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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials Exam |
| Exam Number: | SIE |
| Exam Duration: | 105 minutes |
| Exam Format: | Multiple Choice |
| Passing Score: | 70 |
| Real Exam Qty: | 75 |
| Certificate Validity Period: | 4 years |
| Exam Price: | USD $100 |
| Related Certifications: | Series 6 Series 7 Series 57 Series 99 Series 79 |
| Available Languages: | English |
| 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 # 184
Under the Investment Company Act of 1940, which of the following products are considered redeemable securities?
Answer: D
Explanation:
Redeemable securities are those that can be sold back to the issuer.
* D is correctbecause unit investment trusts (UITs) issue redeemable securities.
* Cis incorrect because closed-end fund shares are traded on secondary markets, not redeemable.
* AandBdo not meet the definition of redeemable securities.
NEW QUESTION # 185
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: A
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 # 186
Which of the following statements is true regarding Treasury securities?
Answer: C
Explanation:
Treasury securities (Treasury bills, notes, and bonds) are obligations of the U.S. government. A key testable feature is their tax treatment: interest earned on Treasuries is subject to federal income tax (though it is generally exempt from state and local income taxes). That makes choice B correct.
Choice A is incorrect because FDIC insurance applies to bank deposit products (e.g., bank CDs, savings accounts) held at insured depository institutions, within insurance limits. Treasury securities are not bank deposits; they are direct government securities, so "FDIC-insured" is not the right concept. Treasuries are considered to have very low credit risk due to U.S. government backing, but that is different from FDIC insurance.
Choice C is incorrect because Treasuries trade in both the primary market (when issued by the Treasury) and the secondary market (after issuance). In fact, Treasuries are among the most actively traded securities in the world, and secondary-market trading is a major source of liquidity and price discovery. Investors can buy newly issued Treasuries at auction (primary) or purchase existing Treasuries from other investors and dealers (secondary).
Choice D is incorrect because securities issued by states and municipalities are municipal securities (muni bonds/notes), not Treasury securities. Treasuries are issued by the U.S. Department of the Treasury, while municipal bonds are issued by states, cities, counties, and other political subdivisions or authorities.
On the SIE, this question targets product knowledge: issuer identity, trading markets, and tax characteristics of government vs. municipal vs. bank products.
NEW QUESTION # 187
A customer calls his registered representative (RR) with a request to hold all mail for the next six weeks.
During the call, the RR checks his files and finds a letter from the customer for a similar request made the prior year. Despite a suggestion to convert to electronic statements via the firm website, the customer prefers paper statements. Holding this customer ' s mail is:
Answer: B
Explanation:
The correct answer is A, permissible if the customer provides written instructions. Under FINRA rules, specifically regarding holding customer mail, a firm may hold mail for a customer only if proper written authorization is obtained and certain conditions are met.
Step-by-step, firms must receive current written instructions from the customer specifying the time period for holding mail. While FINRA generally limits mail holds to no more than three months, a six-week (approximately 1.5 months) request is well within the allowable timeframe. Therefore, the duration itself is not a violation.
Choice B is incorrect because prior authorization does not carry forward-each mail hold request requires new written instructions. Choice C is incorrect because the allowable limit is three months, not one month.
Choice D is incorrect because opting out of electronic delivery does not prohibit mail holding; customers still have the right to request mail be held.
NEW QUESTION # 188
A broker-dealer (BD) creates a marketing postcard that includes a statement regarding FINRA's endorsement of the BD. Which of the following responses is true?
Answer: B
Explanation:
Step by Step Explanation:
* FINRA Rule 2210: Firms are prohibited from suggesting or implying FINRA's endorsement or approval in any advertising materials.
* Approvals: Even if a principal or FINRA approves the content, such a statement remains impermissible.
* Key Point: FINRA's role is to regulate, not to endorse firms or their marketing.
FINRA Rule 2210 (Communications with the Public): FINRA Rule 2210.
NEW QUESTION # 189
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