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Pass Guaranteed Quiz SIE - Securities Industry Essentials Exam (SIE) Updated Authorized Pdf

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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.

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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q49-Q54):

NEW QUESTION # 49
Which of the following strategies is best for mitigating the risk of a concentrated position?

A. Dividend reinvestment
B. Use of leverage
C. Diversification
D. Dollar-cost averaging

Answer: C

Explanation:
Step by Step Explanation:
* Diversification: Spreads investments across multiple securities, industries, or asset classes to reduce exposure to a single security or sector.
* Other Options:
* Use of Leverage: Increases, not decreases, portfolio risk.
* Dollar-Cost Averaging: Reduces timing risk but does not address concentration.
* Dividend Reinvestment: Enhances returns but does not mitigate concentration risk.
References:
* SEC Guidance on Diversification: SEC Diversification.

NEW QUESTION # 50
A registered representative must complete which of the following activities when entering a discretionary trade?

A. Indicate that discretion was exercised on the order ticket to be identified for supervisory review
B. Only exercise discretion over market orders
C. Obtain authorization from the customer before each discretionary order is entered
D. Receive instructions from the customer as to the price at which to buy or sell a security

Answer: A

Explanation:
FINRA Rule 3260 requires that discretionary trades be approved by the customer in writing and reviewed by the supervising firm. The order ticket must indicate that discretion was exercised to ensure proper oversight.
* B is correctbecause marking the order ticket ensures compliance with supervisory requirements.
* Ais incorrect because discretionary authority is not limited to market orders.
* Cis incorrect as discretionary trades do not require pre-approval for each trade but require prior written authorization.
* Dis incorrect because discretionary authority allows the RR to decide on price and timing without specific customer instructions.

NEW QUESTION # 51
A customer purchases 100 shares of stock on Thursday, August 2. This transaction must settle regular way no later than:

A. Tuesday, August 7
B. Wednesday, August 8
C. Monday, August 6
D. Friday, August 3

Answer: C

Explanation:
Step by Step Explanation:
* Regular-Way Settlement: For equity securities, settlement occurs on a T+2 basis, meaning two business days after the trade date.
* Calculation:
* Trade Date (T): Thursday, August 2.
* T+2 Settlement: Excludes weekends, so settlement falls on Monday, August 6.
* Incorrect Options:
* A: Reflects T+1, not the correct settlement cycle.
* C & D: Extend beyond the standard T+2 cycle.
References:
* FINRA and SEC Settlement Rules: SEC Settlement Rules.

NEW QUESTION # 52
Which of the following must a registered representative disclose as an outside business activity (OBA) on his Form U4?

A. Volunteer work for a local charity
B. Board member serving without compensation for a not-for-profit entity
C. Board member for a publicly traded company
D. Trustee on a grandparent's estate account

Answer: C

Explanation:
FINRA Rule 3270 requires registered representatives to disclose all outside business activities that involve compensation or could reasonably be perceived as a conflict of interest.
* C is correctbecause serving as a board member for a publicly traded company is a business activity requiring disclosure, even if compensation is indirect.
* Ais incorrect because volunteer work for charities does not require disclosure.
* Bis incorrect because acting as a trustee for a personal or family estate is generally not considered an OBA.
* Dis incorrect because unpaid board membership for a not-for-profit entity does not typically require disclosure.

NEW QUESTION # 53
Under which of the following circumstances, if any, is it permissible for an individual without a Power of Attorney (POA) to sign a customer's name on their behalf?

A. When accounts are fully discretionary
B. Never permissible to sign a customer's name on their behalf
C. Upon receipt of verbal authorization provided that written authorization is subsequently provided
D. Upon approval by a firm principal

Answer: B

Explanation:
Step by Step Explanation:
* Prohibition on Signing Customer Names: It is never permissible to sign a customer's name without written authorization (POA) due to legal and ethical concerns. Unauthorized signing constitutes forgery and violates FINRA rules.
* Incorrect Options:
* A: Firm principal approval does not override this prohibition.
* B: Verbal authorization is insufficient.
* C: Discretionary authority does not allow unauthorized signing.
References:
* FINRA Rule 4512 (Customer Account Information): FINRA Rule 4512.

NEW QUESTION # 54
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