SIE認定ガイドPDFは100%カバー率でリアル試験問題が使える [Q48-Q68]

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質問 # 48
Company ABC stock currently trades on an exchange. An ABC insider wants to sell a large number of shares of her privately held ABC stock. ABC files the necessary paperwork to register the shares, but the insider decides to wait and sell the stock at a later date. Which of the following terms best describes the type of offering that is occurring in this situation?

• A. A private offering
• B. A rights offering
• C. An exempt offering
• D. A secondary offering

正解：D

解説：
Step by Step Explanation:
* Secondary Offering: Involves the sale of shares by an existing shareholder, such as an insider, rather than the company itself issuing new shares.
* Incorrect Options:
* A: Rights offerings involve giving existing shareholders the opportunity to buy additional shares.
* B: Private offerings are not registered with the SEC and involve limited investors.
* C: An exempt offering refers to securities exempt from SEC registration, such as Regulation D offerings.
References:
* SEC Guide on Secondary Offerings: SEC Secondary Offerings.

質問 # 49
Before an affiliate of an issuer is permitted to sell 10,000 shares of restricted securities, which of the following conditions must be met?

• A. The shares to be sold must be less than 10% of the average daily trading volume (ADTV) of the security.
• B. The company must be traded on a listed stock exchange.
• C. The issuer must notify FINRA of the proposed sale by submitting a Form 144.
• D. The affiliate must have a holding period of six months.

正解：D

解説：
Step by Step Explanation:
* Rule 144 Holding Period: Restricted securities held by affiliates require a six-month holding period before sale, provided the issuer is subject to SEC reporting requirements.
* Other Options:
* Notification to FINRA (C) is incorrect; Form 144 is submitted to the SEC, not FINRA.
* The 10% ADTV limitation (D) applies to the volume of shares sold, not the conditions for sale.
References:
* SEC Rule 144 (Selling Restricted Securities): SEC Rule 144.

質問 # 50
When is a newly registered person subject to the Continuing Education Regulatory Element requirement?

• A. Every three years after the date of registration
• B. The calendar year following initial registration
• C. Every five years
• D. On the anniversary date of initial registration

正解：D

解説：
Step by Step Explanation:
* Regulatory Element Requirement: Newly registered persons must complete the Continuing Education (CE) Regulatory Element on the second anniversary of their initial registration and every three years thereafter.
* Incorrect Options:
* A: The requirement begins on the second anniversary, not the following calendar year.
* D: The cycle is every three years, not five.
References:
* FINRA Rule 1240 (Continuing Education): FINRA Rule 1240.

質問 # 51
Which of the following statements is true regarding the ownership of investment company shares held as tenants in common?

• A. Any income is distributed evenly among the tenants.
• B. Each tenant has a fractional interest in the investment.
• C. Upon the death of a tenant, all shares in the account are taxable in the estate of the deceased.
• D. All tenants must sign redemption requests.

正解：B

解説：
Step by Step Explanation:
* Tenants in Common: In this arrangement, each tenant owns a fractional interest in the account's assets, which can be unequal depending on the agreement.
* Income Distribution: Income is distributed based on ownership percentage, not necessarily equally.
* Redemption Requests: Only the owner of the fractional interest has authority to request redemption for their portion.
* Estate Taxation: Upon the death of a tenant, only their fractional interest is taxable in their estate.
References:
* FINRA Guidelines on Joint Accounts: FINRA Joint Accounts.

質問 # 52
Which of the following statements characterizes the typical relationship between the market value of a municipal bond portfolio and interest rates?

• A. As interest rates increase, the market value goes up.
• B. As the market value goes down, interest rates decrease.
• C. As the market value goes up, interest rates stay constant.
• D. As interest rates decrease, the market value goes up.

正解：D

解説：
Step by Step Explanation:
* Inverse Relationship: Bond prices and interest rates have an inverse relationship. When interest rates fall, existing bonds with higher coupon rates become more valuable, leading to an increase in market value.
* Incorrect Options:
* A: Market value decreases as interest rates increase.
* C: Interest rates and bond values move inversely, not in the same direction.
* D: Interest rates are not constant; they fluctuate over time.
References:
* SEC Municipal Bonds Overview: SEC Municipal Bonds.

