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Finra Exam SIE Topic 6 Question 1 Discussion
Actual exam question for
Finra's
SIE exam
Question #: 1
Topic #: 6
[All SIE Questions]
Topic #: 6
Under SEC Regulation A, which of the following market participants, if deemed to be a bad actor, will disqualify the offering from reliance on this registration exemption?
Suggested Answer:
B
SEC Regulation A provides a registration exemption for smaller public offerings but includes a 'bad actor' disqualification. If certain key parties, such as the issuer, underwriter, or affiliates, have been involved in securities violations, the exemption is forfeited.
B is correct because underwriters are considered essential participants, and their status as bad actors disqualifies the offering.
A, C, and D are incorrect because custodians, transfer agents, and clearing corporations are not included in the 'bad actor' provisions of Regulation A.
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