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

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After being advised by FINRA that special supervisory procedures are required, what is the timeframe for a firm to implement them?

30 days
45 days
60 days
90 days

The correct answer is: 60 days

When a firm is notified by FINRA that special supervisory procedures are necessary, the firm is given a specific timeframe to implement these measures. The correct option indicates that firms have 60 days to establish and apply the required procedures. This ensures that the firm promptly addresses any supervisory deficiencies identified by FINRA, demonstrating its commitment to regulatory compliance and the protection of investors. The 60-day timeframe is designed to provide sufficient time for the firm to adequately prepare and implement the necessary changes while also ensuring a timely response to regulatory concerns. Understanding this timeframe is critical for firms to maintain compliance and avoid potential penalties or enforcement actions from regulatory bodies.