[2026年08月最新リリース]SIE問題集でGeneral Securities Representative認証
最新の完璧なSIE問題集問題と解答で100%パスさせます
FINRA SIE 認定試験の出題範囲：
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質問 # 242
Which of the following products is redeemable at net asset value (NAV)?
- A. Open-end mutual funds
- B. Corporate stock
- C. Municipal bonds
- D. Options contracts
正解：A
解説：
Open-end mutual funds are redeemable securities, meaning investors can sell their shares back to the fund at the NAV.
* D is correctbecause mutual funds allow redemption at NAV.
* A,B, andCare not redeemable securities.
質問 # 243
A customer will be out of the country for the next two months on business and asks his firm to hold his mail until he returns. Which of the following statements is true regarding this request?
- A. The firm is prohibited from holding the customer's mail under FINRA rules due to the personal information contained.
- B. The firm must receive written instructions from the customer that include the time period for the requested mail hold.
- C. At the discretion of the RR, the firm is permitted to hold the customer's mail provided it takes reasonable actions to ensure no tampering occurs with this mail.
- D. The firm is permitted to hold the mail as long as the registered representative (RR) complies with the customer's oral instructions.
正解：B
解説：
Step by Step Explanation:
* FINRA Rule 3150: Permits firms to hold customer mail only with written instructions specifying the duration, which cannot exceed three months unless there are exceptional circumstances.
* Incorrect Options:
* A: Holding mail is not prohibited if done in compliance with FINRA rules.
* C & D: Oral instructions or RR discretion are not sufficient; written authorization is mandatory.
References:
* FINRA Rule 3150 (Holding of Customer Mail): FINRA Rule 3150.
質問 # 244
Which of the following responses best characterizes a money market mutual fund?
- A. It pays a fixed rate of return.
- B. Its price is fixed at $1 per share.
- C. Its underlying investments are short term.
- D. Its yield always exceeds a savings account rate.
正解：C
解説：
Money market mutual funds invest in highly liquid, short-term debt instruments, such as Treasury bills, commercial paper, and certificates of deposit. While the funds aim to maintain a stable $1 NAV, this is not guaranteed.
* C is correct because the fund's investments are short term.
* A is incorrect because the rate of return is not fixed; it varies with market interest rates.
* B is incorrect because while the fund tries to maintain a $1 NAV, it is not guaranteed.
* D is incorrect because yields do not always exceed those of savings accounts.
Reference: SIE Study Guide, Chapter 5: Money Market Funds
質問 # 245
A rating agency downgrades a corporation's credit rating. Which of the following effects is this action most likely to have on the yield and price of the corporation's outstanding bonds?
- A. Yield will fall; price will fall.
- B. Yield will rise; price will fall.
- C. Yield will fall; price will rise.
- D. Yield will rise; price will rise.
正解：B
解説：
Step by Step Explanation:
* Credit Downgrade: Increases perceived risk, causing bond prices to drop and yields to rise.
* Yield-Price Relationship: Yields move inversely to bond prices. Lower prices lead to higher yields as investors demand more return for increased risk.
SEC Guidance on Bond Ratings: SEC Bond Ratings.
質問 # 246
Which of the following is a reportable obligation with respect to an individual's Form U4?
- A. A change of residential address
- B. A change of business telephone number
- C. A gambling-related misdemeanor charge
- D. A speeding ticket
正解：C
解説：
Step by Step Explanation:
* Form U4 Reporting Requirements: Registered persons must disclose criminal charges (excluding minor traffic violations) and material changes such as residential address changes. Gambling-related misdemeanors are considered reportable.
* Incorrect Options:
* Speeding Ticket: Typically not reportable unless it involves a felony.
* Business Telephone Number: Not material for Form U4.
:
FINRA Form U4 Instructions: FINRA Form U4.
質問 # 247
Which of the following responses describes a common feature of a hedge fund?
- A. Low liquidity for investors
- B. Low minimum investment requirement
- C. Transparent as to the underlying investments and strategies
- D. Primarily focused on fixed income investments
正解：A
解説：
Step by Step Explanation:
* Low Liquidity: Hedge funds often impose lock-up periods and restrict redemptions, leading to low liquidity for investors.
* Incorrect Options:
* B: Hedge funds typically have high minimum investment requirements, often $1 million or more.
* C: Hedge funds employ diverse strategies, not just fixed income.
