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

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What is the timeframe for filing retail communications relating to life settlements with FINRA?

5 business days
10 business days
15 business days
20 business days

The correct answer is: 10 business days

The timeframe for filing retail communications relating to life settlements with FINRA is indeed 10 business days. This requirement is in place to ensure that all communications distributed to the public regarding life settlements—such as advertising and sales literature—are submitted and reviewed in a timely manner. This allows FINRA to monitor and regulate the materials to ensure they are not misleading and comply with established rules and regulations. Adhering to this 10-business-day filing requirement helps maintain transparency and protects investors by ensuring that any necessary disclosures are provided in a timely fashion. This regulation reflects FINRA's commitment to overseeing the distribution of financial products, particularly those that may have complex features or risks, such as life settlements.