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

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How soon must member firms file information on customer complaints with FINRA after the end of each calendar quarter?

10 days
15 days
30 days
45 days

The correct answer is: 15 days

Member firms are required to file customer complaints with FINRA within 15 days after the end of each calendar quarter. This requirement helps ensure that FINRA is kept informed of customer grievances in a timely manner, allowing for appropriate regulatory oversight and the protection of investors. The rationale behind the 15-day timeframe is to facilitate prompt reporting of any potential issues that could arise from customer complaints. This reporting not only helps in monitoring the practices of member firms but also serves as a vital tool for FINRA to identify trends in customer disputes that may need further investigation or intervention. In contrast, longer reporting intervals would delay FINRA's ability to respond to issues and protect investors, while shorter intervals might impose unnecessary burdens on firms, making 15 days a balanced approach. Therefore, understanding this timeline is crucial for compliance and maintaining effective communication with regulatory authorities.