Investment Company and. Variable Contracts Products Principals (Series 26) Practice Exam

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How long does a predecessor broker-dealer have to file a notice of withdrawal from registration after succession?

30 days
60 days
15 days
90 days

The correct answer is: 30 days

The correct timeframe for a predecessor broker-dealer to file a notice of withdrawal from registration after a succession is 30 days. This requirement is established to ensure that there is a formal and timely process for notifying regulatory authorities about the change in broker-dealer status resulting from the succession. The 30-day period allows for the orderly transition of responsibilities and helps maintain an accurate and updated regulatory environment, which is crucial for protecting investors and ensuring compliance with relevant securities regulations. By adhering to this timeframe, the predecessor firm ensures that its withdrawal is documented properly, mitigating potential issues related to lapses in registration or compliance.