankruptcy. Which of the following forms must be updated?
Answer: D
Explanation:
Form U4 must be updated when a registered representative files a petition for personal bankruptcy. Form U4 is the Uniform Application for Securities Industry Registration or Transfer and is the primary registration disclosure document for associated persons. It must reflect required updates involving criminal, regulatory, disciplinary, employment, and financial disclosure events. A bankruptcy filing is a reportable financial event because it may indicate financial compromise or circumstances relevant to regulatory review and firm supervision. Choice A is correct. Form U5 is used when an associated person's registration is terminated and is not the form used to update an active representative's bankruptcy filing. Form BD is the broker-dealer registration form filed by firms, not individual representatives. Form W-9 is a tax certification form used to provide taxpayer identification information and is unrelated to securities registration disclosure. The SIE outline specifically lists Form U4 and Form U5 under employee conduct and identifies bankruptcy under reportable events. It also references the consequences of filing misleading information or omitting required information. Reference: Section 4.2.1 Employee Conduct; Section 4.2.2 Reportable Events.
NEW QUESTION # 21
A registered representative (RR) wants to recommend a mortgage-backed security to his customer. Which of the following risks should the RR review with his customer?
Answer: B
NEW QUESTION # 22
A mutual fund prospectus discloses the following sales charges to purchase fund shares:
Amount / Rate
$100 to $24,999 # 8%
$25,000 to $49,999 # 7%
$50,000 to $99,999 # 6%
$100,000 and above # 5%
Which of the following purchase amounts may be suspected as a breakpoint sale violation?
Answer: C
Explanation:
The correct answer is C, $99,000. A breakpoint sale violation occurs when a registered representative fails to inform a customer about available sales charge discounts (breakpoints) for larger mutual fund purchases.
These discounts reduce the front-end load as the investment amount increases.
Looking at the breakpoint schedule, a significant reduction occurs at $100,000, where the sales charge drops from 6% to 5%. If a customer invests $99,000, they fall just short of the breakpoint and pay a higher sales charge than necessary.
This raises a red flag because the RR should consider strategies such as:
Informing the client to invest slightly more (e.g., $100,000) to qualify for a lower sales charge Using a Letter of Intent (LOI) to reach the breakpoint over time Applying rights of accumulation if applicable Choices A ($26,000) and B ($55,000) are not suspicious because they are not just below a major breakpoint threshold. Choice D ($101,000) already qualifies for the lower 5% charge.
Thus, $99,000 is most indicative of a potential breakpoint sale violation, making choice C correct.
NEW QUESTION # 23
The process in which the buying firm must pay for the securities and the selling firm must deliver the securities is known as:
Answer: D
Explanation:
Step by Step Explanation:
* Settlement of the Transaction: Refers to the finalization of a trade, where the buyer pays for the securities, and the seller delivers them. For most securities, regular-way settlement occurs T+2 (trade date plus two business days).
* Incorrect Options:
* Clearing the Trade: Refers to matching trade details to prepare for settlement.
* DVP Transactions: A specific type of settlement involving simultaneous payment and delivery, often used for institutional clients.
* Corporate Action: Refers to events like stock splits or dividend declarations.
FINRA and SEC Guidelines on Settlement: SEC Settlement Process.
NEW QUESTION # 24
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