Question

Which of the following statements regarding form U4 are true?

1) Completion of Form U4 is required for taking the SIE.
2) Form U4 must be updated within 180 days when required information changes.
3) Completion of Form U4 is not required for taking the SIE.
4) Form U4 is only required when taking a top-off exam.

Answer 1

Form U4 is a required form for individuals in the finance industry, and it must be updated when 2) required information changes. It is not specifically required for taking the SIE exam.

Step-by-step explanation:

Form U4 is a form that individuals in the finance industry are required to complete when registering with a brokerage firm or a regulatory authority, such as the Financial Industry Regulatory Authority (FINRA) in the United States. Among the statements provided, statement 2 is true.

Form U4 must be updated within 180 days when there are changes to the required information, such as a change in name, address, or employment. The completion of Form U4 is required for individuals who want to become registered representatives or investment adviser representatives, but it is not specifically required for taking the Securities Industry Essentials (SIE) exam.

Answer 2

Form U4 is a Uniform Application for Securities Industry Registration or Transfer. It is used by individuals and firms to apply for registration with a securities regulator. Here are the correct statements regarding Form U4:

1) Completion of Form U4 is required for taking the SIE.

True. Form U4 is typically required for individuals seeking registration in the securities industry, including taking the Securities Industry Essentials (SIE) exam.

2) Form U4 must be updated within 180 days when required information changes.

True. The Form U4 must be updated promptly (within 30 days) for certain changes, and the 180-day requirement may apply to other changes. It's important to keep the form current with any changes in personal or professional information.

3) Completion of Form U4 is not required for taking the SIE.

False. Form U4 is generally required for individuals seeking registration, including those taking the SIE.

4) Form U4 is only required when taking a top-off exam.

False. Form U4 is required for various securities industry exams, not just top-off exams. It is a standard form used for the initial registration and ongoing reporting of information for individuals in the securities industry.

In summary, statements 1 and 2 are true, while statements 3 and 4 are false.