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

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FINRA member firms must file an annual audited report no later than how many days after their fiscal year-end date?

30 days
45 days
60 days
90 days

The correct answer is: 60 days

The requirement for FINRA member firms to file an annual audited report no later than 60 days after their fiscal year-end date is specified in regulatory guidelines. This rule is in place to ensure that member firms maintain transparency and provide timely information regarding their financial health and operations to regulators and the public. The 60-day timeframe allows firms sufficient time to have their financial statements audited and prepared, which is necessary for ensuring the accuracy and reliability of the information being reported. This requirement reflects the commitment to accountability within the financial services industry, promoting trust among investors and other market participants by ensuring firms disclose relevant financial information promptly. Compliance with this deadline is crucial for firms, as failure to file within the specified timeframe can lead to regulatory scrutiny and potential disciplinary action by FINRA, emphasizing the importance of adhering to this reporting requirement.