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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials Exam |
| Exam Number: | SIE |
| Certificate Validity Period: | 4 years |
| Exam Duration: | 105 minutes |
| Real Exam Qty: | 75 |
| Exam Price: | USD $100 |
| Exam Format: | Multiple Choice |
| Available Languages: | English |
| Passing Score: | 70 |
| Related Certifications: | Series 99 Series 79 Series 7 Series 57 Series 6 |
| Sample Questions: | FINRA SIE Sample Questions |
| Exam Way: | Proctored in-person exam administered at Prometric testing centers |
| Pre Condition: | Must be at least 18 years old. No firm association required to take the SIE. To become registered, must also pass a representative-level qualification exam while associated with a FINRA member firm. |
| Official Syllabus URL: | https://www.finra.org/registration-exams-ce/qualification-exams/securities-industry-essentials-exam |
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NEW QUESTION # 326
Which of the following statements is typically true of investors in open-end mutual funds?
Answer: D
Explanation:
The correct answer is B, Class A share investors do not pay a sales charge when redeeming shares. Class A shares are known as front-end load funds, meaning the sales charge is paid at the time of purchase, not when the shares are sold.
Step-by-step, Class A shares are purchased at the public offering price (POP), which includes the net asset value (NAV) plus the front-end sales charge. Once the investor has paid this upfront load, there is typically no additional sales charge upon redemption.
Choice A is incorrect because Class A shares do have a front-end sales charge when purchased. Choice C is incorrect because Class C shares are typically purchased at NAV (no front-end load), not POP. Choice D is incorrect because Class C shares often have a contingent deferred sales charge (CDSC) if redeemed within a short period (usually one year), meaning investors may pay a fee if they sell early.
Thus, the key distinguishing feature is that Class A shares charge at purchase, not redemption, making Answer B correct.
NEW QUESTION # 327
Under FINRA rules, which of the following pieces of information is used in order to know a customer?
Answer: D
Explanation:
The correct answer is A, Time horizon. Under FINRA rules, specifically the Know Your Customer (KYC) and suitability obligations, firms must gather essential information about a customer's financial situation, investment objectives, and risk tolerance. One of the most critical elements in determining suitable recommendations is the customer's time horizon, which refers to how long the customer expects to hold investments before needing the funds.
Time horizon directly affects investment strategy. For example, a customer with a long-term time horizon may be more suitable for growth-oriented or higher-risk investments such as equities, while a customer with a short-term horizon would typically require more conservative investments such as money market instruments or short-term bonds. Therefore, time horizon is a core component of building a suitable investment profile.
The other choices are not primary KYC factors. Beneficiary information is relevant for estate planning but does not determine investment suitability. Educational background may provide general insight but is not a required element for suitability analysis. Former custodian of account assets has no relevance to assessing the customer's financial needs or investment objectives.
Thus, time horizon is a key factor used by registered representatives to ensure recommendations align with the customer's financial goals and regulatory requirements.
NEW QUESTION # 328
Which of the following responses best characterizes a money market mutual fund?
Answer: B
Explanation:
Money market mutual funds invest in highly liquid, short-term debt instruments, such as Treasury bills, commercial paper, and certificates of deposit. While the funds aim to maintain a stable $1 NAV, this is not guaranteed.
* C is correctbecause the fund's investments are short term.
* Ais incorrect because the rate of return is not fixed; it varies with market interest rates.
* Bis incorrect because while the fund tries to maintain a $1 NAV, it is not guaranteed.
* Dis incorrect because yields do not always exceed those of savings accounts.
NEW QUESTION # 329
Under which of the following circumstances, if any, is a member firm permitted to send gifts to registered representatives (RRs) of another member firm?
Answer: B
Explanation:
FINRA Rule 3220 prohibits member firms from giving gifts exceeding $100 per individual per year to ensure that gifts do not influence business conduct. The rule applies to gifts given in connection with the firm's business.
* C is correct because it adheres to FINRA's $100 annual limit.
* A is incorrect because the total value of gifts must also not exceed $100 annually.
* B is incorrect as there is no $200 limit.
* D is incorrect as gifts are allowed within the $100 limit.
Reference: FINRA Rule 3220 (Influencing or Rewarding Employees of Others)
NEW QUESTION # 330
Under SEC Regulation A, which of the following market participants, if deemed to be a bad actor, will disqualify the offering from reliance on this registration exemption?
Answer: C
Explanation:
SEC Regulation A provides a registration exemption for smaller public offerings but includes a " bad actor " disqualification. If certain key parties, such as the issuer, underwriter, or affiliates, have been involved in securities violations, the exemption is forfeited.
B is correct because underwriters are considered essential participants, and their status as bad actors disqualifies the offering.
A, C, and D are incorrect because custodians, transfer agents, and clearing corporations are not included in the
" bad actor " provisions of Regulation A.
Reference: SEC Regulation A, Rule 262 (Disqualification Provisions)
NEW QUESTION # 331
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