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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials Exam |
| Exam Number: | SIE |
| Exam Duration: | 105 minutes |
| Available Languages: | English |
| Exam Price: | USD $100 |
| Exam Format: | Multiple Choice |
| Real Exam Qty: | 75 |
| Passing Score: | 70 |
| Certificate Validity Period: | 4 years |
| Related Certifications: | Series 7 Series 99 Series 6 Series 79 Series 57 |
| 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 # 373
An open-end mutual fund is best described as a type of investment company that pools money from multiple investors to purchase a portfolio of:
Answer: B
Explanation:
The correct answer is B, diverse investments with end-of-day trading and pricing. An open-end mutual fund pools money from many investors and invests in a diversified portfolio of securities, such as stocks, bonds, or other assets, depending on its investment objective. A key feature of open-end funds is that they are priced once per day, after the market closes, based on the fund's net asset value (NAV).
Investors buy and redeem shares directly from the fund company, not in the secondary market. All transactions occur at the end-of-day NAV, regardless of when the order is placed during the trading day.
Choice A is incorrect because intraday trading applies to exchange-traded funds (ETFs), not mutual funds.
Choice C describes a money market fund, which is a specific type of mutual fund focused on short-term debt instruments, not all open-end funds. Choice D describes characteristics of hedge funds or private investments, which are illiquid and often charge performance fees.
Thus, the defining features of open-end mutual funds are diversification and end-of-day pricing, making choice B the correct answer.
NEW QUESTION # 374
Which of the following products is redeemable at net asset value (NAV)?
Answer: A
Explanation:
Open-end mutual funds are redeemable securities, meaning investors can sell their shares back to the fund at the NAV.
* D is correct because mutual funds allow redemption at NAV.
* A, B, and C are not redeemable securities.
Reference: Investment Company Act of 1940, Section 2(a)(32)
NEW QUESTION # 375
According to FINRA rules, under which of the following circumstances, if any, is a member firm permitted to send gifts to a registered representative of another member firm?
Answer: D
Explanation:
Step by Step Explanation:
* FINRA Rule 3220: This rule limits gifts to $100 per person annually to prevent conflicts of interest.
* Aggregate Limit: There is no provision for exceeding the $100 annual limit, regardless of the number of gifts.
* Purpose: The rule ensures that gifts do not influence decisions or create unethical relationships.
FINRA Rule 3220 (Influencing or Rewarding Employees of Others): FINRA Rule 3220.
NEW QUESTION # 376
Offering 403(b) tax-sheltered annuity accounts to which of the following groups is permissible?
Answer: A
Explanation:
Step by Step Explanation:
* 403(b) Accounts: These tax-advantaged retirement plans are specifically for employees of public schools, tax-exempt organizations, and certain other nonprofit employers, such as hospitals.
* Incorrect Options:
* Volunteer Workers: Ineligible unless they are also employees.
* Small Business Owners and Military Personnel: These groups typically qualify for other retirement plans, not 403(b).
IRS Publication 571 (403(b) Plans): IRS 403(b) Guidance.
NEW QUESTION # 377
A registered representative pleads guilty to an investment fraud scheme that occurred five years ago. Which of the following documents must be updated within 30 days of the guilty plea?
Answer: B
Explanation:
The correct answer is A, Form U4. Form U4 (Uniform Application for Securities Industry Registration or Transfer) must be kept current at all times and updated promptly-generally within 30 days-whenever a registered representative experiences a reportable event, including criminal matters such as a guilty plea.
Step-by-step, a guilty plea to an investment fraud scheme is considered a material disclosure event, even if the misconduct occurred years earlier. The key factor is the date of the guilty plea, not when the underlying activity occurred. This triggers the obligation to update Form U4 so regulators (such as FINRA and the SEC) have accurate and current information about the individual's disciplinary history.
Choice B, Form U5, is used when a registered representative leaves a firm and is not relevant to ongoing disclosures. Choice C, arbitration disclosure, pertains to dispute resolution records, not regulatory filings.
Choice D, written supervisory procedures (WSPs), are internal firm compliance documents and do not relate to individual disclosure updates.
Thus, any criminal event such as a guilty plea must be reported through an updated Form U4 within 30 days, making Answer A correct.
NEW QUESTION # 378
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