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FINRA SIE Exam Syllabus Topics:

Topic	Details
Topic 1	Regulatory Entities, Agencies, and Market Participants: This section of the exam measures the skills of Financial Regulatory Analysts and covers the structure, authority, and jurisdiction of key regulatory bodies overseeing financial markets. The SEC's role in enforcing securities regulations is assessed, along with the authority of self-regulatory organizations such as FINRA and MSRB. Candidates must also understand the functions of other financial regulators, including the Department of the Treasury and state regulatory agencies. One key skill evaluated is identifying the jurisdictional scope of different financial regulators.
Topic 2	Understanding Trading, Customer Accounts, and Prohibited Activities: This section of the exam measures the skills of Securities Traders and focuses on different trading strategies, settlement processes, and corporate actions. Candidates must demonstrate knowledge of order types, including market, limit, stop, and good-til-canceled orders, as well as bid-ask spreads and discretionary versus non-discretionary trading.
Topic 3	Employee Conduct and Reportable Events: This section of the exam measures the skills of Financial Compliance Specialists and covers regulatory expectations regarding employee conduct and disclosure requirements. Candidates must be familiar with Form U4 and Form U5, as well as reporting obligations for outside business activities and political contributions.

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Exam FINRA SIE Cram Questions, SIE Exams Collection

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q19-Q24):

NEW QUESTION # 19
Which of the following statements is true of an index exchange-traded fund (ETF)?

A. It has a high portfolio turnover ratio.
B. It offers an opportunity to outperform the index it tracks.
C. It is priced once daily, generally at the market close.
D. Passive ETFs will typically have lower fees than those associated with actively managed ETFs.

Answer: D

Explanation:
Passive ETFs track an index and require minimal management, leading to lower expenses compared to actively managed ETFs.
* D is correctbecause passive ETFs are cost-efficient and have lower fees.
* Ais incorrect because index ETFs have low turnover since they replicate an index.
* Bis incorrect because ETFs are priced continuously throughout the trading day.
* Cis incorrect as ETFs aim to match, not outperform, the index.

NEW QUESTION # 20
A municipal securities dealer makes a political contribution of $990 to a local mayoral candidate. At the end of the quarter, to whom, if anyone, must the dealer report the contribution?

A. SEC
B. FINRA
C. No disclosure required as the amount is below the reporting threshold
D. MSRB

Answer: D

Explanation:
Step by Step Explanation:
* MSRB Rule G-37: Requires municipal securities dealers to report contributions to the MSRB, even if the amount is below the $1,000 threshold that would trigger a two-year prohibition on municipal business.
* Incorrect Options:
* SEC and FINRA: Not involved in reporting political contributions for municipal securities.
References:
* MSRB Rule G-37 (Political Contributions): MSRB Rule G-37.

NEW QUESTION # 21
Which of the following terms describes an offer to purchase some or all shareholders' shares in a corporation, usually at a premium to the market price?

A. Tender
B. Redemption
C. Stock split
D. Class action

Answer: A

Explanation:
Step by Step Explanation:
* Tender Offer Definition: A tender offer is an offer to purchase a certain number of shares from shareholders, typically at a price above the current market value. This is often part of mergers, acquisitions, or corporate takeovers.
* Stock Split: A stock split increases the number of shares but decreases the price per share without affecting the total value of an investor's holdings.
* Redemption: Redemption refers to the repayment of a bond or preferred stock at maturity or at a predetermined date.
* Class Action: A class action is a lawsuit filed by a group of people with similar grievances.
References:
* SEC Rule 14e on tender offers: SEC Tender Offers.

NEW QUESTION # 22
Which of the following transactions gives a U.S. citizen the most efficient means to invest in the stock of an overseas corporation that trades only on a foreign exchange?

A. Purchase a U.S.-based mutual fund that invests in foreign stocks
B. Purchase an American Depositary Receipt (ADR) on a domestic exchange
C. Purchase an option on the stock on a domestic exchange
D. Purchase an ETF on the foreign exchange

Answer: B

Explanation:
American Depositary Receipts (ADRs) allow U.S. investors to efficiently invest in foreign corporations without the need to trade on foreign exchanges. ADRs are traded on U.S. exchanges and represent shares of foreign companies.
* D is correctbecause ADRs are designed for this purpose, simplifying currency exchange and reporting requirements for U.S. investors.
* Ais incorrect because directly purchasing an ETF on a foreign exchange requires additional steps, such as foreign account setup.
* Bis incorrect because options are derivative products, not direct investments in the stock.
* Cis less efficient because mutual funds may not provide direct exposure to the specific corporation.

NEW QUESTION # 23
A registered representative wants to open an account for himself at a different financial institution. Under FINRA rules, which of the following accounts requires prior written consent from his employing broker- dealer?

A. Variable contracts registered under the Investment Company Act
B. A 529 savings plan account established for his grandchild
C. Mutual fund accounts held directly with the fund company
D. An investment advisory account in which securities transactions are effected

Answer: D

Explanation:
Step by Step Explanation:
* FINRA Rule 3210: Requires registered representatives to obtain written consent from their employing broker-dealer before opening accounts at other financial institutions if securities transactions will occur.
* Incorrect Options:
* A, B, and C: These accounts are exempt because they do not involve direct securities transactions requiring monitoring.
References:
* FINRA Rule 3210 (Accounts at Other Institutions): FINRA Rule 3210.

NEW QUESTION # 24
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Exam FINRA SIE Cram Questions, SIE Exams Collection

FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q19-Q24):

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