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

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What is the filing deadline for less detailed FOCUS IIA reports for fully disclosed firms?

10 days
17 days
30 days
45 days

The correct answer is: 17 days

The filing deadline for less detailed FOCUS IIA reports for fully disclosed firms is indeed 17 days. This requirement is part of the regulatory framework established to ensure that firms provide timely and accurate financial information to regulatory entities. The FOCUS (Financial and Operational Combined Uniform Single) reports are crucial for monitoring the financial status and operations of brokerage firms, and the specific deadline is set to balance the need for timely information with the practical considerations of preparing accurate financial statements. Fully disclosed firms have fewer reporting requirements compared to introducing brokers, which is reflected in the use of the FOCUS IIA report. The emphasis on a 17-day deadline ensures that even with a smaller scope of detail required, the compliance obligations are still met in a timely manner, allowing regulators to maintain oversight of these firms' financial health without overwhelming them with excessive reporting burdens.