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Finra Exam Series-6 Topic 10 Question 54 Discussion

Actual exam question for Finra's Series-6 exam
Question #: 54
Topic #: 10
[All Series-6 Questions]

The Securities Exchange Commission consists of:

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Suggested Answer: A

Among other things, the trade confirmation that Anna receives must stipulate the items described in Selections I and III only. The trade confirmation that Anna receives from GetErDone must stipulate the time and date of the transaction, the number of shares sold, and the price at which they were sold. The exchange or ECN on which the transaction was executed is not provided on the confirmation statement. Whether GetErDone acted as a principal or a broker in the transaction does need to be stipulated, but in this instance GetErDone acted as a broker, not a principal. GetErDone did not itself buy the shares from Anna.


by Jaclyn at Jan 10, 2023, 12:29 PM

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Shenika
15 days ago
I'm going with B. You can't go wrong with the good old checks and balances of the President and Senate.
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Audry
19 days ago
Option C is just plain wrong. The SEC is a federal agency, not some FINRA-controlled organization.
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Malcolm
25 days ago
Haha, imagine if FINRA appointed the SEC members. Talk about a potential conflict of interest!
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Dong
2 days ago
C) 7 members, appointed by FINRA.
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Marylou
18 days ago
B) 5 members, appointed by the President of the U.S., with Senate approval
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Sabina
20 days ago
A) 6 members, elected by member firms.
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Paola
1 months ago
I was leaning towards D, but I guess the Treasury Secretary doesn't have the power to appoint the SEC members. Good to know!
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Sylvie
8 days ago
I was leaning towards D, but I guess the Treasury Secretary doesn't have the power to appoint the SEC members. Good to know!
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Allene
9 days ago
B) 5 members, appointed by the President of the U.S., with Senate approval
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Millie
18 days ago
A) 6 members, elected by member firms.
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Rosendo
1 months ago
Option B seems like the correct answer. The SEC is an independent agency, so the President appoints the members with Senate approval.
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Belen
I think you're right, option B makes sense.
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Carmelina
2 months ago
I'm not sure, but I think it's D) 5 members, appointed by the Secretary of Treasury of the U.S. That also sounds plausible to me.
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Leonardo
2 months ago
I agree with Cherilyn, that answer makes sense because the President appoints the SEC members.
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Cherilyn
2 months ago
I think the answer is B) 5 members, appointed by the President of the U.S., with Senate approval.
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