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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	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 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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In-depth of Questions FINRA SIE Valid Exam Test

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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 an unrelated firm.
B. The firm is acting as an intermediary between the customer and another customer.
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 is true about a corporation's balance sheet?

A. It reports where a corporation's cash is being generated and where its cash is being spent for a specific period.
B. It lists a company's assets, liabilities, and net worth on the date the statement was prepared.
C. It is also called a profit and loss statement.
D. It summarizes a company's revenues and expenses for the firm's fiscal year.

Answer: B

Explanation:
Step by Step Explanation:
* Balance Sheet Definition: Shows a company's financial position at a specific point in time, listing assets, liabilities, and shareholders' equity (net worth).
* Other Financial Statements:
* Profit and Loss Statement: Summarizes revenues and expenses over a period.
* Cash Flow Statement: Tracks cash inflows and outflows.
References:
* SEC Guide to Financial Statements: SEC Financials.

NEW QUESTION # 89
Which of the following terms describes failure to honor a firm quote?

A. Backing away
B. Freeriding
C. Market manipulation
D. Interpositioning

Answer: A

Explanation:
Step by Step Explanation:
* Backing Away: Refers to the failure of a market maker to honor a firm quote when a customer attempts to trade at that price. It is a violation of market rules.
* Incorrect Options:
* Freeriding: Involves selling securities before paying for them in a cash account.
* Interpositioning: Involves unnecessary intermediaries in trades, which can harm customers.
* Market Manipulation: Covers a range of deceptive practices, such as wash trading or spoofing, not specific to honoring quotes.
References:
* FINRA Rule 5220 (Firm Quote Rule): FINRA Rule 5220.

NEW QUESTION # 90
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 subject to FINRA approval.
B. It is permissible if the loan was made on commercially reasonable terms.
C. It is permissible if the grandfather agrees in writing.
D. It is permissible provided that the loan was made in accordance with the firm's policies.

Answer: D

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 # 91
An investor wants to purchase mutual fund shares, but she is concerned about the tax efficiency of the fund.
Which of the following disclosures required under industry regulations will help the investor make an informed decision?

A. Projections of future dividend and capital gains distributions
B. The commissions that the fund pays on each transaction
C. Sales charges and breakpoint discount opportunities
D. The fund's turnover ratio

Answer: D

Explanation:
Step by Step Explanation:
* Turnover Ratio: Indicates how frequently the fund manager buys and sells securities. A high turnover ratio may result in higher capital gains distributions, impacting tax efficiency.
* Incorrect Options:
* B: Sales charges affect cost but not tax efficiency.
* C: Commission details are unrelated to the fund's tax efficiency.
* D: Projections of distributions are speculative and not disclosed under regulations.
References:
* SEC Mutual Fund Guide: SEC Mutual Funds.

NEW QUESTION # 92
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