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FINRA Rules Exam Questions and Answers | 100% Pass
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FINRA Rules Exam Questions and Answers | 100% Pass Which of the following is an SRO? A MSRB B SEC C SIPC D FDIC - Answer️️ -A. Both FINRA and the MSRB are SROs - self-regulatory organizations under SEC oversight. The MSRB write rules for municipal market participants, but it does no...

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TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024

FINRA Rules Exam Questions and
Answers | 100% Pass


Which of the following is an SRO?

A

MSRB

B

SEC

C

SIPC

D

FDIC - Answer✔️✔️-A.

Both FINRA and the MSRB are SROs - self-regulatory organizations under SEC

oversight. The MSRB write rules for municipal market participants, but it does not

enforce those rules. Enforcement of MSRB rules is performed by FINRA for broker-

dealers.

SIPC is the Securities Investor Protection Corporation, which insures customer

accounts at broker-dealers from B/D failure.

FDIC (Federal Deposit Insurance Corporation) insures customer accounts at banks

from bank failure.

1/89

,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
FINRA enforces regulations in all of the following markets EXCEPT:

A

First Market

B

Second Market

C

Third Market

D

Futures Market - Answer✔️✔️-D.

FINRA is the regulator for all of the securities markets - the Primary Market (new

issues); the First Market (trades on exchanges); the Second Market (OTC trades of

non-exchange listed securities); the Third Market (OTC trades of exchange listed

issues) and the Fourth Market (direct trading between institutions on ECNs and ATSs).

FINRA has no regulatory authority over the futures markets - that function is performed

by the CFTC - the Commodities Futures Trading Commission.

The SIE Exam allows an individual to:

A

perform the functions of a registered representative with the exception of solicitation of

potential clients

B




2/89

,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
sell securities that are either issued or guaranteed by the U.S. Government or its wholly-

owned agencies

C

become licensed upon passing the appropriate representative qualification exam

D

only sell redeemable securities of investment companies registered under the

Investment Company Act of 1940 - Answer✔️✔️-C. The SIE is a "corequisite exam." In

order to be licensed as a registered representative, the SIE must be passed; and the

appropriate representative qualification exam must be passed (e.g., Series 6 or Series

7).

Who does NOT have to be licensed in a broker-dealer?

A

President

B

Equity trader

C

ACATS clerk

D

Sales individual - Answer✔️✔️-C.




3/89

, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
Clerical personnel who are not "client facing" are not required to be licensed. ACATS is

the Automated Customer Account Transfer System, which is run by DTC (Depository

Trust Corporation) to manage client account transfers from one firm to another.

Operating officers and owners (but not passive owners), traders, and salespersons

must be registered and licensed.

Who does NOT have to be licensed in a broker-dealer?

A

Chief Executive Officer

B

Chairman of the Board of Directors

C

Chief Financial Officer

D

Chief Compliance Officer - Answer✔️✔️-B.

Only operating officers of broker-dealers must be registered - this would include the

CEO, CFO and CCO. A member of the Board of Directors is not required to be licensed

unless that person is also an operating officer. Also note that passive owners of broker-

dealers who are also officers are not required to be licensed.

And, of course, all traders, and salespersons must be registered and licensed.

What must be disclosed on a U4 Form by an individual applying for registration with a

member firm?


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