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

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If a firm's fiscal year-end date does not align with a calendar quarter, when must it file a FOCUS II or IIA?

30 business days after year-end
10 business days after year-end
17 business days after year-end
15 business days after year-end

The correct answer is: 17 business days after year-end

The requirement for a firm to file a FOCUS II or IIA report is based on specific timelines established by regulatory authorities. For firms whose fiscal year-end does not coincide with a calendar quarter, they are required to submit this report within 17 business days following the end of their fiscal year. This 17-day period is designed to allow adequate time for firms to prepare their financial reports, ensuring that they have enough time to account for all necessary financial activities and transactions that may have occurred by the end of the fiscal year. This filing is critical for regulatory compliance as it provides a snapshot of the firm's financial condition and operations. Understanding this timeline is crucial for firms to maintain compliance with regulatory obligations and to avoid potential penalties for late filings.