Finra Series-6 Exam - Topic 10 Question 69 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 69
Topic #: 10

[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 Dorothy at Dec 26, 2023, 02:27 PM

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Rolande

3 months ago

Not sure about sharing info internationally... sounds risky.

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Hyman

3 months ago

I agree, all three options seem valid.

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Izetta

4 months ago

Wait, they can require testimony under oath? That’s intense!

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Lashawnda

4 months ago

I think they can share info with foreign agencies too.

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Jaclyn

4 months ago

FINRA can definitely inspect records.

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Tabetha

4 months ago

I thought they could only inspect records and require testimony, but I guess sharing info could be part of their role too?

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Karina

4 months ago

I practiced a similar question where FINRA's authority was tested, and I think I chose "I and II" back then, but now I'm leaning towards all three.

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Lashon

4 months ago

I'm not entirely sure about the sharing information part with foreign agencies. I feel like that might be more restricted.

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Charolette

5 months ago

I remember that FINRA has broad powers during investigations, so I think they can do all three things mentioned.

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Daisy

5 months ago

Okay, I've got this. FINRA can do all three things listed - require testimony, inspect records, and share info with foreign regulators. The answer is clearly D.

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Dustin

5 months ago

Hmm, I'm a bit unsure about this one. The question covers a lot of different FINRA authorities, so I'll need to really focus on understanding each option.

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Val

5 months ago

This looks like a straightforward question about FINRA's investigative powers. I'll carefully read through the options and think through the key points.

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Mattie

5 months ago

Wait, I'm confused. Does FINRA have the power to share information with foreign agencies? I'll need to double-check that detail before selecting an answer.

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Goldie

5 months ago

Hmm, I'm a bit unsure about this one. I'll need to think it through and make sure I understand the difference between preventive and reactive security measures.

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Jolanda

5 months ago

I think the primary function of a VRF is to allow routers to manage multiple routing tables, which helps with overlapping IP addresses, right?

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