質問 # 53
A customer is unhappy about a $5,000 loss in a stock that the registered representative (RR) recommended and threatens to call FINRA's Securities Helpline for Seniors about the matter. What is the most appropriate next step for the RR to take?

• A. The RR should call FINRA's Securities Helpline for Seniors before the customer does and explain their side of the story.
• B. The RR should notify their supervisor about the customer's dissatisfaction.
• C. The RR should alert their compliance department to update their Form U4 with the complaint details.
• D. The RR is permitted to reimburse the customer for the loss to resolve the customer's complaint.

正解：B

解説：
Step by Step Explanation:
* Escalation Requirement: The RR must promptly notify their supervisor or compliance department about the customer's complaint as required by FINRA rules. Supervisors handle customer complaints according to firm procedures.
* Incorrect Options:
* B: Reimbursing the customer is not permissible without firm approval and may create compliance issues.
* C: Complaints requiring Form U4 updates involve specific allegations such as fraud, not general dissatisfaction.
* D: The RR should not contact FINRA directly; the firm will handle communications.
References:
* FINRA Rule 4530 (Reporting Requirements): FINRA Rule 4530.

質問 # 54
An associated person at a member firm receives a complaint from a customer involving allegations of forgery.
Once the complaint is received, which of the following actions is required?

• A. The member firm must have a principal review the complaint and determine if the forgery occurred before filing a report with FINRA.
• B. The member firm is not required to report the event to FINRA but must maintain a file of the complaint for four years.
• C. The member firm must report the event promptly to FINRA.
• D. The member firm must complete arbitration to resolve the complaint with the customer before filing a report with FINRA.

正解：C

解説：
Step by Step Explanation:
* FINRA Rule 4530: Requires member firms to report certain events, including allegations of forgery, to FINRA promptly.
* Incorrect Options:
* Option B: Maintaining a record does not substitute for required reporting.
* Option C: Arbitration isn't required before reporting.
* Option D: Reporting is mandatory irrespective of internal investigations.
References:
* FINRA Rule 4530 (Reporting Requirements): FINRA Rule 4530.

質問 # 55
If an investor is bullish on ABC, which of the following actions will he most likely take?

• A. Sell ABC stock short
• B. Sell ABC calls
• C. Buy ABC puts
• D. Buy ABC stock

正解：D

解説：
Step by Step Explanation:
* Bullish Position: Buying ABC stock aligns with the expectation that the stock's price will rise, allowing the investor to profit.
* Incorrect Options:
* A: Buying puts is a bearish strategy.
* C: Selling calls benefits from stable or declining prices.
* D: Selling short is a bearish strategy anticipating a price drop.
References:
* FINRA Guidance on Market Strategies: FINRA Trading Basics.

質問 # 56
A customer owns 100 shares of ABC with a current market value of $5.00 per share. The company undergoes a 1-for-2 reverse split of the stock. Which of the following statements is true of the customer's holdings and the price of the stock?

• A. The customer will have 200 shares at $2.50 per share.
• B. The customer will have 100 shares at $5.00 per share.
• C. The customer will have 1,000 shares at $0.50 per share.
• D. The customer will have 50 shares at $10.00 per share.

正解：D

解説：
Step by Step Explanation:
* Reverse Split Calculation: A 1-for-2 reverse split reduces the number of shares by half while doubling the price per share.
* Pre-Split Holdings: 100 shares at $5.00 = $500.
* Post-Split Holdings: 50 shares at $10.00 = $500.
* Incorrect Options: The total value remains unchanged; only the number of shares and price per share adjust.
References:
* FINRA Corporate Actions Guidance: FINRA Reverse Splits.

質問 # 57
Which of the following terms describes failure to honor a firm quote?

