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質問 # 93
After a customer purchases bonds at a yield of 5.00%, the current yield at market price increases to 5.25%.
Which of the following statements is true regarding the value of the bonds?
正解：C
解説：
Bond prices and yields move inversely. If the yield available on the bond rises from 5.00% to 5.25%, the market price of the bond has decreased. Current yield is calculated by dividing the bond's annual interest payment by its current market price. Because the coupon payment is fixed, the only way the current yield rises is for the market price to fall. Choice B is correct. Choice A is incorrect because an increase in yield does not indicate a higher bond value; it indicates the opposite. Choice C is incorrect because the face value, or par value, of the bond does not change simply because market yield changes. Choice D is incorrect because the changed yield reflects a changed market price. The SIE outline specifically includes coupon value, par value, yield, and the relationship between bond price and interest rate. This question tests one of the most important fixed-income principles: fixed coupon plus lower price equals higher current yield; fixed coupon plus higher price equals lower current yield. Reference: Understanding Products and Their Risks; Debt Instruments; Yield; Relationship Between Price and Interest Rate.
質問 # 94
A selling group member in an initial public offering (IPO) has the primary responsibility for which of the following obligations related to the IPO ' s prospectus?
正解：A
解説：
The correct answer is B, Distributing the prospectus to prospective investors. In an IPO, responsibilities are divided among various participants, including the issuer, underwriters, and selling group members. A selling group member is part of the distribution network and is primarily responsible for selling the securities to the public and delivering the prospectus to potential investors.
The prospectus is a legal disclosure document that must be provided to investors before or at the time of sale.
Selling group members play a key role in ensuring that investors receive this document so they can make informed decisions.
Choice A, preparing the prospectus, is the responsibility of the issuer, along with assistance from the lead underwriter and legal counsel. Choice C, ensuring filing with the SEC, is also the issuer's responsibility.
Choice D, ensuring accuracy and completeness, falls on the issuer and underwriters, who are liable for disclosures under securities laws.
Thus, the selling group's primary role is distribution, not creation or verification of the prospectus. Therefore, choice B is correct.
質問 # 95
Interest rate risk is best minimized by purchasing municipal:
正解：D
解説：
Interest rate risk-the risk that bond prices will decline when market interest rates rise-is best minimized by buying issues with short maturities, which makes choice C correct. The reason is that shorter-maturity bonds generally have lower duration, meaning they are less sensitive to changes in market rates. When rates rise, a short-term bond's price typically falls less than a long-term bond's price because investors will receive principal back sooner and can reinvest at the higher prevailing rates earlier.
Choice A (revenue bonds) is incorrect because revenue vs. GO classification primarily relates to credit
/repayment source, not interest rate sensitivity. Revenue bonds can still be long-term and can still have meaningful interest rate risk. Choice B (bonds at a discount) is not the best minimizer of interest rate risk; discount pricing affects yield relationships, but maturity and duration are the key determinants of price volatility due to rate moves. Choice D (highest yield available) is incorrect because higher-yielding munis may carry greater credit risk, longer maturities, call features, or other risks; chasing yield does not minimize interest rate risk and can increase it.
This question targets a core SIE bond concept: price and interest rates move inversely, and the magnitude of price movement depends heavily on time to maturity (and related duration). Investors who are particularly concerned about rate increases often favor short-term municipal notes or shorter maturities to reduce price volatility. While call features and coupon levels also affect rate sensitivity, "short maturities" is the most direct and consistently correct answer for minimizing interest rate risk on the exam.
質問 # 96
Before an affiliate of an issuer is permitted to sell 10,000 shares of restricted securities, which of the following conditions must be met?
正解：A
解説：
Step by Step Explanation:
* Rule 144 Holding Period: Restricted securities held by affiliates require a six-month holding period before sale, provided the issuer is subject to SEC reporting requirements.
* Other Options:
* Notification to FINRA (C) is incorrect; Form 144 is submitted to the SEC, not FINRA.
* The 10% ADTV limitation (D) applies to the volume of shares sold, not the conditions for sale.
References:
* SEC Rule 144 (Selling Restricted Securities): SEC Rule 144.
質問 # 97
A husband and wife are interested in purchasing unregistered securities in an SEC Regulation D offering for their joint account. In order to be considered accredited, they must have had a combined annual income for each of the past two years and current expectations for this year of at least what amount?
正解：B
解説：
The correct answer is B, $300,000. Under SEC Regulation D, an accredited investor is defined, in part, by income thresholds. For a married couple (joint income), the requirement is that they must have earned at least
$300,000 in each of the past two years and have a reasonable expectation of earning at least that amount in the current year.
For individuals filing alone, the threshold is $200,000, but since this question specifically refers to a husband and wife purchasing jointly, the higher combined income threshold applies.
This rule is designed to ensure that investors participating in private placements (which are not registered with the SEC and carry higher risk and less disclosure) have sufficient financial sophistication and resources to bear potential losses.
Choices A ($200,000) applies only to individuals, not joint filers. Choices C ($400,000) and D ($500,000) exceed the regulatory requirement and are incorrect.
Thus, for a married couple investing jointly in a Regulation D offering, the correct minimum income threshold is $300,000, making choice B correct.
質問 # 98
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