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New SIE Test Format Reliable IT Certifications | SIE: Securities Industry Essentials Exam (SIE)

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FINRA SIE Exam Syllabus Topics:

Topic
Details

Topic 1

Overview of the Regulatory Framework: This section of the exam measures the skills of Compliance Officers and evaluates knowledge of self-regulatory organization (SRO) requirements, including registration and continuing education for associated persons. Candidates must understand the distinction between registered and non-registered individuals and the requirements for maintaining industry qualifications.

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

Market Structure: This section of the exam measures the skills of Equity Market Specialists and covers the classification of financial markets, including the primary, secondary, third, and fourth markets. Candidates must demonstrate knowledge of electronic trading, over-the-counter (OTC) markets, and physical exchanges. One specific skill tested is differentiating between various market types and their operational mechanisms.

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q111-Q116):

NEW QUESTION # 111
If a company with a single outstanding bond issue chooses to extinguish this debt through refunding, which of the following actions will occur?

A. The company will issue stock to replace the bonds.
B. The company will retire one debt with the proceeds from another issue.
C. The company will buy back the bonds, at a discount, from the bondholders.
D. The company will establish a sinking fund for use in making regular open-market purchases of the bonds.

Answer: B

Explanation:
Refunding involves replacing existing debt with new debt, usually to take advantage of lower interest rates.
* B is correctbecause the company issues new bonds to pay off the existing debt.
* Ais incorrect as refunding involves issuing debt, not equity.
* Cis incorrect because the company is not obligated to buy back bonds at a discount.
* Dis incorrect because a sinking fund is used for gradual repayment, not refunding.

NEW QUESTION # 112
Which of the following entities issues certificates of deposit (CDs)?

A. FDIC
B. Federal Reserve
C. Banks
D. Broker-dealers

Answer: C

Explanation:
Certificates of Deposit (CDs) are time deposit accounts issued by banks, offering fixed interest rates for a specified term. CDs are insured by the FDIC up to $250,000 per depositor, but the issuing entity is the bank itself.
* B is correctbecause banks issue CDs.
* Ais incorrect because the FDIC insures CDs but does not issue them.
* Cis incorrect because broker-dealers may facilitate the purchase of CDs but do not issue them.
* Dis incorrect because the Federal Reserve does not issue CDs; it manages monetary policy.

NEW QUESTION # 113
Which of the following statements best describes a characteristic of 529 savings plan accounts?

A. The number of contributors to the account is limited.
B. Using funds for undergraduate or graduate studies is permissible.
C. Earnings are taxed to the donor at the time of a qualified withdrawal.
D. There are no contribution limits to the account.

Answer: B

Explanation:
Step by Step Explanation:
* 529 Savings Plans: These plans allow tax-advantaged savings for education expenses. They can be used for both undergraduate and graduate studies, as well as certain K-12 expenses.
* Contribution Limits: Contributions are subject to gift tax limits but have no specific statutory maximum under federal law.
* Tax Treatment: Earnings grow tax-deferred and are tax-free if used for qualified education expenses.
References:
* IRS Section 529 Guidance: IRS 529 Plans.

NEW QUESTION # 114
Which of the following entities settles broker-to-broker equity, listed corporate and municipal bond, and unit investment trust (UIT) transactions in the U.S. equities markets?

A. FINRA
B. National Securities Clearing Corporation (NSCC)
C. Federal Reserve
D. SEC

Answer: B

Explanation:
Step by Step Explanation:
* National Securities Clearing Corporation (NSCC): A subsidiary of the Depository Trust & Clearing Corporation (DTCC), the NSCC handles the clearance and settlement of broker-to-broker equity, corporate bond, municipal bond, and UIT transactions.
* Incorrect Options:
* A: The SEC oversees regulatory compliance but does not settle trades.
* B: FINRA is a self-regulatory organization, not a clearing entity.
* C: The Federal Reserve manages monetary policy and banking but is not involved in securities settlement.
References:
* DTCC Overview of NSCC: DTCC NSCC.

NEW QUESTION # 115
A customer will be out of the country for the next two months on business and asks his firm to hold his mail until he returns. Which of the following statements is true regarding this request?

A. The firm is prohibited from holding the customer's mail under FINRA rules due to the personal information contained.
B. At the discretion of the RR, the firm is permitted to hold the customer's mail provided it takes reasonable actions to ensure no tampering occurs with this mail.
C. The firm is permitted to hold the mail as long as the registered representative (RR) complies with the customer's oral instructions.
D. The firm must receive written instructions from the customer that include the time period for the requested mail hold.

Answer: D

Explanation:
Step by Step Explanation:
* FINRA Rule 3150: Permits firms to hold customer mail only with written instructions specifying the duration, which cannot exceed three months unless there are exceptional circumstances.
* Incorrect Options:
* A: Holding mail is not prohibited if done in compliance with FINRA rules.
* C & D: Oral instructions or RR discretion are not sufficient; written authorization is mandatory.
References:
* FINRA Rule 3150 (Holding of Customer Mail): FINRA Rule 3150.

NEW QUESTION # 116
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