Timelines (Series 24)
Following a pre-membership interview, how long does FINRA have to approve or deny an application? -
correct answer ✔✔30
How long after the closing of a customer's account must a broker-dealer preserve records which relate to
the terms and conditions with respect to the opening and maintenance of the account? - correct answer
✔✔6 Years
Blotters must be maintained for: - correct answer ✔✔6 Years
Most records must be kept easily accessible for: - correct answer ✔✔2 Years
Regarding internal inspections required by FINRA, each member shall inspect each OSJ office and any
branch office that supervises one or more non-branch locations at least how often? - correct answer
✔✔Annually
For branch offices that do not supervise one or more branch locations, the member shall inspect such
branches at least - correct answer ✔✔3 Years
What is the earliest time that a newly-issued security can be sold to the public? - correct answer ✔✔At
least 20 days after its registration statement is filed
An issuer of publicly offered securities must file X preliminary prospectuses X days before sending to
investors: - correct answer ✔✔Five copies of the preliminary prospectus with the SEC no later than the
date that it is first sent to investors
Firms must preserve customer account information that is subsequently updated for at least ____ years
after info is updated - correct answer ✔✔6 Years
, Firms must preserve the most current customer account information for ______ years after the account
is closed. - correct answer ✔✔6 Years
How often must security counts be conducted - correct answer ✔✔Quarterly (2-4 months between
counts)
Smith & Smith is in the process of registering as a broker-dealer. FINRA has deemed the firm's application
complete and has scheduled an interview with the firm. After the interview, how long does FINRA have
to accept or deny Smith & Smith's registration? - correct answer ✔✔30 Days
Smith & Smith is in the process of registering as a broker-dealer. How long does FINRA have to review the
application for completeness? - correct answer ✔✔30 Days
Smith & Smith is in the process of registering as a broker-dealer. They received a request for additional
information regarding their application. How long does Smith & Smith have to respond to FINRA? -
correct answer ✔✔60 Days
A respondent or the Department of Enforcement or the Department of Market Regulation may file a
written notice of appeal within X after service of a decision issued pursuant to Rule 9268 or Rule 9269 to
the National Adjudicatory Council. - correct answer ✔✔25 days
Under FINRA's disciplinary procedures, how long after the Hearing Panel makes its decision can the
decision be appealed, and who would the appeal be made to? - correct answer ✔✔25 days; FINRA's
National Adjudicatory Council
A firm is subject to a complaint issued by FINRA's Department of Enforcement. The firm answers the
complaint. The Hearing Officer may schedule a prehearing conference within: - correct answer ✔✔21
Days
The minutes of partners' and directors' meetings must be kept for - correct answer ✔✔lifetime of the
firm
Memos of brokerage orders are kept for - correct answer ✔✔3 years
Following a pre-membership interview, how long does FINRA have to approve or deny an application? -
correct answer ✔✔30
How long after the closing of a customer's account must a broker-dealer preserve records which relate to
the terms and conditions with respect to the opening and maintenance of the account? - correct answer
✔✔6 Years
Blotters must be maintained for: - correct answer ✔✔6 Years
Most records must be kept easily accessible for: - correct answer ✔✔2 Years
Regarding internal inspections required by FINRA, each member shall inspect each OSJ office and any
branch office that supervises one or more non-branch locations at least how often? - correct answer
✔✔Annually
For branch offices that do not supervise one or more branch locations, the member shall inspect such
branches at least - correct answer ✔✔3 Years
What is the earliest time that a newly-issued security can be sold to the public? - correct answer ✔✔At
least 20 days after its registration statement is filed
An issuer of publicly offered securities must file X preliminary prospectuses X days before sending to
investors: - correct answer ✔✔Five copies of the preliminary prospectus with the SEC no later than the
date that it is first sent to investors
Firms must preserve customer account information that is subsequently updated for at least ____ years
after info is updated - correct answer ✔✔6 Years
, Firms must preserve the most current customer account information for ______ years after the account
is closed. - correct answer ✔✔6 Years
How often must security counts be conducted - correct answer ✔✔Quarterly (2-4 months between
counts)
Smith & Smith is in the process of registering as a broker-dealer. FINRA has deemed the firm's application
complete and has scheduled an interview with the firm. After the interview, how long does FINRA have
to accept or deny Smith & Smith's registration? - correct answer ✔✔30 Days
Smith & Smith is in the process of registering as a broker-dealer. How long does FINRA have to review the
application for completeness? - correct answer ✔✔30 Days
Smith & Smith is in the process of registering as a broker-dealer. They received a request for additional
information regarding their application. How long does Smith & Smith have to respond to FINRA? -
correct answer ✔✔60 Days
A respondent or the Department of Enforcement or the Department of Market Regulation may file a
written notice of appeal within X after service of a decision issued pursuant to Rule 9268 or Rule 9269 to
the National Adjudicatory Council. - correct answer ✔✔25 days
Under FINRA's disciplinary procedures, how long after the Hearing Panel makes its decision can the
decision be appealed, and who would the appeal be made to? - correct answer ✔✔25 days; FINRA's
National Adjudicatory Council
A firm is subject to a complaint issued by FINRA's Department of Enforcement. The firm answers the
complaint. The Hearing Officer may schedule a prehearing conference within: - correct answer ✔✔21
Days
The minutes of partners' and directors' meetings must be kept for - correct answer ✔✔lifetime of the
firm
Memos of brokerage orders are kept for - correct answer ✔✔3 years
