Finra Series-6 Exam - 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:

A6 members, elected by member firms.

B5 members, appointed by the President of the U.S., with Senate approval

C7 members, appointed by FINRA.

D5 members, appointed by the Secretary of Treasury of the U.S.

Show Suggested Answer

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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Bethanie

5 months ago

I thought it was 7 members, but I guess I was wrong!

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Rosendo

5 months ago

Nope, it's 5, with Senate approval too.

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Marjory

6 months ago

Wait, are you sure it's not 6 members? That sounds off.

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Stephaine

6 months ago

Yeah, I agree, that's how it works!

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Coral

6 months ago

It's definitely 5 members, appointed by the President.

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Sheridan

6 months ago

I thought the SEC was appointed by the President, but I can't recall if it was with Senate approval or not.

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Cecil

6 months ago

I feel like I saw a question about the SEC structure before, and it was definitely not 6 or 7 members.

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Edna

6 months ago

I remember studying that the SEC is made up of 5 members, and they need Senate approval. That sounds like option B.

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Brittney

6 months ago

I think the SEC has 5 members, but I'm not sure if they're appointed by the President or someone else.

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Micheline

6 months ago

Hmm, I'm a bit confused here. There are a few options that seem plausible, but I'm not entirely sure which one is the correct action to resolve the outage. I'll need to think this through carefully.

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An

6 months ago

This seems like a straightforward question about security incident management. I think the key is to focus on the factors that determine the severity of an incident.

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Susana

6 months ago

I'm a bit unsure about the other options. I'll need to review my notes on HPE OneView and the different hardware components it manages.

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Earleen

6 months ago

Hmm, I'm a bit unsure about this one. I know QoS is all about managing network traffic, but I'm not sure I fully grasp the specific conditions where an outbound policy would be most useful.

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Casey

6 months ago

I think the answer is A. We have to include a reinforcement procedure when using punishment, no exceptions. Punishment alone is never recommended in behavior analysis.

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Maricela

6 months ago

I'm a bit confused by all the different services and databases involved. I'll need to make sure I fully understand the relationships and dependencies before I can decide on the best solution.

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Shenika

11 months 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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Alayna

9 months ago

Definitely going with B, it just makes sense to have that level of approval.

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Merilyn

9 months ago

Yeah, B makes sense, it's important to have that oversight.

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Alica

9 months ago

I think B is the best choice too, it ensures accountability.

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Ronnie

10 months ago

I agree, B seems like the most reliable option.

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Audry

11 months ago

Option C is just plain wrong. The SEC is a federal agency, not some FINRA-controlled organization.

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Omer

10 months ago

D) 5 members, appointed by the Secretary of Treasury of the U.S.

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Stephaine

10 months ago

B) 5 members, appointed by the President of the U.S., with Senate approval

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Marci

10 months ago

A) 6 members, elected by member firms.

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Malcolm

11 months ago

Haha, imagine if FINRA appointed the SEC members. Talk about a potential conflict of interest!

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Dong

10 months ago

C) 7 members, appointed by FINRA.

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Marylou

11 months ago

B) 5 members, appointed by the President of the U.S., with Senate approval

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Sabina

11 months ago

A) 6 members, elected by member firms.

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Paola

11 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

11 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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Allene

11 months ago

B) 5 members, appointed by the President of the U.S., with Senate approval

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Millie

11 months ago

A) 6 members, elected by member firms.

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Rosendo

12 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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Timothy

10 months ago

Definitely. The appointment process ensures that the SEC operates free from political influence.

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Belen

10 months ago

I agree. It's important for the SEC to remain independent in order to carry out its regulatory duties effectively.

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Anthony

10 months ago

Yes, that's right. The SEC is an independent agency, so the President has the authority to appoint its members.

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Ty

10 months ago

I think option B is correct. The President appoints the members with Senate approval.

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Roosevelt

10 months ago

Definitely, it helps ensure impartiality in regulating the markets.

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Alverta

10 months ago

That's how the SEC operates, it's important to have independence.

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Ciara

10 months ago

Yeah, the President appoints the members with Senate approval.

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Belen

10 months ago

I think you're right, option B makes sense.

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Carmelina

12 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

1 year ago

I agree with Cherilyn, that answer makes sense because the President appoints the SEC members.

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Cherilyn

1 year ago

I think the answer is B) 5 members, appointed by the President of the U.S., with Senate approval.

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