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FINRA SIE Exam Syllabus Topics:

SectionWeightObjectives
Overview of the Regulatory Framework9%- Securities Acts and Regulations
  • 1. Securities Act of 1933 and Securities Exchange Act of 1934
  • 2. Investment Company Act of 1940 and Investment Advisers Act of 1940
  • 3. Securities Investor Protection Act of 1970 (SIPA)
- FINRA Rules and Registration Requirements
  • 1. Supervision and compliance obligations
  • 2. Continuing education requirements
  • 3. Registration and qualification requirements (FINRA Rule 1210)
Understanding Trading, Customer Accounts and Prohibited Activities31%- Prohibited Activities
  • 1. Anti-money laundering (AML) requirements
  • 2. Unauthorized transactions and misrepresentation
  • 3. Market manipulation (e.g., painting the tape, churning)
  • 4. Insider trading and front running
- Trading, Settlement and Corporate Actions
  • 1. Order types (market, limit, stop orders)
  • 2. Trade execution and settlement (e.g., T+1, T+2)
  • 3. Corporate actions (dividends, stock splits, mergers)
- Customer Accounts
  • 1. Account opening requirements and documentation
  • 2. Customer protection rules (e.g., SIPC, Rule 15c3-3)
  • 3. Types of accounts (individual, joint, retirement, custodial)
  • 4. Margin accounts and Regulation T
Understanding Products and Their Risks44%- Investment Risks
  • 1. Political and currency risk
  • 2. Market risk, credit risk, liquidity risk, inflation risk
  • 3. Interest rate risk and reinvestment risk
- Options
  • 1. Basic options concepts (calls, puts, premiums, expiration)
  • 2. Options strategies and associated risks
- Packaged Products
  • 1. Direct participation programs (DPPs)
  • 2. Real estate investment trusts (REITs)
  • 3. Variable annuities and variable life insurance
  • 4. Exchange-traded funds (ETFs)
  • 5. Mutual funds (open-end and closed-end)
- Equity Securities
  • 1. Ownership rights, voting rights, convertible features
  • 2. Control and restrictions (e.g., SEC Rule 144)
  • 3. Common stock, preferred stock, rights, warrants, ADRs
- Debt Instruments
  • 1. Municipal securities (GO bonds, revenue bonds, short-term obligations)
  • 2. Money market instruments
  • 3. Treasury securities (bills, notes, bonds, receipts)
  • 4. Agency securities (asset-backed and mortgage-backed securities)
  • 5. Corporate bonds
- Alternative Investments
  • 1. Risks associated with alternative investments
  • 2. Hedge funds, private equity, and other alternative products
Knowledge of Capital Markets16%- Market Structure
  • 1. Market indices and economic indicators (e.g., GDP, GNP, exchange rates)
  • 2. Exchange markets vs. OTC markets
  • 3. Types of markets (primary, secondary, third, fourth)
- Regulatory Entities, Agencies and Market Participants
  • 1. Role of the SEC, SROs (e.g., FINRA, MSRB), and other regulators
  • 2. Role of broker-dealers, investment advisers, and other market participants
- Offerings
  • 1. Types and purpose of offering documents (e.g., prospectus, official statement)
  • 2. Roles of participants (e.g., investment bankers, underwriting syndicate, municipal advisors)
  • 3. Shelf registrations and distributions
  • 4. Methods of distribution (e.g., best efforts, firm commitment)
  • 5. Regulatory filing requirements and exemptions (e.g., SEC, blue-sky laws)
  • 6. Types of offerings: public vs. private, IPO, secondary and follow-on offerings

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q190-Q195):

NEW QUESTION # 190
A customer purchases 100 shares of stock on Thursday, August 2. This transaction must settle regular way no later than:

Answer: A

Explanation:
Step by Step Explanation:
* Regular-Way Settlement: For equity securities, settlement occurs on a T+2 basis, meaning two business days after the trade date.
* Calculation:
* Trade Date (T): Thursday, August 2.
* T+2 Settlement: Excludes weekends, so settlement falls on Monday, August 6.
* Incorrect Options:
* A: Reflects T+1, not the correct settlement cycle.
* C & D: Extend beyond the standard T+2 cycle.
References:
* FINRA and SEC Settlement Rules: SEC Settlement Rules.


NEW QUESTION # 191
Which of the following statements is a characteristic of a government bond fund?

Answer: D

Explanation:
Step by Step Explanation:
* Government Bond Funds: Invest in government-backed securities, but the value of the fund itself is not guaranteed by the government, as these funds are subject to market risks.
* Incorrect Options:
* A: Diversification depends on the fund's investment strategy.
* B: Interest/dividend payments may fluctuate.
* C: If interest rates fall, NAVs typically rise, not drop.
References:
* SEC Guidance on Mutual Funds: SEC Government Bond Funds.


NEW QUESTION # 192
An investor decides to use a registered representative to make investment decisions for his account, as well as decide when to place any trades. Which of the following types of accounts should the investor open?

Answer: A

Explanation:
A discretionary account is the correct account type when a customer authorizes a registered representative to make investment decisions and determine when trades should be placed. Discretion means the representative has authority over one or more essential elements of the trade, such as the security, action, amount, or timing, depending on the authority granted. Choice D is correct because the question states that the representative will make investment decisions and decide when to place trades. A margin account allows the customer to borrow funds from the broker-dealer to purchase securities, but margin authority is not the same as trading discretion.
An options account permits options trading after approval and risk disclosure, but it does not automatically authorize the representative to make decisions. A custodial account is opened for a minor or legally incapacitated person and managed by a custodian. The SIE outline includes discretionary versus non- discretionary accounts, customer account types, order authorization, and FINRA Rule 3260 governing discretionary accounts. Written customer authorization and firm approval are required for discretionary authority. Reference: Section 3.2.1 Account Types and Characteristics; FINRA Rule 3260 Discretionary Accounts.


NEW QUESTION # 193
Assume that the economy is operating at nearly full capacity. The initial results of an oversupply of money are most likely to have the greatest impact on which of the following macroeconomic factors?

Answer: D

Explanation:
When an economy operates near full capacity, additional money in circulation leads to inflation, as demand exceeds the economy's ability to increase supply.
* B is correctbecause inflation is the primary impact when supply cannot keep up with excess demand.
* Ais incorrect because output does not significantly increase when capacity is already maximized.
* Cis incorrect because velocity measures the rate at which money circulates, not the impact of oversupply.
* Dis incorrect as unemployment is already low when the economy is at full capacity.


NEW QUESTION # 194
When facilitating the purchase or sale of securities in the open market for a customer and charging a commission, a firm is acting as a:

Answer: C

Explanation:
A firm acts as a broker when it facilitates a securities transaction for a customer as agent and charges a commission. In agency capacity, the firm does not buy from or sell to the customer out of its own inventory; it helps execute the transaction in the market. Choice B is correct. A dealer acts as principal, meaning the firm buys or sells securities for its own account and typically earns a markup or markdown rather than a commission. Choice C is therefore the opposite capacity from the one described. A transfer agent maintains issuer shareholder records, cancels and issues certificates, and processes ownership changes; it does not act as the executing firm charging commissions for open-market customer trades. The SIE outline specifically includes "Trade capacity," with examples of "principal" and "agency," and identifies broker-dealers as market participants. This is a core market-structure distinction: broker equals agent/commission; dealer equals principal/markup or markdown. Reference: Section 1.1.4 Market Participants and Their Roles; Section 3.1.1 Orders and Strategies, trade capacity.


NEW QUESTION # 195
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