SIE Unit 12

Question 1

Do fingerprints need to be submitted to the SEC?

Answer 1

No

Question 2

Private Securities Transaction

Answer 2

Any sale of securities outside of associated person’s or employee member firm’s regular business

Question 3

Requirements For Taking A Top-Off Exam

Answer 3

Successful completion of SIE within past 4 years, sponsorship from FINRA firm, truthful disclosure on all required forms

Question 4

Who A Firm Can Accept A U5 Form From

Answer 4

From new employee, FINRA

Question 5

What Associated Person Must Do To Work For Any Business Other Than Member Firm

Answer 5

Employing broker-dealer’s knowledge of the activity

Question 6

Things U4 Form Requires Registered Reps To Disclose

Answer 6

Aliases (False Names), 10-year employment history, information on felony convictions within the past 10 years

Question 7

How Long One Must Wait After Failing A Qualification Exam 4 Times

Answer 7

180 days

Question 8

Elements Of Firm Element Broker Dealers Continued Education Requirement

Question 9

Gifts and Gratuities Directed To Those Who Work At Another Firm May Not Be Made By A Member Or Associated Person For Amounts Greater Than

Answer 9

$100/individual per year

Question 10

How Often Registered Persons Must Complete Regulatory Element of Continuing Education

Answer 10

By December 31st of every year

Question 11

When Report Listing Written Complaints Must Be Filed With FINRA

Answer 11

Within 15 days of the end of each calendar quarter

Question 12

Why Limitations Are Placed

Answer 12

To deter gaining political favor by employing what is commonly known as pay to play

Question 13

When Amended U5 Form Must Be Filed And Sent To Former Employee When Inaccuracy Found

Answer 13

Within 30 days

Question 14

What Happens When A Licensed Person Leaves For Full Time Military Service

Answer 14

Placed in a special inactive status

Question 15

When Are Gifts From A Firm To A Competing Firm’s Employees Allowed

Answer 15

If no condition of sales or reciprocal business is expected and employing firm approves

Question 16

When Registered Persons Must Complete A Computer Based Training Session

Answer 16

Annually

Question 17

“Selling Away”

Question 18

Element of CE That Must Be Completed Annually And Is Administered By Representative’s Employer

Answer 18

Regulatory Element CE

Question 19

Is Completion Of Form U4 Required For Taking The SIE?

Answer 19

No

Question 20

What Happens When An RR Doesn’t Complete Regulatory Element CE In Time

Answer 20

FINRA deactivates registration until requirements are met

Question 21

Municipal Finance Professional

Answer 21

An RR with duties that include underwriting, sales, and trading of municipal bonds

Question 22

Does A RR Need To Inform Employer Of Outside Income?

Answer 22

Yes

Question 23

Who Handles Customer Complaints

Answer 23

Principal of the firm