* D: Hedge funds are generally opaque about their strategies and holdings to protect their competitive advantage.
:
SEC Investor Bulletin on Hedge Funds: SEC Hedge Funds.
質問 # 248
Which of the following individual brokerage account holdings would receive full SIPC coverage?
- A. $500,000 in cash
- B. $250,000 in money market and $500,000 in equities
- C. $300,000 in cash and $200,000 in equities
- D. $500,000 in equities
正解：D
解説：
The correct answer is C, $500,000 in equities. SIPC (Securities Investor Protection Corporation) provides protection for customers of failed broker-dealers up to $500,000 total per customer, including a maximum of
$250,000 for cash.
Step-by-step, SIPC coverage applies to securities (stocks, bonds, mutual funds) and limited cash held in brokerage accounts. The key limits are:
* Total coverage: $500,000
* Cash sub-limit: $250,000
Now evaluate each choice:
* A: $300,000 cash exceeds the $250,000 cash limit, so $50,000 would be uncovered.
* B: $500,000 in cash exceeds the $250,000 limit, leaving $250,000 uncovered.
* C: $500,000 in equities is fully covered because securities can be protected up to the full $500,000 limit.
* D: Total is $750,000, which exceeds SIPC limits, so not fully covered.
Thus, only the account consisting entirely of $500,000 in securities (equities) falls within SIPC coverage limits without exceeding either the total or cash sub-limit.
Therefore, Answer C is correct.
質問 # 249
Which of the following rates is the interest rate at which banks borrow and lend to each other on an overnight basis?
- A. LIBOR
- B. Federal funds rate
- C. Discount rate
- D. Prime rate
正解：B
解説：
Step by Step Explanation:
* Federal Funds Rate: The rate at which depository institutions lend reserves to each other overnight. It is set by the Federal Open Market Committee (FOMC).
* Other Rates:
* Prime Rate: Rate banks charge their most creditworthy customers.
* Discount Rate: Rate the Federal Reserve charges banks for borrowing directly from it.
* LIBOR: Interbank lending rate used internationally, now being phased out.
:
Federal Reserve Explanation of Rates: Federal Funds Rate.
質問 # 250
Under which of the following circumstances is a member firm required to report a customer interaction as a complaint?
- A. The customer's son communicates with the registered representative's firm via social media that his father did not understand the options-writing activity on his long-held, low-basis stock positions.
- B. The customer emails the registered representative to inform him that the account profile information is incorrect.
- C. The customer emails the registered representative stating that the customer was unable to place an order because the customer could not reach the representative and lost the opportunity to sell at the high of the week.
- D. The customer calls the registered representative to express concern over recent trading activity in the account.
正解：C
解説：
A reportable customer complaint generally involves a written grievance by a customer alleging misconduct, failure, error, or improper activity by the firm or an associated person. Choice C is correct because the customer sent an email, which is a written communication, alleging that the representative's unavailability caused a lost trading opportunity. That is a written grievance involving the firm's service or an associated person's conduct. Choice A is not the best answer because it is an oral expression of concern, not a written complaint. Choice B is a written communication, but it merely states that account profile information is incorrect; without an allegation of misconduct or grievance, it is more administrative than complaint-based.
Choice D involves a communication from the customer's son rather than the customer, and the facts do not establish that the son is authorized to act on the customer's behalf. The SIE outline includes customer complaints, written customer complaints, books and records, and reportable events under employee conduct and prohibited activities. This question tests the written-grievance threshold used in recognizing complaints.
Reference: Section 4.2.1 Employee Conduct; FINRA Rule 4513 Written Customer Complaints; Section 3.2.4 Books and Records.
質問 # 251
Government National Mortgage Association pass-through certificates pay interest and principal to holders:
- A. Annually
- B. Monthly
- C. Semiannually
- D. Quarterly
正解：B
解説：
Government National Mortgage Association pass-through certificates, commonly called Ginnie Mae pass- throughs, pay principal and interest to investors monthly. These securities represent interests in pools of mortgages. As homeowners make monthly mortgage payments, the principal and interest are passed through to certificate holders after servicing and guarantee-related processes. Choice A is correct. Quarterly, semiannual, and annual payment schedules do not match the standard cash-flow structure of mortgage pass- through securities. This monthly payment pattern differs from many traditional bonds, which commonly pay interest semiannually and principal at maturity. Mortgage-backed securities also expose investors to prepayment risk because homeowners may refinance or pay off mortgages early, especially when interest rates decline. The SIE outline includes agency securities, asset-backed securities, mortgage-backed securities, interest, principal, prepayment risk, and debt instrument characteristics. The question tests a basic product feature: mortgage-backed pass-through securities distribute monthly cash flows because the underlying mortgage loans are paid monthly. Reference: Section 2.1.2 Debt Instruments; agency, asset-backed, and mortgage-backed securities; Section 2.2 Investment Risks, prepayment risk.
