CNA Domain 4: Emotional and Mental Health Needs (Quiz 1) Welcome to your SIE Practice Quizzes. Note: We designed four (4) sets of practice quizzes for each Domain. each quiz set has 25 questions. Domain 4 (Set 1): Overview of the Regulatory Framework. (25 questions) Please click NEXT to start your Free SIE Practice Quizzes right away. Best of Luck! 1. SIE, Overview of Regulatory Framework,SIE Fingerprint records are required for each of the following employees of a registered broker-dealer except A) a receptionist greeting customers and directing them to the appropriate registered representative within the office. B) those whose duties are limited to supervising clerks who handle the books and records of the firm. C) a clerk who handles customer physical securities. D) a registered representative who sells or offers to sell municipal or government bonds. None 2. SIE, Overview of Regulatory Framework,SIE The U-4 form requires registered representatives to disclose all of the following except A) 10-year residency history. B) any aliases. C) information on any criminal charges, even if found innocent. D) 10-year employment history. None 3. SIE, Overview of Regulatory Framework,SIE An application for Financial Industry Regulatory Authority (FINRA) membership carries the applying firm's specific agreement to do which of the following? A) Pay a fixed yearly sum to the Securities and Exchange Commission (SEC) B) Comply with the association's rules and regulations C) Attend FINRA's annual regulatory conference D) Provide FINRA with periodic financial reports None 4. SIE, Overview of Regulatory Framework,SIE When a new associated person is hired at a broker-dealer firm, which of the following is responsible for seeing that Form U-4 is completed and filed? A) The employing broker-dealer firm B) The new employee C) The local Financial Industry Regulatory Authority (FINRA) district office D) The Securities and Exchange Commission (SEC). None 5. SIE, Overview of Regulatory Framework,SIE An individual would most likely be statutorily disqualified from working in the securities industry for which of the following reasons? A) Willful failure to disclose personal bankruptcy or unsatisfied liens B) Charged with driving under the influence of alcohol resulting in personal injury—a felony C) Conviction for misdemeanor assault D) Willful failure to disclose motor vehicle fines in excess of $1,000 None 6. SIE, Overview of Regulatory Framework,SIE Before submitting an application to enroll, part of the process for an associated person to engage in the investment banking or securities business, is to have the member firm that sponsors them ascertain the individuals A) past 5 years of business/employment history. B) past 10 years of residential history. C) business reputation, character, education, and experience. D) highest level of education. None 7. SIE, Overview of Regulatory Framework,SIE Which of the following is true regarding a registered person who wishes to move her registration from one broker-dealer to another? A) A person who has been registered more than 25 years is grandfathered in and no filings need to be made. B) If the registered person has taken and passed the Series 24 General Securities Principal Exam, no filings need be made. C) Only Form U-5 need be filed, separating the registered person from the existing employer. D) In no circumstances can a registration be transferred from one firm to another. None 8. SIE, Overview of Regulatory Framework,SIE All of the following are required when completing Form U-4 except A) employment history for the past 10 years. B) date of birth. C) legal name and any aliases used. D) educational degrees. None 9. SIE, Overview of Regulatory Framework,SIE Upon application for registration as a registered representative to ensure that any criminal past might be discovered by the employing firm, the Securities and Exchange Commission (SEC) requires A) the filing of a fingerprint card with the Securities and Exchange Commission. B) obtaining a credit report from an established credit reporting agencies. C) a personal interview at the nearest Financial Industry Regulatory Authority (FINRA) district office. D) the filing of a fingerprint card with the U.S. Attorney General. None 10. SIE, Overview of Regulatory Framework,SIE Automatic disqualification for registration from Financial Industry Regulatory Authority (FINRA) may occur if A) misstatements are willfully made in an application for membership. B) an associated person has been charged with a felony in the past 10 years. C) an associated person has been charged with a felony in the past 5 years. D) a DUI traffic violation is made by an associated person. None 11. SIE, Overview of Regulatory Framework,SIE All associated persons must be fingerprinted if they handle A) direct mail programs. B) new account forms. C) cold-call lists. D) cash and securities. None 12. SIE, Overview of Regulatory Framework,SIE All of the following information is required to be provided on the Form U-4 except A) disclosure of criminal arrests and charges. B) 5-year residency history. C) education (degrees or designations). D) 10-year employment history (including full- time education). None 13. SIE, Overview of Regulatory Framework,SIE All of the following associated persons engaged in the investment banking and securities business are considered registered representatives, except A) someone who trains others to supervise, solicit, or conduct business