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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials Exam |
| Exam Number: | SIE |
| Real Exam Qty: | 75 |
| Exam Price: | USD $100 |
| Passing Score: | 70 |
| Certificate Validity Period: | 4 years |
| Exam Duration: | 105 minutes |
| Related Certifications: | Series 6 Series 99 Series 79 Series 7 Series 57 |
| Exam Format: | Multiple Choice |
| Available Languages: | English |
| 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 # 397
Corporate bonds unsecured by any pledge of property are called:
Answer: C
Explanation:
Step by Step Explanation:
* Debentures: Corporate bonds not backed by physical assets or collateral. They rely on the issuer's creditworthiness.
* Incorrect Options:
* B: Trust certificates are a legacy term for bonds backed by a trust.
* C: Collateral trust bonds are secured by financial assets.
* D: GO bonds are issued by municipalities, not corporations.
SEC Guide on Corporate Bonds: SEC Corporate Bonds.
NEW QUESTION # 398
The custodian of the account for a 17-year-old student has given the student permission to place transactions in her UTMA account. The student contacts the registered representative (RR) who services the account and requests that the RR sell 200 shares of XYZ at the market. Which of the following actions is most appropriate for the RR to take in this situation?
Answer: D
Explanation:
The correct answer is C, Prohibit the student from entering any type of transaction for the account. Under the Uniform Transfers to Minors Act (UTMA), the account is legally owned by the minor, but only the custodian has authority to manage and control the account. The minor (in this case, a 17-year-old student) does not have legal capacity to enter into securities transactions, regardless of any permission granted informally by the custodian.
From a regulatory standpoint, broker-dealers and registered representatives must follow strict rules regarding account authority. Even if a custodian tells the minor they may trade, this does not override legal requirements. The RR may only accept instructions from the custodian, who is the legally authorized party.
Choices A and B are incorrect because no documentation can grant trading authority to a minor-this would violate securities regulations and contract law principles. Choice D is unnecessary because the issue is not lack of approval, but lack of legal authority.
Therefore, the RR must refuse the order and only accept trading instructions from the custodian, making choice C the correct and compliant action.
NEW QUESTION # 399
Which of the following activities is a responsibility of a mutual fund transfer agent?
Answer: C
Explanation:
A transfer agent is responsible for maintaining accurate records of shareholder purchases, redemptions, and account balances. They also handle the issuance and cancellation of shares and ensure shareholders receive appropriate distributions.
* D is correct because maintaining shareholder records is a core duty of a transfer agent.
* A is incorrect because underwriting is the responsibility of a broker-dealer.
* B is incorrect because distributing the prospectus is handled by the fund's distributor.
* C is incorrect because custody of securities is the role of a custodian, not the transfer agent.
Reference: SIE Study Guide, Chapter 5: Investment Companies
NEW QUESTION # 400
An investor owns 100 shares of a company's stock and is very interested in electing a particular individual to the board of directors of the corporation. There are 20 individuals running to fill 10 board seats. If the corporation uses the cumulative voting method, what is the maximum number of votes the investor is permitted to cast for this particular director?
Answer: A
Explanation:
In cumulative voting, shareholders can allocate all their votes to a single candidate. The total number of votes is calculated by multiplying the number of shares owned by the number of seats available:
* Total votes = 100 shares × 10 seats =1,000 votes.
* The investor can allocate all votes to one candidate.
* C is correctbecause cumulative voting allows all votes to be concentrated.
NEW QUESTION # 401
Which of the following statements is true of the writer of a listed equity call option?
Answer: D
Explanation:
Step by Step Explanation:
* Call Option Writer: When writing (selling) a call option, the writer has the obligation to sell the underlying stock at the strike price if the buyer exercises the option.
* Incorrect Options:
* A & B: Only the option buyer has rights, not the writer.
* D: Obligations to buy stock apply to put option writers, not call option writers.
:
Options Clearing Corporation (OCC) Options Education: OCC Options Education.
NEW QUESTION # 402
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