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2026 Statistics
Key Facts: SIAA Fundamentals of Securities Exam
$490
Course Fee (flat)
SIAA
Online
Supervised Exam
SIAA
Up to 80h
Study Time
SIAA
T+2
Equity Settlement
ASX
Tier 1
RG146 Level
ASIC RG 146
The SIAA Fundamentals of Securities accreditation is a single supervised online multiple-choice exam meeting ASIC RG146 Tier 1 (Specialist Knowledge: Securities and Generic Knowledge). The fee is $490 (flat price), with up to 80 hours of study supported. SIAA does not publish the question count, time limit, or pass mark.
Sample SIAA Fundamentals of Securities Practice Questions
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1Which regulatory body in Australia is primarily responsible for supervising market conduct, licensing financial services providers (AFSL), and consumer protection in the financial sector?
A.Australian Prudential Regulation Authority (APRA)
B.Australian Securities and Investments Commission (ASIC)
C.Reserve Bank of Australia (RBA)
D.Australian Transaction Reports and Analysis Centre (AUSTRAC)
Explanation: The Australian Securities and Investments Commission (ASIC) regulates financial markets, financial services providers, and consumer protection in finance. APRA is responsible for the prudential regulation of financial institutions, the RBA handles monetary policy and payment system stability, and AUSTRAC monitors money laundering.
2What is the standard settlement cycle for cash equity transactions executed on the Australian Securities Exchange (ASX)?
A.Same day (T+0)
B.Next business day (T+1)
C.Two business days after the transaction date (T+2)
D.Three business days after the transaction date (T+3)
Explanation: The ASX operates on a T+2 settlement cycle for cash equities, meaning that ownership transfer and payment occur two business days after the trade is executed. Settlement is facilitated through CHESS on a Delivery versus Payment (DvP) basis.
3Which of the following is a key characteristic of ordinary shares issued by an Australian listed company?
A.Shareholders have unlimited personal liability for the company's debts.
B.Shareholders receive a guaranteed fixed dividend payment every year.
C.Shareholders have limited liability, meaning their loss is capped at the amount paid for the shares.
D.Shareholders' claims rank ahead of all secured creditors during liquidation.
Explanation: Ordinary shares feature limited liability, which protects shareholders from losing more than their initial investment in the shares. Dividends are discretionary and never guaranteed, and equity holders rank last (residual claimants) during winding up.
4What is the primary role of the Australian Prudential Regulation Authority (APRA) in the Australian financial system?
A.Licensing financial planners and investigating insider trading
B.Supervising institutions in banking, insurance, and superannuation to ensure their financial soundness
C.Setting the official cash rate to control inflation
D.Managing the national registration system for corporate business names
Explanation: APRA is the prudential regulator responsible for ensuring that financial institutions (banks, insurers, super trustees) remain financially solvent and can meet their obligations to depositors and policyholders. ASIC regulates conduct, while the RBA sets monetary policy.
5What is the name of the electronic clearing and settlement platform used by the ASX for equity securities?
A.SWIFT
B.CHESS
C.RTGS
D.Austraclear
Explanation: CHESS (Clearing House Electronic Subregister System) is the electronic system used by the ASX to clear and settle transactions, and to facilitate the transfer of ownership of securities. Austraclear is used for high-value debt securities, while RTGS is for wholesale fund transfers.
6Which document must an AFSL holder provide to a retail client before providing any financial service, disclosing fees, services, and dispute resolution details?
A.Statement of Advice (SOA)
B.Financial Services Guide (FSG)
C.Product Disclosure Statement (PDS)
D.Key Facts Sheet (KFS)
Explanation: A Financial Services Guide (FSG) is a disclosure document that must be given to retail clients before a financial service is provided. It contains info about the services offered, fees charged, and how complaints are handled. The SOA is for advice, and the PDS is for specific products.
7An investor holds a corporate bond with a face value of $1,000 and a fixed coupon rate of 6% per annum. If interest is paid semi-annually, how much interest will the investor receive in each payment?
A.$60.00
B.$30.00
C.$15.00
D.$6.00
Explanation: The annual coupon payment is 6% of $1,000, which is $60. Since the coupon is paid semi-annually (twice a year), each payment is half of the annual amount, resulting in $30 per payment.
8If a listed company's shares trade 'ex-dividend', what does this mean for a new investor purchasing the shares on that day?
A.The buyer is entitled to receive the upcoming dividend payment.
B.The buyer is not entitled to receive the upcoming dividend; it goes to the seller.
C.The buyer must pay a penalty fee to the ASX.
D.The buyer receives a special tax credit from the government.
Explanation: When shares trade ex-dividend (without dividend), the seller retains the right to the upcoming dividend. Anyone buying the shares on or after the ex-dividend date will not receive the dividend. The share price usually falls by the approximate amount of the dividend on this day.
9Which agency is responsible for conducting monetary policy, maintaining systemic stability, and regulating the payments system in Australia?
A.Australian Prudential Regulation Authority (APRA)
B.Australian Securities and Investments Commission (ASIC)
C.Reserve Bank of Australia (RBA)
D.Federal Treasury of Australia
Explanation: The Reserve Bank of Australia (RBA) is Australia's central bank. Its primary role is to set monetary policy (the target cash rate), issue bank notes, manage gold and foreign exchange reserves, and oversee the stability of the payments system.
10Which order type instructs a broker to buy shares only at a specified price or lower, or sell shares at a specified price or higher?
A.Market order
B.Limit order
C.Stop-loss order
D.Good-till-cancelled order
Explanation: A limit order sets the maximum price the buyer is willing to pay or the minimum price the seller is willing to accept. This gives the investor control over the execution price, though the trade is not guaranteed to execute if the market does not reach the limit.
About the SIAA Fundamentals of Securities Practice Questions
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