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

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How long does a successor broker-dealer have to file an application for registration after succession?

30 days
60 days
45 days
90 days

The correct answer is: 30 days

A successor broker-dealer must file an application for registration within 30 days after succession. This requirement ensures that there is a timely transition of operations and compliance with regulatory obligations following the changes in the ownership or structure of the broker-dealer firm. The 30-day window allows for the new entity to establish itself in accordance with the relevant rules and regulations that govern the securities industry, ensuring that it can continue to operate without undue delay while maintaining a focus on investor protection and market integrity. This timeframe is particularly important in maintaining consistent oversight and regulatory standards in a dynamic financial marketplace.