SIE (Securities Industry Essentials) Practice Exam

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What could result in an individual being barred from association with a FINRA member firm?

  1. Conviction of a non-securities related misdemeanor 4 years ago

  2. Failure to pay FINRA member dues on time

  3. Conviction of a securities-related misdemeanor 9 years ago

  4. Filing for personal bankruptcy in the past 5 years

The correct answer is: Conviction of a securities-related misdemeanor 9 years ago

Conviction of a securities-related misdemeanor 9 years ago could result in an individual being barred from association with a FINRA member firm. This is because FINRA has strict rules and regulations regarding the conduct of its members and any past misconduct, even if not directly related to their role in the financial industry, could be seen as a violation of these rules. The other options may not necessarily result in an individual being barred, as they do not pertain to securities-related offenses. However, failure to pay FINRA member dues on time could result in disciplinary action by FINRA. Filing for personal bankruptcy in the past 5 years may also raise red flags for FINRA, but it would depend on the circumstances and whether it has any impact on the individual's ability to fulfill their duties and responsibilities in the financial industry.

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