FINRA Exam 2026/2027 Latest Update: Complete Study Guide & Practice
Questions | Graded A+
Spot checks on BD by FINRA can happen - ANSWER Anytime
Sell out occurs if seller doesn't receive money from buying firm w/o notice after regular way
settlement - ANSWER Anytime
ACAT form must be sent to old BD from new BD when - ANSWER Immediately
Coordination registration when SEC clears issue (blue sky) effective - ANSWER Immediately
PIPE(private investment in public equity) issuer files registration statement w/ SEC after closing of
offering when - ANSWER Immediately
REG S sales made to any SEC-designated offshore securities market reported - ANSWER Immediately
REG FD issues make nonpublic info available to public if intentionally giving out to analyst must make
public when - ANSWER Immediately
Display customer limit order that improves market makers quote - ANSWER Immediately
Calculation for violation of Net Cap rules reported - ANSWER Immediately
BD Net Cap calculation after finish of offering reported - ANSWER Immediately
Clearing firm forwards complaint from customer regarding IBD to FINRA & IBD - ANSWER
Immediately
Restricted period for actively traded securities - ANSWER None
Time limit for stabalization - ANSWER None
, Regulatory Reporting requirement for Pink Sheet company - ANSWER None
Prospectus Requirement for APO Listed / Nasdaq offering - ANSWER None
OATs Reporting to FINRA - ANSWER Daily
All fully paid securities under possession or control of BD reported - ANSWER Daily
Update "easy-to-borrow list" for short selling - ANSWER Every 24 hours
ACAT form validated by delivering BD within - ANSWER 1 business day
Restricted period before effective date - APO w/ ADTV $100k - ANSWER 1 day
Interdealer transaction confirms sent within - ANSWER 1 day
Contact SIC for lost securities if criminal activity is suspected within - ANSWER 1 day
Waiting period to re-enter as CQS market maker after withdrawing quote - ANSWER 1 business day
Time between ex-dividend and record date - ANSWER 1 business day
FOCUS II and IIA filed after termination of membership with FINRA - ANSWER 2 business days
Time to look for lost securities before contacting SIC (if no criminal activity suspected) - ANSWER 2
business days
Notice given before buy in occurs - ANSWER 2 business days
BD deposits cash/govt securities after reserve requirement complete within - ANSWER 2 business
days
Questions | Graded A+
Spot checks on BD by FINRA can happen - ANSWER Anytime
Sell out occurs if seller doesn't receive money from buying firm w/o notice after regular way
settlement - ANSWER Anytime
ACAT form must be sent to old BD from new BD when - ANSWER Immediately
Coordination registration when SEC clears issue (blue sky) effective - ANSWER Immediately
PIPE(private investment in public equity) issuer files registration statement w/ SEC after closing of
offering when - ANSWER Immediately
REG S sales made to any SEC-designated offshore securities market reported - ANSWER Immediately
REG FD issues make nonpublic info available to public if intentionally giving out to analyst must make
public when - ANSWER Immediately
Display customer limit order that improves market makers quote - ANSWER Immediately
Calculation for violation of Net Cap rules reported - ANSWER Immediately
BD Net Cap calculation after finish of offering reported - ANSWER Immediately
Clearing firm forwards complaint from customer regarding IBD to FINRA & IBD - ANSWER
Immediately
Restricted period for actively traded securities - ANSWER None
Time limit for stabalization - ANSWER None
, Regulatory Reporting requirement for Pink Sheet company - ANSWER None
Prospectus Requirement for APO Listed / Nasdaq offering - ANSWER None
OATs Reporting to FINRA - ANSWER Daily
All fully paid securities under possession or control of BD reported - ANSWER Daily
Update "easy-to-borrow list" for short selling - ANSWER Every 24 hours
ACAT form validated by delivering BD within - ANSWER 1 business day
Restricted period before effective date - APO w/ ADTV $100k - ANSWER 1 day
Interdealer transaction confirms sent within - ANSWER 1 day
Contact SIC for lost securities if criminal activity is suspected within - ANSWER 1 day
Waiting period to re-enter as CQS market maker after withdrawing quote - ANSWER 1 business day
Time between ex-dividend and record date - ANSWER 1 business day
FOCUS II and IIA filed after termination of membership with FINRA - ANSWER 2 business days
Time to look for lost securities before contacting SIC (if no criminal activity suspected) - ANSWER 2
business days
Notice given before buy in occurs - ANSWER 2 business days
BD deposits cash/govt securities after reserve requirement complete within - ANSWER 2 business
days