in securities. B) someone who serves on the board of directors. C) someone who supervises, solicits, or conducts business in securities. D) someone who solicits or otherwise conducts securities business. None 14. SIE, Overview of Regulatory Framework,SIE Fingerprint cards are required by the Securities and Exchange Commission (SEC) to be filed with A) any self-regulatory organization (SRO) approved by the SEC. B) the SEC. C) Financial Industry Regulatory Authority (FINRA). D) the U.S. Attorney General. None 15. SIE, Overview of Regulatory Framework,SIE Reporting requirements for representatives and principals who are to be registered with Financial Industry Regulatory Authority (FINRA) include filling out a Form U-4 when the individual is hired. All of the following are required to make the registration effective except A) providing names and all aliases used. B) providing a 10-year employment history and 5-year residency history. C) disclosure of convictions of a spouse employed by a financial institution. D) passing the appropriate qualification exam(s). None 16. SIE, Overview of Regulatory Framework,SIE To register an associated person with Financial Industry Regulatory Authority (FINRA), a member firm will fill out and submit which of the following forms? A) Form U-4 B) Form 1040 C) Form U-5 D) Schedule C None 17. SIE, Overview of Regulatory Framework,SIE An applicant who was unable to pass a Financial Industry Regulatory Authority (FINRA) qualifications exam three times would need to wait how long before another attempt would be permitted? A) 60 days B) 30 days C) 90 days D) 180 days None 18. SIE, Overview of Regulatory Framework,SIE A person may not act as a registered representative or principal unless Financial Industry Regulatory Authority (FINRA)'s eligibility standards regarding training, experience, and competence are met. In all of the following instances, a person may be statutorily disqualified from FINRA membership except A) conviction of a DUI resulting in a fine and probation. B) disciplinary sanctions by a financial regulator in the United Kingdom. C) willful misstatements made in an application for membership. D) expulsion by the Chicago Board Options Exchange (CBOE) for violations of trading-floor rules. None 19. SIE, Overview of Regulatory Framework,SIE All of the following people working for a registered broker-dealer would be required to be fingerprinted except A) a clerk handling all incoming mail. B) the director of training. C) a driver assigned to high-net-worth clients. D) the chief compliance officer. None 20. SIE, Overview of Regulatory Framework,SIE In which of the following circumstances would a firm be denied Financial Industry Regulatory Authority (FINRA) membership? A) The firm has been expelled or suspended by the foreign equivalent of an self-regulatory organization (SRO). B) The firm has only been in existence for three months. C) The firm plans to only allow registered representatives to invest in equities and fixed notes for their customers. D) The firm has only two principals and four registered representatives. None 21. SIE, Overview of Regulatory Framework,SIE Mary Alice McVey, a registered representative with a Financial Industry Regulatory Authority (FINRA) member broker-dealer, has recently remodeled her home and now has an area with a private entrance that she would like to use instead of commuting each day to her office 20 miles away. Under FINRA rules A) registered representatives may not operate out of their homes. B) she would only be permitted to see existing customers at her home. C) this would be permitted with FINRA's approval. D) this would be permitted with FINRA's approval, but she would have to work at least one day per week in the branch in order to ensure proper supervision. None 22. SIE, Overview of Regulatory Framework,SIE The firm element of a broker-dealer's continuing education (CE) requirement must be undergone by all registered persons who A) have direct contact with the public. B) have not had such training in the past six months. C) have disciplinary actions pending. D) have purely clerical duties with the firm. None 23. SIE, Overview of Regulatory Framework,SIE While an associated person may work for an entity other than the member firm, the employing member firm's permission is A) required. B) requested. C) not required. D) not requested. None 24. SIE, Overview of Regulatory Framework,SIE Should a registered representative enter into a private securities transaction that would entail earning compensation, the employing member will A) have the opportunity to approve or disapprove of the associated person's participation. B) not require any notification because the compensation makes the transaction the responsibility of the accommodating firm. C) require a compensation split of least 50-50 with the associated person. D) provide all execution services for the transaction. None 25. SIE, Overview of Regulatory Framework,SIE A mutual fund company may offer noncash compensation to associates of broker-dealer firms in the form of attendance at a meeting or convention, provided that A) the meeting is held for the purpose of entertainment only and not for business purpose. B) a record of compensation and meeting details is kept by the attendee member's firm. C) expenses of spouses or other guests of attendees are also met. D) attendance is conditional upon agreement to a predetermined sales target. None 1 out of 25 Time is Up! Time's up
