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Finra Exam Series-6 Topic 9 Question 86 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 86
Topic #: 9

[All Series-6 Questions]

Upon receiving a complaint about one of its member firms, FINRA may:

i. require any person associated with the member firm to provide information to FINRA and to testify under oath.

ii. inspect and copy the books, records and accounts of the member firm.

iii. share information obtained from its investigation of a member firm with a foreign regulatory agency.

AII only

BI and II only

CII and III only

DI, II, and III

Show Suggested Answer

Suggested Answer: D

Upon receiving a complaint about one of its member firms, FINRA may require any person associated with the member firm to provide information and to testify under oath; it may inspect and copy the books, records, and accounts of the member firm; and it may share information obtained from its investigation of a member firm with a foreign regulatory agency. The foreign regulator must agree to treat the information confidentiality, and the agreement with the foreign regulator is predicated on two requirements: ''(A) the other regulator party to the agreement must have jurisdiction over common regulatory matters; and (B) the agreement must require the other regulator to reciprocate and share with FINRA information of regulatory interest or concern to FINRA.''

by Omer at Sep 12, 2024, 04:51 PM

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Chun

1 months ago

I'm confident the answer is D. Doesn't FINRA have all the powers of the FBI when it comes to their members?

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Jacob

1 months ago

Haha, I bet FINRA loves playing detective and snooping through the books of these firms. D is the way to go!

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Peter

15 days ago

I think it's good that they can also share information with other regulatory agencies to ensure compliance across borders.

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Louis

21 days ago

Yeah, it's important for them to have access to all the necessary information to protect investors.

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Kenneth

29 days ago

I agree, they definitely have to do some investigating to make sure everything is in order.

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Lajuana

2 months ago

I'm not sure about sharing information with a foreign regulatory agency, so I would go with D) as well.

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Ryan

2 months ago

Hmm, I'm gonna go with B. Requiring testimony and inspecting records seems like the basics of an investigation.

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Wei

2 months ago

I agree, FINRA has the authority to do all three actions mentioned in the question.

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Hobert

2 months ago

The correct answer has to be C. Sharing information with a foreign regulatory agency sounds like something FINRA would do.

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Billi

29 days ago

No, I'm positive it's C) II and III only.

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Glory

1 months ago

I'm pretty sure it's D) I, II, and III.

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Glendora

1 months ago

I disagree, I believe the correct answer is C) II and III only.

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Fletcher

1 months ago

I think the correct answer is B) I and II only.

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Nohemi

2 months ago

I think the answer is D) I, II, and III.

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Sylvia

2 months ago

I think the answer is D. FINRA has the power to do all those things when investigating a member firm.

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Ailene

1 months ago

Yes, FINRA can do all of those things to investigate a member firm thoroughly.

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Rebbecca

1 months ago

I agree, FINRA has the authority to require information, inspect records, and share information with foreign regulatory agencies.

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