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

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When must a member firm update a U-4 to notify FINRA of a change?

15 days
20 days
30 days
45 days

The correct answer is: 30 days

A member firm must update a U-4 to notify FINRA of a change within 30 days of the event that necessitates the update. This requirement ensures that the information contained in the Form U-4, which is the uniform application for registration, remains current and accurate. Timely updates are important because they may involve significant events such as a disqualification, a criminal charge, or a change in employment status, which can affect an individual’s registration and overall ability to work within the securities industry. Keeping the information current helps maintain compliance with regulatory standards and protects investors by ensuring that they have access to accurate information about registered representatives. If changes are not reported within the specified period, the firm and the registered individual may face penalties or disciplinary actions from FINRA.