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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

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

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.

Topic 4

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 5

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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FINRA Securities Industry Essentials Exam (SIE) Sample Questions (Q45-Q50):

NEW QUESTION # 45
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 an ETF on the foreign exchange
B. Purchase a U.S.-based mutual fund that invests in foreign stocks
C. Purchase an American Depositary Receipt (ADR) on a domestic exchange
D. Purchase an option on the stock on a domestic exchange

Answer: C

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 # 46
A registered representative (RR) has a referral relationship with a family friend who is not affiliated with the financial industry. In the absence of a formal agreement, which of the following ways is the RR permitted to compensate the family friend for referrals?

A. The RR is permitted to pay a flat-rate referral fee to the family friend.
B. The RR is permitted to take the family friend out to dinner as a way to say thank you.
C. The RR is permitted to split commissions with the family friend.
D. The RR is permitted to give the family friend prepaid credit cards equal to 50% of the commissions earned on the referrals.

Answer: B

Explanation:
FINRA prohibits the payment of referral fees or splitting of commissions with individuals who are not registered with a broker-dealer. However, taking a friend out to dinner as a gesture of gratitude is allowed, as it does not involve cash or monetary compensation directly tied to the referral.
* C is correctbecause non-monetary expressions of gratitude (like a dinner) are permitted under FINRA rules.
* Ais incorrect because commission splitting with unregistered individuals is prohibited.
* Bis incorrect because paying referral fees is also prohibited without registration.
* Dis incorrect because giving prepaid credit cards tied to commission income violates compensation rules.

NEW QUESTION # 47
An investor wants to purchase additional mutual fund shares with income distributed by the fund. Which of the following fund options permits this?

A. Capital gains reinvestment
B. Asset reallocation
C. Dividend reinvestment
D. Dollar cost averaging

Answer: C

Explanation:
Step by Step Explanation:
* Dividend Reinvestment Plans (DRIPs): These allow investors to automatically reinvest income distributed by the mutual fund to purchase additional shares.
* Dollar Cost Averaging: Refers to systematic investments over time, not directly tied to income distributions.
* Capital Gains Reinvestment: Involves reinvesting profits from the sale of fund holdings, which is distinct from dividend reinvestment.
References:
* FINRA Mutual Fund Features: FINRA Mutual Funds.

NEW QUESTION # 48
For which of the following account types will the partial ownership pass into an estate account upon the death of one of the individuals listed on the account?

A. Tenants in common
B. Trust corporation
C. Joint tenants with right of survivorship (JTWROS)
D. Partnership

Answer: A

Explanation:
In atenants in commonaccount, each owner has a distinct percentage of ownership. Upon the death of one owner, their share does not transfer to the surviving owner(s); instead, it becomes part of the deceased's estate.
* C is correctbecause ownership is divided, and the deceased's share passes to their estate.
* Ais incorrect because partnerships have different agreements governing ownership transitions.
* Bis incorrect because trust corporations are governed by trust agreements, not estate processes.
* Dis incorrect because JTWROS accounts pass ownership directly to the surviving account holder(s).

NEW QUESTION # 49
Before an affiliate of an issuer is permitted to sell 10,000 shares of restricted securities, which of the following conditions must be met?

A. The shares to be sold must be less than 10% of the average daily trading volume (ADTV) of the security.
B. The company must be traded on a listed stock exchange.
C. The affiliate must have a holding period of six months.
D. The issuer must notify FINRA of the proposed sale by submitting a Form 144.

Answer: C

Explanation:
Step by Step Explanation:
* Rule 144 Holding Period: Restricted securities held by affiliates require a six-month holding period before sale, provided the issuer is subject to SEC reporting requirements.
* Other Options:
* Notification to FINRA (C) is incorrect; Form 144 is submitted to the SEC, not FINRA.
* The 10% ADTV limitation (D) applies to the volume of shares sold, not the conditions for sale.
References:
* SEC Rule 144 (Selling Restricted Securities): SEC Rule 144.

NEW QUESTION # 50
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