• A. Freeriding
• B. Interpositioning
• C. Backing away
• D. Market manipulation

正解：C

解説：
Step by Step Explanation:
* Backing Away: Refers to the failure of a market maker to honor a firm quote when a customer attempts to trade at that price. It is a violation of market rules.
* Incorrect Options:
* Freeriding: Involves selling securities before paying for them in a cash account.
* Interpositioning: Involves unnecessary intermediaries in trades, which can harm customers.
* Market Manipulation: Covers a range of deceptive practices, such as wash trading or spoofing, not specific to honoring quotes.
References:
* FINRA Rule 5220 (Firm Quote Rule): FINRA Rule 5220.

質問 # 58
For up to how many business days is a firm initially permitted to place a temporary hold on disbursements for a specified adult account in which the firm reasonably believes financial exploitation has occurred?

• A. 15 business days
• B. 3 business days
• C. 5 business days
• D. 10 business days

正解：D

解説：
Step by Step Explanation:
* Temporary Hold Period: Under FINRA Rule 2165, a firm can initially place a hold on disbursements for up to 10 business days if financial exploitation is suspected.
* Additional Holds: The period may be extended by an additional 10 business days if warranted and allowed by state law.
* Incorrect Options:
* A & B: These are shorter than the permissible period.
* D: The initial hold period is capped at 10 business days.
References:
* FINRA Rule 2165 (Financial Exploitation of Specified Adults): FINRA Rule 2165.

質問 # 59
A registered representative (RR) intends to enter into an arrangement for compensation with an unaffiliated entity to participate in the sale of promissory notes to the general public. Which of the following statements is true?

• A. This is a permissible arrangement, and the RR is only required to notify his firm.
• B. The RR must receive written approval from his firm prior to entering into this arrangement.
• C. The RR is required to notify his firm regarding this arrangement if compensation received is directly related to transactions.
• D. The RR is not required to provide prior notice to his firm as promissory notes are not considered securities.

正解：B

解説：
Step by Step Explanation:
* Private Securities Transactions: Under FINRA Rule 3280, RRs must obtain written approval from their employing firm before participating in the sale of securities outside the firm.
* Promissory Notes: These are typically considered securities, requiring prior approval.
* Incorrect Options:
* A & C: Notification alone is insufficient; written approval is required.
* D: Promissory notes are generally treated as securities under federal law.
References:
* FINRA Rule 3280 (Private Securities Transactions): FINRA Rule 3280.

質問 # 60
A customer purchased $80,000 of Fund XYZ two years ago. He now wants to buy $50,000 of Fund LMN offered within the same fund family, which offers a $100,000 breakpoint under right of accumulation. Which of the following statements is true?

• A. The customer will receive a sales charge discount on his next purchase after the account balance of the fund reaches $100,000.
• B. The customer must sign a new letter of intent to receive the $100,000 breakpoint on the additional purchase.
• C. Each fund requires contributions of $100,000 to qualify for a breakpoint.
• D. The additional investment qualifies for a $100,000 breakpoint.

正解：D

解説：
Step by Step Explanation:
* Right of Accumulation: Allows an investor to combine the value of existing investments within the same fund family to qualify for a breakpoint (reduced sales charge) on new purchases.
* Current Holdings: $80,000
* New Purchase: $50,000
* Total: $130,000, qualifying for the $100,000 breakpoint.
* Incorrect Options:
* B: Contributions from all funds within the same family can be aggregated.
* C: A new letter of intent is unnecessary; right of accumulation applies automatically.
* D: Discounts apply immediately, not retroactively.
References:
* FINRA Guidance on Breakpoints: FINRA Breakpoints.

質問 # 61
Which of the following statements is a characteristic of a government bond fund?

• A. If interest rates fall, the net asset value (NAV) of the fund will likely drop as well.
• B. The value of the fund is not guaranteed by the government or any federal agency.
• C. Dividend/interest payments will be the same each month.
• D. Government bond funds are diversified.

正解：B

解説：
Step by Step Explanation:
* Government Bond Funds: Invest in government-backed securities, but the value of the fund itself is not guaranteed by the government, as these funds are subject to market risks.
* Incorrect Options:
* A: Diversification depends on the fund's investment strategy.
* B: Interest/dividend payments may fluctuate.
* C: If interest rates fall, NAVs typically rise, not drop.
References:
* SEC Guidance on Mutual Funds: SEC Government Bond Funds.

