Discuss Finra Series-6 Exam Topic 2 Question 114

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

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.''

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20 comments · newest first

Merri 2 months ago

D is definitely the best choice. Transparency is key!

Bea 2 months ago

I’m not sure about III. It feels too broad.

Tegan 2 months ago

I’m with Della. D covers everything needed.

Adelaide 3 months ago

I lean towards B. I feel like sharing info is tricky.

Genevieve 3 months ago

I agree, D makes sense. All options are valid.

Della 3 months ago

I think it's D. They should have full authority.

Delisa 3 months ago

I agree, all three actions are part of their authority.

Tijuana 3 months ago

Not sure about sharing info with foreign regulators... seems risky.

Lashaun 3 months ago

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

Denny 4 months ago

I think they can share info with foreign agencies too.

Alpha 4 months ago

FINRA can definitely inspect the books and records.

Nobuko 4 months ago

Not sure about sharing info with foreign regulators... sounds risky.

Chanel 4 months ago

I agree, all three options seem valid.

Linsey 4 months ago

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

Maynard 6 months ago

I think they can share info with foreign agencies too.

Lou 6 months ago

FINRA can definitely inspect the books.

Michel 7 months ago

I’m a bit confused about the foreign agency part. I feel like it might not be as straightforward, so I’m hesitant about D. Maybe B is safer?

Lizbeth 7 months ago

I practiced a question similar to this, and I think all three options are correct. So, I’m going with D.

Yvonne 7 months ago

I remember something about sharing information with foreign regulators, but I’m not sure if that’s always allowed. Maybe it’s C?

Jina 7 months ago

I think FINRA can definitely require information and inspect records, so I’m leaning towards B or D.

Finra Series-6 Exam - Topic 2 Question 114 Discussion