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

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Within how many days will an assigned FINRA Examier advise if additional information is required from the receipt of a substantial application?

15 days
60 days
30 days
45 days

The correct answer is: 30 days

The correct answer is based on FINRA's guidelines regarding the review process for substantial applications. When a firm submits a substantial application, typically related to the registration of individuals or firms for member activities, it is important for oversight purposes that the FINRA Examiner promptly communicates any need for additional information. According to FINRA rules, they have a window of 30 days from the receipt of the application to inform the applicant if further information is necessary for the review process. This is established to ensure timely processing and to maintain efficient communication, enabling applicants to know precisely where they stand in the review process and what may be needed to move forward. The other time frames provided do not align with FINRA's requirements for substantial applications, as they do not represent the stipulated review period.