質問 # 62
Which of the following statements best describes the permissibility of a borrowing arrangement between a registered representative (RR) and a customer who is also the RR's grandfather?

• A. It is permissible subject to FINRA approval.
• B. It is permissible if the grandfather agrees in writing.
• C. It is permissible if the loan was made on commercially reasonable terms.
• D. It is permissible provided that the loan was made in accordance with the firm's policies.

正解：D

解説：
Step by Step Explanation:
* FINRA Rule 3240: Permits borrowing or lending arrangements between RRs and customers under specific conditions, including familial relationships, provided the arrangement complies with the firm's policies.
* Incorrect Options:
* A: FINRA approval is not required; firm approval is.
* B: A written agreement alone is insufficient without firm approval.
* C: Commercially reasonable terms are not the sole criterion for permissibility.
References:
* FINRA Rule 3240 (Borrowing from or Lending to Customers): FINRA Rule 3240.

質問 # 63
When exercised, an option written on which of the following items must be settled in cash?

• A. Master limited partnership
• B. Exchange-traded funds (ETFs)
• C. Equity index
• D. Preferred stock

正解：C

解説：
Step by Step Explanation:
* Equity Index Options: These are cash-settled because the underlying asset is not a physical security but a theoretical value representing the index.
* Incorrect Options:
* Preferred Stock, Master Limited Partnerships, and ETFs: These involve physical delivery of the underlying asset upon exercise.
References:
* Options Clearing Corporation (OCC) Guidelines: OCC Cash-Settled Options.

質問 # 64
An investor sells shares of a closed-end fund at the market. Which of the following responses best describes the net proceeds to be received?

• A. Net asset value (NAV)
• B. Bid price less any commission
• C. Public offering price (POP) less any redemption fee
• D. NAV less any redemption fee

正解：B

解説：
Step by Step Explanation:
* Closed-End Funds: Trade on exchanges like stocks, and the investor receives the bid price (market price) minus any applicable commissions.
* Incorrect Options:
* A & B: NAV applies to open-end mutual funds, not closed-end funds.
* D: POP applies to initial sales of mutual fund shares.
References:
* SEC Guidance on Closed-End Funds: SEC Closed-End Funds.

質問 # 65
When is it permissible to exercise European-style options contracts?

• A. Only on the day after expiration
• B. Only on the third Friday of every month
• C. Only on the last business day before expiration
• D. Only on the day of expiration

正解：D

解説：
Step by Step Explanation:
* European-Style Options: Can only be exercised on their expiration date, unlike American-style options, which can be exercised any time before expiration.
* Incorrect Options:
* A: Not accurate; the exercise must occur specifically on the expiration date.
* C: Options cannot be exercised after expiration.
* D: The expiration date depends on the option contract, not a specific weekday.
References:
* Options Clearing Corporation (OCC) Guidelines: OCC European Options.

質問 # 66
An investor wants to purchase additional mutual fund shares with income distributed by the fund. Which of the following fund options permits this?

• A. Dividend reinvestment
• B. Capital gains reinvestment
• C. Dollar cost averaging
• D. Asset reallocation

正解：A

解説：
Step by Step Explanation:
* Dividend Reinvestment Plans (DRIPs): These allow investors to automatically reinvest income distributed by the mutual fund to purchase additional shares.
* Dollar Cost Averaging: Refers to systematic investments over time, not directly tied to income distributions.
* Capital Gains Reinvestment: Involves reinvesting profits from the sale of fund holdings, which is distinct from dividend reinvestment.
References:
* FINRA Mutual Fund Features: FINRA Mutual Funds.

質問 # 67
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. FINRA
• C. MSRB
• D. No disclosure required as the amount is below the reporting threshold

正解：C

解説：
Step by Step 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.
References:
* MSRB Rule G-37 (Political Contributions): MSRB Rule G-37.

質問 # 68
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