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.

What is the time frame within which a firm must notify FINRA of the identity of the compliance officer?

15 business days
30 days
7 business days
10 days

The correct answer is: 15 business days

A firm must notify FINRA of the identity of its compliance officer within 30 days of the appointment of that officer. This requirement is part of the regulatory obligations that firms must adhere to in order to ensure that they maintain an effective compliance structure. The compliance officer plays a crucial role in overseeing the firm's adherence to regulatory requirements, and timely notification to FINRA ensures that there is a clear line of communication and accountability. The correct answer reflects the importance of timely updates to FINRA regarding key personnel in a firm, but the specified time frame should be 30 days rather than 15 business days. Understanding these time frames is critical for compliance and maintaining good standing with regulatory bodies, as delays could result in regulatory scrutiny or penalties. Regulations require firms to keep their records and reports up to date, especially regarding critical supervisory roles such as the compliance officer, to uphold the integrity of the financial markets.