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FINRA SIE Exam Syllabus Topics:

Topic
Details

Topic 1

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.

Topic 2

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 3

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 4

Understanding Products and Their Risks: This section of the exam measures the skills of Investment Analysts and examines different financial products and associated risks. Candidates must understand equity securities, including common stock, as well as debt instruments such as Treasury securities and mortgage-backed securities.

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q87-Q92):

NEW QUESTION # 87
A customer receives a confirmation that discloses the firm has acted in a principal capacity. Which of the following statements is the best explanation for this disclosure?

A. The firm is acting as an intermediary between the customer and another customer.
B. The firm is acting as an intermediary between the customer and an unrelated firm.
C. The firm matched the customer's purchase with a sell order listed on an electronic communication network (ECN).
D. The firm is selling to the customer from its inventory.

Answer: D

Explanation:
When a firm acts in a principal capacity, it trades securities for its own account, buying or selling directly to or from its inventory. The firm's role differs from an agency capacity, where it acts as an intermediary.
* A is correctbecause principal capacity involves selling directly from the firm's inventory.
* B,C, andDare incorrect because these scenarios describe agency transactions, where the firm facilitates trades between two parties.

NEW QUESTION # 88
Which of the following statements best describes the permissibility of a borrowing arrangement between a registered representative (RR) and a customer who is also the RR's grandfather?

A. It is permissible if the loan was made on commercially reasonable terms.
B. It is permissible provided that the loan was made in accordance with the firm's policies.
C. It is permissible if the grandfather agrees in writing.
D. It is permissible subject to FINRA approval.

Answer: B

Explanation:
Step by Step Explanation:
* FINRA Rule 3240: Permits borrowing or lending arrangements between RRs and customers under specific conditions, including familial relationships, provided the arrangement complies with the firm's policies.
* Incorrect Options:
* A: FINRA approval is not required; firm approval is.
* B: A written agreement alone is insufficient without firm approval.
* C: Commercially reasonable terms are not the sole criterion for permissibility.
References:
* FINRA Rule 3240 (Borrowing from or Lending to Customers): FINRA Rule 3240.

NEW QUESTION # 89
An investor owns $10,000 par value of a municipal bond with the following rates:
* 4.0% coupon rate
* 5.0% current yield
* 4.5% yield to maturity (YTM)
* 6.5% tax-equivalent yield
What amount of interest should the investor expect to receive each year?

A. $500
B. $400
C. $650
D. $450

Answer: B

Explanation:
The annual interest on a bond is calculated based on thecoupon rateand the bond's par value.
* Coupon rate = 4.0%.
* Annual interest = $10,000 (par value) × 4.0% =$400.
* A is correctbecause the coupon rate determines the annual interest.
* B,C, andDare incorrect because they reflect incorrect calculations. The current yield, YTM, and tax- equivalent yield do not affect the bond's fixed coupon payments.

NEW QUESTION # 90
Which of the following statements is true of the writer of a listed equity call option?

A. They have the obligation to buy stock at a fixed strike price.
B. They have the obligation to sell stock at a fixed strike price.
C. They have the right to sell stock at a fixed strike price.
D. They have the right to buy stock at a fixed strike price.

Answer: B

Explanation:
Step by Step Explanation:
* Call Option Writer: When writing (selling) a call option, the writer has the obligation to sell the underlying stock at the strike price if the buyer exercises the option.
* Incorrect Options:
* A & B: Only the option buyer has rights, not the writer.
* D: Obligations to buy stock apply to put option writers, not call option writers.
References:
* Options Clearing Corporation (OCC) Options Education: OCC Options Education.

NEW QUESTION # 91
A market maker quotes the market on an NMS equity security as 39.05 - 39.15 [5x10]. Which of the following orders is the market maker required to fill?

A. A buy order for 1,000 shares at $39.10
B. A sell order for 300 shares at $39.05
C. A buy order for 2,000 shares at $39.15
D. A sell stop order for 500 shares at $39.00

Answer: C

Explanation:
The quote indicates that the market maker is willing to buy 500 shares at $39.05 (bid) and sell 1,000 shares at
$39.15 (ask). Market makers are required to honor their quoted size for orders that fall within their bid/ask prices.
* D is correctbecause the market maker is obligated to sell at least 1,000 shares at $39.15 as it falls within the quoted size and price.
* Bis incorrect because the bid is at $39.05, not $39.00.
* Cis incorrect because $39.10 does not match the ask price.
* Ais invalid as a stop order would not activate at $39.00.

NEW QUESTION # 92
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Edward Martin Edward Martin

Biography

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