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NEW QUESTION # 371
A registered representative must complete which of the following activities when entering a discretionary trade?
Answer: C
Explanation:
FINRA Rule 3260 requires that discretionary trades be approved by the customer in writing and reviewed by the supervising firm. The order ticket must indicate that discretion was exercised to ensure proper oversight.
* B is correctbecause marking the order ticket ensures compliance with supervisory requirements.
* Ais incorrect because discretionary authority is not limited to market orders.
* Cis incorrect as discretionary trades do not require pre-approval for each trade but require prior written authorization.
* Dis incorrect because discretionary authority allows the RR to decide on price and timing without specific customer instructions.
NEW QUESTION # 372
Which of the following types of securities is an equity?
Answer: A
Explanation:
Equity securities represent ownership in a company, and preferred stock is a type of equity security that pays dividends and has priority over common stock in liquidation.
* A is correct because preferred stock is an equity security.
* B is incorrect because commercial paper is a short-term debt security.
* C is incorrect because certificates of deposit (CDs) are fixed-income banking products.
* D is incorrect because exchange-traded notes (ETNs) are unsecured debt securities.
Reference: SIE Study Guide, Chapter 5: Corporate Securities
NEW QUESTION # 373
Which of the following risks is unique when comparing U.S. municipal bonds against U.S. government bonds as an investment?
Answer: B
Explanation:
The correct answer is A, Credit risk. Credit risk, also known as default risk, is the risk that the issuer of a bond will fail to make timely interest payments or repay principal. This risk is a key distinguishing factor between
U.S. municipal bonds and U.S. government bonds.
Step-by-step, U.S. government bonds (such as Treasury securities) are considered to have virtually no credit risk because they are backed by the full faith and credit of the U.S. government. As a result, they are often referred to as "risk-free" with respect to default.
In contrast, municipal bonds are issued by state and local governments, and their ability to repay debt depends on the financial health of the issuing municipality. Therefore, municipal bonds carry varying degrees of credit risk, which is why they are often rated by credit rating agencies.
Choice B, currency risk, is incorrect because both investments are denominated in U.S. dollars. Choice C, inflationary risk, affects all fixed-income securities since inflation erodes purchasing power. Choice D, interest rate risk, also affects both types of bonds equally, as bond prices move inversely to interest rate changes.
Thus, the unique risk when comparing municipal bonds to U.S. government bonds is credit risk, making Answer A correct.
NEW QUESTION # 374
Which of the following parties has the authority to approve changes to the fundamental investment policy of an investment company?
Answer: C
Explanation:
Shareholders of an investment company have the authority to approve changes to fundamental investment policies. Fundamental policies are core operating restrictions or investment mandates that define how the fund may invest and operate. Because these policies are central to the nature of the fund the shareholder purchased, they cannot be changed merely by the portfolio manager, marketing officer, or management company acting alone. The SEC regulates investment companies and requires disclosures, but it does not function as the voting body that approves a fund's fundamental policy change. The portfolio manager makes day-to-day investment decisions within the permitted mandate but cannot unilaterally alter fundamental restrictions. The chief marketing officer has no investment-policy approval authority. The SIE outline places investment companies within packaged products and requires knowledge of disclosures, net asset value, costs, fees, share classes, and the regulatory framework governing investment companies. The applicable regulatory foundation is the Investment Company Act of 1940, which the SIE outline identifies as a foundational federal statute for the exam. Reference: Section 2.1.4 Packaged Products; Investment Company Act of 1940 topics.
NEW QUESTION # 375
Which of the following events requires reporting on a Form U4?
Answer: C
Explanation:
Form U4 (Uniform Application for Securities Industry Registration or Transfer) requires disclosure of any felony convictions, regardless of whether they are securities-related. A felony conviction for drunk driving falls under this requirement.
* B is correct because a felony conviction must be reported on Form U4.
* A is incorrect as misdemeanor speeding tickets do not require disclosure unless they involve fraud, theft, or dishonesty.
* C is incorrect as bench warrants are not reportable unless they lead to a conviction.
* D is incorrect because gross misdemeanors (except those involving fraud or dishonesty) do not require reporting.
Reference: FINRA By-Laws, Article V, Section 2; Form U4 Instructions
NEW QUESTION # 376
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