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FINRA SIE Exam Syllabus Topics:

Section	Weight	Objectives
Understanding Trading, Customer Accounts and Prohibited Activities	31%	- Customer Accounts 1. Types of accounts (individual, joint, retirement, custodial) 2. Margin accounts and Regulation T 3. Account opening requirements and documentation 4. Customer protection rules (e.g., SIPC, Rule 15c3-3) - Trading, Settlement and Corporate Actions 1. Trade execution and settlement (e.g., T+1, T+2) 2. Order types (market, limit, stop orders) 3. Corporate actions (dividends, stock splits, mergers) - Prohibited Activities 1. Market manipulation (e.g., painting the tape, churning) 2. Insider trading and front running 3. Anti-money laundering (AML) requirements 4. Unauthorized transactions and misrepresentation
Understanding Products and Their Risks	44%	- Debt Instruments 1. Treasury securities (bills, notes, bonds, receipts) 2. Municipal securities (GO bonds, revenue bonds, short-term obligations) 3. Agency securities (asset-backed and mortgage-backed securities) 4. Corporate bonds 5. Money market instruments - Packaged Products 1. Exchange-traded funds (ETFs) 2. Mutual funds (open-end and closed-end) 3. Real estate investment trusts (REITs) 4. Direct participation programs (DPPs) 5. Variable annuities and variable life insurance - 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 - Alternative Investments 1. Hedge funds, private equity, and other alternative products 2. Risks associated with alternative investments - Options 1. Options strategies and associated risks 2. Basic options concepts (calls, puts, premiums, expiration) - Investment Risks 1. Political and currency risk 2. Interest rate risk and reinvestment risk 3. Market risk, credit risk, liquidity risk, inflation risk
Knowledge of Capital Markets	16%	- Offerings 1. Roles of participants (e.g., investment bankers, underwriting syndicate, municipal advisors) 2. Types and purpose of offering documents (e.g., prospectus, official statement) 3. Types of offerings: public vs. private, IPO, secondary and follow-on offerings 4. Shelf registrations and distributions 5. Regulatory filing requirements and exemptions (e.g., SEC, blue-sky laws) 6. Methods of distribution (e.g., best efforts, firm commitment) - Market Structure 1. Types of markets (primary, secondary, third, fourth) 2. Exchange markets vs. OTC markets 3. Market indices and economic indicators (e.g., GDP, GNP, exchange rates) - Regulatory Entities, Agencies and Market Participants 1. Role of broker-dealers, investment advisers, and other market participants 2. Role of the SEC, SROs (e.g., FINRA, MSRB), and other regulators
Overview of the Regulatory Framework	9%	- FINRA Rules and Registration Requirements 1. Supervision and compliance obligations 2. Continuing education requirements 3. Registration and qualification requirements (FINRA Rule 1210) - Securities Acts and Regulations 1. Securities Investor Protection Act of 1970 (SIPA) 2. Securities Act of 1933 and Securities Exchange Act of 1934 3. Investment Company Act of 1940 and Investment Advisers Act of 1940

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q133-Q138):

NEW QUESTION # 133
A customer instructs his registered representative (RR) to purchase $35,000 Class A shares of Growth Fund ABC. As the RR enters the order, she overhears her customer speaking to his wife about purchasing $100,000 of Emerging Markets Fund ABC once he gets his year-end bonus. Which of the following statements is true about receiving a breakpoint discount for the current purchase?

A. It is not available as the purchase amount is less than the $50,000 initial breakpoint level.
B. It is available if the customer signs a letter of intent.
C. It is available due to right of accumulation.
D. It is not available as the customer has not made the $100,000 Emerging Markets Fund purchase.