質問 # 252
The primary market is regulated by the SEC under which of the following acts?
- A. The Securities Exchange Act of 1934
- B. The Investment Company Act of 1940
- C. The Investment Advisers Act of 1940
- D. The Securities Act of 1933
正解：D
解説：
The primary market deals with the issuance of new securities, which is regulated under the Securities Act of
1933. This act requires issuers to provide full disclosure of material information to investors to ensure transparency and fairness in new offerings.
* A is correctbecause the Securities Act of 1933 governs initial offerings.
* Bis incorrect because the Securities Exchange Act of 1934 regulates secondary market trading.
* Cis incorrect because the Investment Advisers Act of 1940 pertains to investment advisers.
* Dis incorrect because the Investment Company Act of 1940 governs mutual funds and other investment companies.
質問 # 253
A broker-dealer (BD) creates a marketing postcard that includes a statement regarding FINRA's endorsement of the BD. Which of the following responses is true?
- A. The statement is permissible if the postcard does not discuss specific investment opportunities.
- B. The statement regarding FINRA's endorsement is not permissible.
- C. The statement is permissible if the statement is approved in writing by FINRA prior to use.
- D. The statement is permissible if a principal of the BD approves it in writing prior to use.
正解：B
解説：
Step by Step Explanation:
* FINRA Rule 2210: Firms are prohibited from suggesting or implying FINRA's endorsement or approval in any advertising materials.
* Approvals: Even if a principal or FINRA approves the content, such a statement remains impermissible.
* Key Point: FINRA's role is to regulate, not to endorse firms or their marketing.
References:
* FINRA Rule 2210 (Communications with the Public): FINRA Rule 2210.
質問 # 254
Which of the following activities is a responsibility of a mutual fund transfer agent?
- A. Maintaining records of shareholder purchases and redemptions
- B. Distributing the fund's prospectus to investors
- C. Underwriting new shares of securities
- D. Maintaining custody of the fund's securities
正解：A
解説：
A transfer agent is responsible for maintaining accurate records of shareholder purchases, redemptions, and account balances. They also handle the issuance and cancellation of shares and ensure shareholders receive appropriate distributions.
* D is correct because maintaining shareholder records is a core duty of a transfer agent.
* A is incorrect because underwriting is the responsibility of a broker-dealer.
* B is incorrect because distributing the prospectus is handled by the fund's distributor.
* C is incorrect because custody of securities is the role of a custodian, not the transfer agent.
Reference: SIE Study Guide, Chapter 5: Investment Companies
質問 # 255
After a customer purchases bonds at a yield of 5.00%, the current yield at market price increases to 5.25%.
Which of the following statements is true regarding the value of the bonds?
- A. The face value of the bonds has decreased.
- B. The value of the bonds has decreased.
- C. There is no change in the value of the bonds.
- D. The value of the bonds has increased.
正解：B
解説：
When bond yields rise, the price of existing bonds falls. This inverse relationship exists because the fixed coupon payments of the bonds become less attractive compared to new bonds issued at higher yields.
* B is correct because the bond's market value decreases as its yield increases.
* A is incorrect because bond values decrease, not increase, with rising yields.
* C is incorrect because the face value (par value) remains unchanged.
* D is incorrect because changes in yield directly affect the bond's market price.
Reference: SIE Study Guide, Chapter 3: Bond Pricing and Yields
質問 # 256
Under FINRA rules, which of the following activities is not considered an outside business activity (OBA)?
- A. Passively investing in a multifamily house for rental purposes
- B. Professionally refereeing athletic events
- C. Selling real estate
- D. Selling health insurance
正解：A
解説：
Step by Step Explanation:
* Outside Business Activity Definition: Per FINRA Rule 3270, an OBA involves compensated business activities outside the scope of the RR's role at their firm. Passive investments are excluded because they do not require active involvement.
