SIE (Securities Industry Essentials) Practice Exam

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Which agency is responsible for maintaining a list where opening a brokerage account may be prohibited or restricted?

SEC
FINRA
OFAC
FBI

The correct answer is: OFAC

OFAC, the Office of Foreign Assets Control, is the agency that maintains a list where opening a brokerage account may be prohibited or restricted. This is due to its role in enforcing economic and trade sanctions against certain countries and individuals. The other options, such as the SEC (Securities and Exchange Commission), FINRA (Financial Industry Regulatory Authority), and FBI (Federal Bureau of Investigation), do not have the same jurisdiction or authority to maintain such a list. The SEC is responsible for regulating and overseeing the securities industry, FINRA is a self-regulatory organization for brokerage firms and exchange markets, and the FBI focuses on federal law enforcement. Therefore, these options are incorrect for this particular scenario.