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SIE Exam Questions & Answers 2023/2024
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SIE Exam Questions & Answers 2023/2024 Rule 144 - ANSWER-how restricted/control stock can be sold to the public Rule 144A - ANSWER-allows QIBS to trade unregistered shares through PORTAL intrastate offerings are... - ANSWER-exempt transactions (rule 147) Rule 147 - ANSWER-intrastate off...

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  • July 23, 2023
  • 31
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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SIE Exam Questions & Answers
2023/2024
Rule 144 - ANSWER-how restricted/control stock can be sold to the public



Rule 144A - ANSWER-allows QIBS to trade unregistered shares through PORTAL



intrastate offerings are... - ANSWER-exempt transactions (rule 147)



Rule 147 - ANSWER-intrastate offerings



1st market - ANSWER-auction markets, trade listed securities on exchanges including NASDAQ



NASDAQ is - ANSWER-part of 1st market, negotiated



2nd market - ANSWER-negotiated, trades OTC, unlisted securites



3rd market - ANSWER-trades OTC, listed securites



regulation NMS - ANSWER-trade through rule, customers must get best available price



4th market - ANSWER-direct otc trading between institutions using ECNS



MM xxxxx and customers xxxxx at bid - ANSWER-buy, sell



MM xxxx and customers xxxx at ask - ANSWER-sell, buy



private placements are.... - ANSWER-sold under Reg D AND exempt

,private placements can be offered to whom? - ANSWER-35 non-accredited and unlimited accredited



who regulates member activities by creating industry rules? - ANSWER-FINRA, CBOE, MSRB (they are
SROs)



us gov and its agencies, municipal, bank, insurance company, common carrier, and money market issues
are... - ANSWER-exempt securities



restricted stock is... - ANSWER-unregistered



how is restricted stock acquired? - ANSWER-through private offerings



when can restricted stock be resold in the secondary market? - ANSWER-a minimum of 6 months



brokers act in an... - ANSWER-agency capacity and earn a commission



dealers act in a... - ANSWER-principal capacity



dealers charge a mark up on... - ANSWER-puchases



dealers charge a mark down on... - ANSWER-sales



when does stabilization occur? - ANSWER-when managing U/W places a bid at or below the POP



During cooling off period, the U/W is prohibited from... - ANSWER-advertising, making sales, and
accepting deposits



During the cooling off period, the U/W can... - ANSWER-distribute red herring, publish tombstone ad,
accept indications of interest

,What does the syndicated desk focus on? - ANSWER-building an order book and allocating the stock



What are market makers? - ANSWER-Dealers that are always ready to buy or sell securities at quoted
prices



What is the OTC market? - ANSWER-a negotiated market where unlisted securities are traded



What are securities exchanges? - ANSWER-auctions markets where listed securities are bought and sold



What does the U/W agreement include? - ANSWER-the required amount the issuer needs to raise, the
U/Ws fees and compensation used to determine the POP



How can the U/W share the responsibility of marketing and selling shares? - ANSWER-Through a
syndicate and/or selling group



Who is liable for unsold shares at the end of the offering? - ANSWER-syndicate members



Who is paid based on actual shares sold and has no liability for unsold shares? - ANSWER-the selling
group



All new issues require a prospectus be delivered for up to how many days following the offering? -
ANSWER-90



regular way settlement - ANSWER-T+2



treasury and options settlement - ANSWER-T+1



Cash settlement - ANSWER-same day

, what does capitalization of a company include? - ANSWER-Equity sold and amount of debt issued



What does the liquidation priority in bankruptcy state? - ANSWER-creditors are always paid before
owners



What type of stock has no voting rights and is not entitled to receive dividends? - ANSWER-Treasury
stock



Cash dividends are... - ANSWER-taxable even if reinvested



Reinvested dividends are... - ANSWER-added to cost basis



When is ex-dividend date? - ANSWER-R-1



Who sets the record date - ANSWER-BOD



What is the record date? - ANSWER-The date an investor must be on record as an owner to receive the
dividend



What type of dividend does preferred stock have? - ANSWER-Fixed



Preferred stock has what kind of relationship with interest rates? - ANSWER-Inverse



Dividend yield = - ANSWER-Annual dividend/current market price



Do ADRs pay dividends? - ANSWER-Yes, in US dollars



Do ADRs have voting rights? - ANSWER-No



Do ADRs have preemptive rights? - ANSWER-No

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