* Incorrect Options:
* A, B, and C: Selling real estate, selling insurance, and refereeing are considered OBAs as they involve active participation and compensation.
References:
* FINRA Rule 3270 (Outside Business Activities): FINRA Rule 3270.
質問 # 257
The financial risk that a given security is not readily tradable in the market without impacting the market price is known as:
- A. Market risk
- B. Liquidity risk
- C. Prepayment risk
- D. Credit risk
正解：B
解説：
Liquidity risk is the risk that a security cannot be sold quickly, efficiently, or at a fair market price without significantly affecting the security's price. A highly liquid security has active buyers and sellers, narrow bid- ask spreads, and reliable market depth. A less liquid security may require a price concession to sell, especially in stressed market conditions. Choice C is correct because the question specifically describes a security that is
"not readily tradable" without impacting the market price. Credit risk, choice A, is the risk that an issuer or borrower may fail to make required interest or principal payments. Market risk, choice B, is the risk of loss due to broad market movements. Prepayment risk, choice D, is commonly associated with mortgage-backed and callable debt instruments, where principal may be returned sooner than expected. The SIE outline expressly lists "Liquidity" under "Definition and Identification of Risk Types." It also places risk identification within the broader product-risk competency area, requiring candidates to distinguish between similar but technically different financial risks. Reference: Section 2.2 Investment Risks.
質問 # 258
Offering 403(b) tax-sheltered annuity accounts to which of the following groups is permissible?
- A. Volunteer workers
- B. Small business owners
- C. Employees of a nonprofit hospital
- D. Active duty military personnel
正解：C
解説：
Step by Step Explanation:
* 403(b) Accounts: These tax-advantaged retirement plans are specifically for employees of public schools, tax-exempt organizations, and certain other nonprofit employers, such as hospitals.
* Incorrect Options:
* Volunteer Workers: Ineligible unless they are also employees.
* Small Business Owners and Military Personnel: These groups typically qualify for other retirement plans, not 403(b).
References:
* IRS Publication 571 (403(b) Plans): IRS 403(b) Guidance.
質問 # 259
Which of the following risks is most prevalent in callable bonds?
- A. Market risk
- B. Political risk
- C. Reinvestment risk
- D. Liquidity risk
正解：C
解説：
The correct answer is D, Reinvestment risk. Callable bonds give the issuer the right to redeem (call) the bond before maturity, typically when interest rates decline. This feature creates a specific risk for investors.
Step-by-step, when interest rates fall, issuers are more likely to call their bonds and refinance at lower rates.
When this happens, investors receive their principal back earlier than expected. The problem is that they must then reinvest those funds at lower prevailing interest rates, which reduces their overall return. This is known as reinvestment risk.
Callable bonds are particularly exposed to this risk because they are often called precisely when it is least favorable for investors-when yields in the market are lower than the bond's original coupon rate.
Choice A, market risk, affects all securities and is not unique to callable bonds. Choice B, political risk, applies mainly to foreign investments. Choice C, liquidity risk, relates to the ease of buying or selling a bond and is not the defining risk of callable bonds.
Thus, the most significant and characteristic risk associated with callable bonds is reinvestment risk, making Answer D correct.
質問 # 260
A customer buys 100 ABC at $50 and at the same time sells an ABC April 50 call at $8. At expiration, ABC must be at what market price for the customer to break even?
- A. $50
- B. $44
- C. $58
- D. $42
正解：D
解説：
Step by Step Explanation:
* Breakeven Calculation: For covered call writing, breakeven is the stock purchase price minus the premium received.
* Purchase Price = $50
* Premium Received = $8
* Breakeven = $50 - $8 = $42.
* Other Options:
* B, C, and D: Incorrect because they do not reflect the proper calculation of stock price minus the premium.
Options Clearing Corporation (OCC) Education: OCC Options Guidance.
質問 # 261
Which of the following statements is true regarding the impact of a bond's duration on the volatility of the bond's price?
- A. The longer the maturity of a bond, the more likely the price will hold steady.
- B. The shorter the maturity of a bond, the more sensitive the bond price is to changes in interest rates.
- C. The shorter the maturity of a bond, the more likely the price will hold steady.
- D. The longer the maturity of a bond, the less sensitive the bond price is to changes in interest rates.
