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

Disable ads (and more) with a membership for a one time $2.99 payment

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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

If a firm's fiscal year-end date does not coincide with a calendar quarter, within how many business days must it file a fifth FOCUS report?

10 business days
15 business days
17 business days
20 business days

The correct answer is: 17 business days

The correct timeline for filing a fifth FOCUS report, when a firm's fiscal year-end does not align with a calendar quarter, is indeed 17 business days. This requirement is established by regulatory guidelines governing financial reporting for broker-dealers. The purpose of the fifth FOCUS report is to provide an additional layer of reporting to ensure transparency regarding a firm’s financial condition at a time that may not align with regular quarterly reports. Since firms with non-standard fiscal year-ends must still maintain rigorous reporting standards, this 17-business-day period allows them sufficient time to prepare and submit accurate financial data without compromising oversight. Understanding this timeline is important for compliance and helps firms plan their internal financial management processes appropriately. Adhering to this deadline ensures that the firm remains in good standing with regulatory authorities and can prevent potential penalties for late filings.