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NEW QUESTION # 53
A registered representative (RR) at a member firm is the subject of a statutory disqualification. Which of the following statements is true?
Answer: C
Explanation:
A statutory disqualification occurs if an RR has been convicted of certain crimes, violated securities laws, or been barred by a regulatory authority. Under FINRA rules, the RR cannot associate with a member firm in any capacity unless they obtain a waiver from FINRA.
* B is correct because the disqualified person must obtain a waiver to continue employment.
* A and C are incorrect because the RR is not allowed to associate with the firm in any capacity without a waiver.
* D is incorrect because statutory disqualification directly affects the RR's employment status.
Reference: FINRA By-Laws, Article III, Section 4; FINRA Rule 9520 (Eligibility Proceedings)
NEW QUESTION # 54
Which of the following entities settles broker-to-broker equity, listed corporate and municipal bond, and unit investment trust (UIT) transactions in the U.S. equities markets?
Answer: D
Explanation:
Step by Step Explanation:
* National Securities Clearing Corporation (NSCC): A subsidiary of the Depository Trust & Clearing Corporation (DTCC), the NSCC handles the clearance and settlement of broker-to-broker equity, corporate bond, municipal bond, and UIT transactions.
* Incorrect Options:
* A: The SEC oversees regulatory compliance but does not settle trades.
* B: FINRA is a self-regulatory organization, not a clearing entity.
* C: The Federal Reserve manages monetary policy and banking but is not involved in securities settlement.
References:
* DTCC Overview of NSCC: DTCC NSCC.
NEW QUESTION # 55
Which of the following terms defines when a corporate outsider acquires material, nonpublic company information and uses that information for her personal benefit?
Answer: D
Explanation:
The correct answer is D, Insider trading. Insider trading occurs when an individual uses material, nonpublic information (MNPI) to make investment decisions for personal gain. Importantly, insider trading is not limited to corporate insiders like executives or directors-it also applies to corporate outsiders who improperly obtain such information and trade on it.
In this scenario, the outsider acquires confidential information and uses it for personal benefit, which is a direct violation of securities laws and SEC regulations. This undermines market fairness because it gives an unfair advantage over other investors who do not have access to the same information.
Choice A, Tipping, refers to the act of sharing MNPI with another person, who may then trade on it. Both the tipper and tippee can be held liable, but tipping itself is distinct from personally trading on the information.
Choice B, Churning involves excessive trading in a customer's account to generate commissions and is unrelated.
Choice C, Front running involves trading ahead of a known customer order, not using inside information.
Thus, using material nonpublic information for personal trading-whether by an insider or outsider-is classified as insider trading, making choice D correct.
NEW QUESTION # 56
An investor wants to purchase additional mutual fund shares with income distributed by the fund. Which of the following fund options permits this?
Answer: A
Explanation:
Step by Step Explanation:
* Dividend Reinvestment Plans (DRIPs): These allow investors to automatically reinvest income distributed by the mutual fund to purchase additional shares.
* Dollar Cost Averaging: Refers to systematic investments over time, not directly tied to income distributions.
* Capital Gains Reinvestment: Involves reinvesting profits from the sale of fund holdings, which is distinct from dividend reinvestment.
FINRA Mutual Fund Features: FINRA Mutual Funds.
NEW QUESTION # 57
A currency devaluation impacts a country's economic activity in which of the following ways?
Answer: D
Explanation:
Currency devaluation reduces the value of a country's currency relative to others, making its exports cheaper and more competitive internationally. This stimulates demand for the country's goods and services.
* D is correct because devaluation reduces export costs, encouraging foreign buyers.
* A is incorrect because devaluation can increase inflation by raising the cost of imported goods.
* B is incorrect because GDP often rises due to increased export demand.
* C is incorrect because imports become more expensive after devaluation, reducing demand.
Reference: SIE Study Guide, Chapter 2: International Trade and Currency
NEW QUESTION # 58
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