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

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Prepare for the Investment Company and Variable Contracts Products Principals Exam. Utilize flashcards and multiple-choice questions with detailed explanations. Excel in your Series 26 Exam!

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How many days does a member have to comply with a FINRA-imposed fine before suspension or other sanctions may result?

7 days
10 days
30 days
15 days

The correct answer is: 7 days

The correct duration for compliance with a FINRA-imposed fine, before any suspension or other sanctions may occur, is 10 days. According to FINRA rules, member firms and associated persons have a grace period of 10 calendar days from the date the fine is imposed to pay the fine or to make arrangements for payment. If there is no compliance within that timeframe, further actions such as suspension or other disciplinary measures may be initiated. Understanding this timeframe is crucial for members to avoid potential sanctions that can impact their operations and reputations. Being proactive about complying with regulatory requirements is essential in maintaining good standing with FINRA.