正解：C
解説：
Bond price volatility is strongly related to maturity and duration. Duration measures a bond's sensitivity to changes in interest rates. In general, the longer the duration or maturity, the greater the price volatility when interest rates change. Conversely, shorter-term bonds tend to have lower duration and less price movement when rates fluctuate. Therefore, the statement that a shorter maturity bond is more likely to hold steady is the best answer. Choice B reverses the relationship because shorter maturities are generally less sensitive, not more sensitive, to interest-rate changes. Choice C is incorrect because longer maturity bonds are less likely to hold steady when rates move. Choice D is also incorrect because longer maturities generally increase, not decrease, interest-rate sensitivity. The SIE outline directly tests debt instrument characteristics, including
"varying maturities," "yield," "short-term vs. long-term characteristics," and the "relationship between price and interest rate." It also lists interest rate and reinvestment risk under investment risks. This question is therefore a classic fixed-income risk question. Reference: Section 2.1.2 Debt Instruments; Section 2.2 Investment Risks.
質問 # 262
The rate that equates a bond's annual interest payment to its market price is a bond's:
- A. Coupon rate
- B. Total return
- C. Yield to maturity
- D. Current yield
正解：D
解説：
Current yield is the rate that compares a bond's annual interest payment with its current market price. The formula is annual interest divided by current market price. For example, a bond paying $60 per year and trading at $1,000 has a current yield of 6%. If that same bond trades at $900, its current yield rises because the fixed annual interest is being measured against a lower market price. Choice C is correct. Total return is broader and includes income, realized or unrealized gains and losses, and reinvestment effects over a holding period. Coupon rate is the stated interest rate based on the bond's par value, not its current market price. Yield to maturity is a more complete yield measure that considers coupon payments, purchase price, par value repayment, and time remaining until maturity. The SIE outline requires knowledge of coupon value, par value, yield, yield to maturity, current yield, and the relationship between price and interest rates. This question isolates the specific formula tied only to annual income and market price, which is current yield.
Reference: Understanding Products and Their Risks; Debt Instruments; Investment Returns; Yield Concepts.
質問 # 263
Under the SEC's Recordkeeping and Retention Requirements Rule, a broker-dealer is required to keep which of the following records for the lifetime of its existence?
- A. Forms U4, Forms U5 and employee records
- B. Customer confirmations
- C. Corporate formation documents
- D. Trade blotters
正解：C
解説：
Broker-dealers are subject to SEC recordkeeping and retention rules (commonly tested under Exchange Act recordkeeping requirements). Certain records must be preserved for long periods, and some must be kept for the life of the firm. Among the choices, corporate formation documents (e.g., articles of incorporation/charter, bylaws, partnership agreements, and similar foundational records) are the category most clearly associated with "lifetime" retention. These documents establish the firm's legal existence, governance structure, and authority to conduct business, so regulators require them to remain available as long as the broker-dealer exists.
Trade blotters and customer confirmations are important operational records, but they are generally subject to multi-year retention requirements rather than "lifetime." They help reconstruct trades, demonstrate compliance, and support customer reporting, yet the retention period is not typically "for the life of the firm." Similarly, Forms U4 and U5 and other employee records are retained for specified periods and are updated as reportable events occur, but they are not generally described as "lifetime of the broker-dealer" records in the way corporate formation documents are.
On the SIE, this question is about understanding that recordkeeping rules distinguish between:
organizational/legal foundation records (kept for the life of the firm), and transactional/operational records (kept for defined periods).
That distinction supports investor protection and regulatory supervision by ensuring that a firm's legal identity and governance history remain accessible for examinations, enforcement, and customer protection purposes.
質問 # 264
A customer holds 1,000 shares of Company XYZ and wants to sell covered calls against this position. What is the maximum number of contracts that the customer could sell and still remain covered?
- A. 5 contracts
- B. 1,000 contracts
- C. 10 contracts
- D. 100 contracts
正解：C
解説：
Each option contract represents 100 shares. A covered call involves selling a call option while holding an equivalent number of shares to deliver if the option is exercised.
The customer owns 1,000 shares.
Since 1 contract = 100 shares, the maximum number of contracts the customer can sell is:1,000 shares ÷ 100 shares/contract = 10 contracts.
B is correct because selling 10 contracts corresponds to 1,000 shares, fully covering the position.
Reference: SIE Study Guide, Chapter 8: Options Strategies
質問 # 265
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