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

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How many business days are given to locate a security that has been reported missing without criminal activity suspected?

2 business days
3 business days
5 business days
7 business days

The correct answer is: 2 business days

In the context of securities transactions, when a security is reported missing and there is no suspicion of criminal activity, the generally accepted timeframe to locate that security is two business days. This standard is part of the regulatory requirements that aim to encourage prompt action to resolve issues related to missing or lost securities, ensuring that clients' interests are protected and that the market operates smoothly. The two-business-day timeline serves as an efficient protocol for firms to investigate the situation and respond appropriately, thereby minimizing potential disruptions in trading and maintaining trust in the securities markets.