Deck · FINRA SIE
Knowledge of Capital Markets
Regulators and SROs, market structure and participants, offerings, and economic factors (16% of the exam).
122 cards · audited · SM-2 spaced repetition
Included with the full FINRA SIE program — 4 decks, 790 cards.
Sample cards
What is the SEC and what authority created it?
The Securities and Exchange Commission — the federal government agency created by the Securities Exchange Act of 1934 to enforce federal securities laws and oversee the securities industry.
Is the SEC an SRO or a government agency?
A government agency — it is the ultimate securities regulator. SROs like FINRA, the MSRB, and CBOE operate under SEC oversight.
Who does FINRA regulate?
Broker-dealers doing securities business with the public in the U.S., plus their registered representatives. FINRA writes conduct rules, administers qualification exams, and disciplines members.
What disciplinary actions can FINRA take — and what can it NOT do?
FINRA can censure, fine, suspend, or bar members and individuals from the industry. It cannot send anyone to prison — only courts can impose criminal penalties.
What does the MSRB do — and what is unusual about its enforcement power?
The Municipal Securities Rulemaking Board writes rules for firms that deal in municipal securities, but it has NO enforcement power. Its rules are enforced by FINRA and the SEC (for securities firms) and by bank regulators (for bank dealers).
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