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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials Exam |
| Exam Number: | SIE |
| Certificate Validity Period: | 4 years |
| Passing Score: | 70% |
| Exam Price: | $100 USD |
| Available Languages: | English |
| Related Certifications: | Series 86/87 Series 22 Series 6 Series 7 Series 57 Series 82 Series 79 |
| Exam Duration: | 105 minutes |
| Exam Format: | Multiple Choice |
| Real Exam Qty: | 75 scored + 5 unscored pre-test |
| 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 # 372
Corporate bonds unsecured by any pledge of property are called:
Answer: B
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.
References:
* SEC Guide on Corporate Bonds: SEC Corporate Bonds.
NEW QUESTION # 373
A bond Is callable at $1,010 and matures In 10 years at $1,000. It has a coupon of 5.00% and is trading at
$950. What Is the yield to maturity (YTM}?
Answer: C
NEW QUESTION # 374
Which of the following assets in an account must a broker-dealer maintain physical possession or control of unless there is an exemption?
Answer: B
Explanation:
Broker-dealers are subject to customer protection requirements that include the obligation to maintain physical possession or control of certain customer securities. Specifically, firms generally must maintain possession or control of fully paid-for securities and excess margin securities (unless an exemption applies).
That is why D is correct. The concept is investor protection: ensuring that customer securities are safeguarded and readily available, rather than being improperly used by the firm or exposed to unnecessary risk.
"Fully paid-for" securities are securities that a customer has paid for in full and therefore should not be encumbered by the firm. "Excess margin" securities are those with a market value greater than what is necessary to support the customer's margin debit. Because these securities represent customer property beyond what is needed as collateral, regulators require heightened safeguards-possession or control-so the firm cannot freely rehypothecate or otherwise misuse them beyond permitted limits.
Choice A is too broad; while many securities are protected, not all securities in an account fall under the same possession-or-control requirement in the same way, especially when margin collateral rules allow certain use within limits. Choice B is nonsensical because "the entire brokerage account" is not an asset and cannot be physically possessed. Choice C is incomplete because it ignores the "excess margin securities" component, which is explicitly included in the standard phrasing of this requirement.
For SIE purposes, this is tested as part of custody/safeguarding rules, customer protection concepts, and firm obligations relating to holding customer assets.
NEW QUESTION # 375
Which of the following types of accounts permits an investor to borrow money from a broker-dealer to help pay for a trade?
Answer: D
Explanation:
Step by Step Explanation:
* Margin Accounts: Allow investors to borrow funds to purchase securities, with the securities serving as collateral for the loan.
* Cash Accounts: Require full payment for securities purchased.
* IRAs: Do not permit borrowing due to their tax-advantaged status.
* DVP/RVP: Settlement mechanisms, not account types for borrowing.
FINRA Rule 4210 (Margin Requirements): FINRA Rule 4210.
NEW QUESTION # 376
A customer purchased $80,000 of Fund XYZ two years ago. He now wants to buy $50,000 of Fund LMN offered within the same fund family, which offers a $100,000 breakpoint under right of accumulation. Which of the following statements is true?
Answer: D
Explanation:
Step by Step Explanation:
* Right of Accumulation: Allows an investor to combine the value of existing investments within the same fund family to qualify for a breakpoint (reduced sales charge) on new purchases.
* Current Holdings: $80,000
* New Purchase: $50,000
* Total: $130,000, qualifying for the $100,000 breakpoint.
* Incorrect Options:
* B: Contributions from all funds within the same family can be aggregated.
* C: A new letter of intent is unnecessary; right of accumulation applies automatically.
* D: Discounts apply immediately, not retroactively.
FINRA Guidance on Breakpoints: FINRA Breakpoints.
NEW QUESTION # 377
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