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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	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.
Topic 4	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 (Q71-Q76):

NEW QUESTION # 71
Which of the following responses best describes how member firms are required to retain electronic correspondence and internal communications of associated persons?

A. In the firm's cloud storage
B. On the firm's server
C. In a non-rewriteable format
D. In hard copy

Answer: C

Explanation:
FINRA Rule 4511 requires member firms to retain records, including electronic communications, in anon- rewriteable, non-erasable format(often referred to as WORM: Write Once, Read Many). This ensures that records cannot be altered or deleted once stored.
* D is correctbecause firms must store records in a tamper-proof format.
* A,B, andCare incorrect because these formats do not guarantee compliance with the tamper-proof requirements set forth by FINRA and the SEC.

NEW QUESTION # 72
When is it permissible to exercise European-style options contracts?

A. Only on the day of expiration
B. Only on the third Friday of every month
C. Only on the day after expiration
D. Only on the last business day before expiration

Answer: A

Explanation:
Step by Step Explanation:
* European-Style Options: Can only be exercised on their expiration date, unlike American-style options, which can be exercised any time before expiration.
* Incorrect Options:
* A: Not accurate; the exercise must occur specifically on the expiration date.
* C: Options cannot be exercised after expiration.
* D: The expiration date depends on the option contract, not a specific weekday.
References:
* Options Clearing Corporation (OCC) Guidelines: OCC European Options.

NEW QUESTION # 73
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. Federal Reserve
B. SEC
C. FINRA
D. National Securities Clearing Corporation (NSCC)

Answer: D

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 # 74
A customer purchases $3,000 of XYZ, which settles today in a margin account. The customer has no other positions or balances. According to initial margin requirements, what is the amount of the required deposit?

A. $2,500
B. $1,500
C. $3,000
D. $2,000

Answer: D

Explanation:
Under Federal Reserve Regulation T, customers must deposit at least 50% of the purchase price for margin trades. However, theminimum deposit requirement is $2,000, regardless of the 50% rule, if the account is below this threshold.
* 50% of $3,000 = $1,500.
* Since $1,500 is less than the $2,000 minimum, the customer must deposit the full $2,000.
* B is correctbecause $2,000 is the required minimum deposit.
* Ais incorrect because the $1,500 calculation does not meet the minimum.
* CandDare incorrect because they exceed the minimum deposit requirement.

NEW QUESTION # 75
A registered representative wants to open an account for himself at a different financial institution. Under FINRA rules, which of the following accounts requires prior written consent from his employing broker- dealer?

A. Variable contracts registered under the Investment Company Act
B. A 529 savings plan account established for his grandchild
C. Mutual fund accounts held directly with the fund company
D. An investment advisory account in which securities transactions are effected

Answer: D

Explanation:
Step by Step Explanation:
* FINRA Rule 3210: Requires registered representatives to obtain written consent from their employing broker-dealer before opening accounts at other financial institutions if securities transactions will occur.
* Incorrect Options:
* A, B, and C: These accounts are exempt because they do not involve direct securities transactions requiring monitoring.
References:
* FINRA Rule 3210 (Accounts at Other Institutions): FINRA Rule 3210.

NEW QUESTION # 76
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