Answer: B

Explanation:
The correct answer is B, It is available if the customer signs a letter of intent (LOI). Breakpoint discounts for Class A mutual fund shares reduce the sales charge when larger investment thresholds are met.
Step-by-step, the customer is currently investing $35,000, which is below the typical first breakpoint (often
$50,000). However, the RR overhears the customer planning to invest an additional $100,000 in the same fund family in the near future. This is key.
A Letter of Intent (LOI) allows the investor to commit to investing a larger total amount (e.g., $135,000) over a specified period (usually 13 months). By signing an LOI, the investor can immediately receive the reduced sales charge based on the total intended investment, even though the full amount has not yet been invested.
Choice A is incorrect because rights of accumulation apply only to existing holdings, not future intended purchases. Choice C is incorrect because breakpoints can still be achieved through LOI. Choice D is incorrect because the future purchase does not need to be completed yet-only committed via LOI.
Thus, by signing a Letter of Intent, the investor qualifies for the breakpoint discount now, making Answer B correct.
Top of Form

NEW QUESTION # 134
A customer purchases 100 shares of stock on Thursday, August 2. This transaction must settle regular way no later than:

A. Monday, August 6
B. Friday, August 3
C. Wednesday, August 8
D. Tuesday, August 7

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.
FINRA and SEC Settlement Rules: SEC Settlement Rules.

NEW QUESTION # 135
An elderly customer wants to use $50,000 to open an investment account that would allow her assets to bypass probate. Her registered representative advises her to create:

A. A power of attorney
B. An individual retirement account
C. A separately managed account
D. A trust account

Answer: D

Explanation:
A trust account can be structured so that assets pass according to the terms of the trust and avoid probate.
Probate is the court-supervised process for distributing assets after death. A properly established trust can hold investment assets for the benefit of named beneficiaries and provide continuity of control, privacy, and estate- transfer efficiency. Choice A is correct. A power of attorney authorizes another person to act on behalf of the customer during the customer's lifetime, but the authority generally terminates at death and does not itself bypass probate. A separately managed account is an investment management arrangement, not an estate- transfer structure. An individual retirement account has beneficiary designations and tax features, but the question asks for an investment account structure designed to allow assets to bypass probate; a trust account is the most direct and appropriate answer. The SIE outline includes customer account registrations, including trust accounts, individual accounts, retirement accounts, and other account types. This question tests the functional difference between account registration forms and estate-planning authority. Reference:
Understanding Trading, Customer Accounts and Prohibited Activities; Customer Account Registrations; Trust Accounts.

NEW QUESTION # 136
Company ABC stock currently trades on an exchange. An ABC insider wants to sell a large number of shares of her privately held ABC stock. ABC files the necessary paperwork to register the shares, but the insider decides to wait and sell the stock at a later date. Which of the following terms best describes the type of offering that is occurring in this situation?

A. A secondary offering
B. A private offering
C. A rights offering
D. An exempt offering

Answer: A

Explanation:
Step by Step Explanation:
* Secondary Offering: Involves the sale of shares by an existing shareholder, such as an insider, rather than the company itself issuing new shares.
* Incorrect Options:
* A: Rights offerings involve giving existing shareholders the opportunity to buy additional shares.
* B: Private offerings are not registered with the SEC and involve limited investors.
* C: An exempt offering refers to securities exempt from SEC registration, such as Regulation D offerings.
SEC Guide on Secondary Offerings: SEC Secondary Offerings.

NEW QUESTION # 137
Which of the following statements describes a characteristic of exchange-traded funds (ETFs)?

A. ETFs are not permitted to be purchased on margin.
B. ETF expense ratios are generally lower than those of mutual funds.
C. ETFs are purchased and sold daily at net asset value (NAV).
D. ETFs are offered with front-end or back-end loads.

Answer: B

Explanation:
Step by Step Explanation:
* ETF Expense Ratios: ETFs generally have lower expense ratios compared to mutual funds due to their passive management style.
* Incorrect Options:
* A: ETFs do not have sales loads; they are traded like stocks.
* B: ETFs can be purchased on margin, like other equities.
* C: ETFs are traded throughout the day at market prices, not NAV.
SEC ETF Fact Sheet: SEC ETF Info.

NEW QUESTION # 138
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