SIE (Securities Industry Essentials) Practice Exam

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How often must a customer of a brokerage firm receive a customer account statement if there has been any account activity?

Monthly
Bi-monthly
Quarterly
Annually

The correct answer is: Monthly

A monthly customer account statement is required if there has been any account activity. This is because regulations require brokerage firms to provide statements at least once every month if there has been any account activity. This includes any buying, selling, or transfer of securities, as well as any interest or dividend earnings, fees, or charges. Bi-monthly, quarterly, and annual statements are all incorrect because they do not meet the minimum requirement of once per month if there has been account activity. Bi-monthly statements are sent every two months, quarterly statements are sent every three months, and annual statements are sent once a year. These options would not provide customers with timely and up-to-date information about their accounts and could potentially put them at financial risk. Therefore, the correct answer is A Monthly.