SIE Exam Unit 1 | 100 Questions with 100% Correct Answers | Updated and Verified

The securities industry's primary regulatory body and created under what act? - SEC, Securities Exchange Act of 1934 Function under the SEC's oversight and is accountable to the Commission for enforcing federal securities laws, as well as supervising securities practices within an assigned jurisdiction. - Self Regulatory organizations (SRO) what are the largest SROs - Financial Industry Regulation Authority (FINRA), Chicago Board Options Exchange (CBOE), Municipal Securities Rulemaking Board (MSRB) Members pay assessments into a general insurance fund that is used to meet customer claims in the event of a broker-dealer bankruptcy. - Securities Investor Protection Act and Corporation (SIPC) All BD registered with the SEC must be SIPC members except which three? - 1. banks deal with munis, 2. firms deal with US govt securities deal with redeemable investment co securities has a net worth of $1 million or more or has had an annual income of $200k or more in each of the two most recent years - accredited investor