SIE

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The dumps for SIE exam was last updated on May 06,2025 .

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Question#1

A municipal securities dealer makes a political contribution of $990 to a local mayoral candidate. At the end of the quarter, to whom, if anyone, must the dealer report the contribution?

A. SEC
B. MSRB
C. FINRA
D. No disclosure required as the amount is below the reporting threshold

Explanation:
MSRB Rule G-37: Requires municipal securities dealers to report contributions to the MSRB, even if the amount is below the $1,000 threshold that would trigger a two-year prohibition on municipal business.
Incorrect Options:
SEC and FINRA: Not involved in reporting political contributions for municipal securities.
Reference: MSRB Rule G-37 (Political Contributions): MSRB Rule G-37.

Question#2

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

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.
Reference: DTCC Overview of NSCC: DTCC NSCC.

Question#3

A summary prospectus for a mutual fund must contain which of the following information?

A. Projected return
B. Investment objectives
C. Fund's portfolio holdings
D. Control persons and principal owners of the fund

Explanation:
Summary Prospectus Content: Must include key information such as the fund’s investment objectives, risks, fees, and past performance. This helps investors make informed decisions.
Incorrect Options:
A: Projected returns are speculative and not included in the prospectus.
C & D: Detailed portfolio holdings and control persons are included in the full prospectus, not the summary.
Reference: SEC Rule 498 (Summary Prospectuses): SEC Prospectus Requirements.

Question#4

Which of the following security types is frequently offered to the public as part of a package or unit that also includes a fixed income obligation?

A. Options
B. Warrants
C. Common stock
D. Preferred stock

Explanation:
Warrants: Are often issued alongside fixed-income securities, such as bonds, to enhance their appeal to investors. Warrants give the holder the right to purchase company stock at a specific price in the future.
Incorrect Options:
Options: Not typically bundled with fixed-income securities.
Common and Preferred Stock: Usually issued separately, not as part of a package with bonds.
Reference: SEC Guide on Warrants: SEC Warrants Information.

Question#5

Which of the following statements is true regarding the SEC's characterization of a registration statement that has just been made effective?

A. The SEC has approved the security being offered for sale.
B. The SEC has found the information presented to be true and accurate.
C. The SEC has determined that no material information has been omitted.
D. The SEC has not passed judgment on the merits of the security being offered for sale.

Explanation:
SEC Registration Statements: The SEC reviews registration statements for completeness and compliance but does not judge the merits, approve, or endorse the securities being offered.
Other Options:
A, B, and C: Misrepresent the SEC’s role in the registration process.
Reference: SEC Bulletin on Registration Statements: SEC Registration Process.

Exam Code: SIE         Q & A: 164 Q&As         Updated:  May 06,2025

 

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Exam Code: SIE
Q & A: 164 Q&As
Updated:  May 06,2025

 

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