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

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If broker-dealer books and records are not current, when must they notify the triumvirates?

Within 48 hours
Same day
Next business day
Immediately

The correct answer is: Same day

When broker-dealer books and records are not current, the requirement is to notify the triumvirates the same day that the discrepancy is identified. This urgency reflects the importance of maintaining accurate records in the securities industry, as outdated or incorrect books and records can lead to significant regulatory and compliance issues. Notification on the same day ensures that any potential issues can be addressed promptly, rather than allowing them to persist, which could compromise the integrity of the brokerage operations and potentially harm clients or the market. Timeliness in these notifications is crucial for regulatory oversight, and any delays could impede the ability of regulators to enforce compliance effectively.