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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials Exam |
| Exam Number: | SIE |
| Available Languages: | English |
| Exam Format: | Multiple Choice |
| Passing Score: | 70% |
| Certificate Validity Period: | 4 years |
| Exam Duration: | 105 minutes |
| Related Certifications: | Series 6 Series 79 Series 57 Series 22 Series 7 Series 82 Series 86/87 |
| Real Exam Qty: | 75 scored + 5 unscored pre-test |
| Exam Price: | $100 USD |
| Recommended Training: | FINRA SIE Content Outline & Study Materials |
| Exam Registration: | Prometric Testing FINRA Official Registration |
| Sample Questions: | FINRA SIE Sample Questions |
| Exam Way: | Computer-based; available in-person at Prometric test centers or online remote proctoring |
| Pre Condition: | Minimum age 18; no firm sponsorship or prior employment required; open to all individuals |
| Official Syllabus URL: | https://www.finra.org/registration-exams-ce/qualification-exams/securities-industry-essentials-exam |
>> SIE Valid Exam Objectives <<
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NEW QUESTION # 128
Which of the following statements is true when comparing a traditional individual retirement account and a Roth individual retirement account?
Answer: A
Explanation:
A qualified Roth IRA withdrawal is tax-free, while distributions from a traditional IRA are generally taxable as ordinary income. This is the core distinction tested in choice D. Traditional IRA contributions may be deductible depending on income, filing status, and plan participation, but distributions are generally taxed because the account is funded on a pre-tax or tax-deferred basis. Roth IRA contributions are made with after- tax dollars, meaning the investor does not receive a current tax deduction, but qualified distributions of earnings and contributions may be withdrawn tax-free if the requirements are met. Choice A is incorrect because traditional IRAs are subject to required minimum distributions, while Roth IRAs generally are not subject to lifetime RMDs for the original owner. Choice B reverses the tax treatment concept. Choice C is incorrect because beneficiary designation is not limited to a spouse for Roth IRAs. The SIE outline includes retirement accounts, IRA characteristics, required minimum distributions, and contributions under customer account registrations. It also expects candidates to understand tax-advantaged investment vehicles and account structures. Reference: Section 3.2.2 Customer Account Registrations, retirement accounts, required minimum distributions, and contributions.
NEW QUESTION # 129
When is a newly registered person subject to the Continuing Education Regulatory Element requirement?
Answer: D
Explanation:
Step by Step Explanation:
* Regulatory Element Requirement: Newly registered persons must complete the Continuing Education (CE) Regulatory Element on the second anniversary of their initial registration and every three years thereafter.
* Incorrect Options:
* A: The requirement begins on the second anniversary, not the following calendar year.
* D: The cycle is every three years, not five.
References:
* FINRA Rule 1240 (Continuing Education): FINRA Rule 1240.
NEW QUESTION # 130
The process in which the buying firm must pay for the securities and the selling firm must deliver the securities is known as:
Answer: A
Explanation:
Step by Step Explanation:
* Settlement of the Transaction: Refers to the finalization of a trade, where the buyer pays for the securities, and the seller delivers them. For most securities, regular-way settlement occurs T+2 (trade date plus two business days).
* Incorrect Options:
* Clearing the Trade: Refers to matching trade details to prepare for settlement.
* DVP Transactions: A specific type of settlement involving simultaneous payment and delivery, often used for institutional clients.
* Corporate Action: Refers to events like stock splits or dividend declarations.
FINRA and SEC Guidelines on Settlement: SEC Settlement Process.
NEW QUESTION # 131
A bond with a par value of $1,000 that is backed by the taxing power of a local government is known as:
Answer: D
Explanation:
Step by Step Explanation:
* General Obligation (GO) Bonds: Backed by the full faith and credit of the issuing municipality, relying on its taxing power for repayment.
* Revenue Bonds: Supported by revenues from a specific project or source.
* Treasury Bonds: Issued by the federal government.
* Corporate Bonds: Issued by corporations, not municipalities.
SEC Municipal Bond Guide: SEC GO Bonds.
NEW QUESTION # 132
Under the SEC's Recordkeeping and Retention Requirements Rule, a broker-dealer is required to keep which of the following records for the lifetime of its existence?
Answer: D
Explanation:
Broker-dealers are subject to SEC recordkeeping and retention rules (commonly tested under Exchange Act recordkeeping requirements). Certain records must be preserved for long periods, and some must be kept for the life of the firm. Among the choices, corporate formation documents (e.g., articles of incorporation/charter, bylaws, partnership agreements, and similar foundational records) are the category most clearly associated with "lifetime" retention. These documents establish the firm's legal existence, governance structure, and authority to conduct business, so regulators require them to remain available as long as the broker-dealer exists.
Trade blotters and customer confirmations are important operational records, but they are generally subject to multi-year retention requirements rather than "lifetime." They help reconstruct trades, demonstrate compliance, and support customer reporting, yet the retention period is not typically "for the life of the firm." Similarly, Forms U4 and U5 and other employee records are retained for specified periods and are updated as reportable events occur, but they are not generally described as "lifetime of the broker-dealer" records in the way corporate formation documents are.
On the SIE, this question is about understanding that recordkeeping rules distinguish between:
organizational/legal foundation records (kept for the life of the firm), and transactional/operational records (kept for defined periods).
That distinction supports investor protection and regulatory supervision by ensuring that a firm's legal identity and governance history remain accessible for examinations, enforcement, and customer protection purposes.
NEW QUESTION # 133
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