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Stack #4630716
S27 FINRA Timing
| Question | Answer |
|---|---|
| Firm fails to maintain Special Reserve Account – first action? | Immediately take corrective action; notify within 24 hours |
| Tentative net capital drops below early warning level – timing bucket? | 24-hour notification bucket |
| AI exceeds 1 | 500% – operational consequence? |
| Net capital deficiency discovered – books adjustment timing? | Immediately reflect on books; notify within 24 hours |
| Box count discrepancy found – when must it be recorded? | Within 7 business days of the count |
| Physical securities count required how often? | At least quarterly |
| Material inadequacy in accounting system – report when? | Within 30 calendar days |
| Change in fiscal year end – notify SEC when? | Within 10 business days |
| Independent accountant resignation – notify within? | 10 business days |
| Failure to obtain required possession or control – notify when? | Within 24 hours |
| Reserve computation deficit discovered – timing bucket? | 24-hour bucket |
| Unresolved securities differences affect net capital when? | Within 7 business days of count |
| Capital problem vs governance change – which is faster? | Capital problems are 24-hour; governance is 10-day |
| Material weakness vs capital deficiency – longer timing? | Material weakness: 30 days; capital: 24 hours |
| Operational halt vs regulatory notice timing? | Halt immediately; notify within 24 hours |
| Early warning capital trigger – regulator notice? | Within 24 hours |
| Audit finding without capital impact – timing? | 30 calendar days |
| Structural firm change filing – typical timing? | 10 business days |
| Box count reconciliation deadline memory hook? | Clean the box in 7 |
| Capital distress memory hook? | If capital shakes |
| Capital below minimum – notification timing? | Notify regulators within 24 hours; cease doing business immediately |
| Aggregate indebtedness exceeds 1 | 200% – notify when? |
| Alt method firm tentative net capital below $5B – notify when? | Within 24 hours |
| Failure to make required reserve deposit – notify when? | Within 24 hours |
| Unresolved box count differences must be recorded when? | Within 7 business days after the count |
| Change in independent accountant – notify SEC when? | Within 10 business days |
| Material weakness in internal controls – report when? | Within 30 calendar days |
| Capital problems fall into which timing bucket? | 24-hour notification bucket |
| Box count cleanup falls into which timing bucket? | 7 business day bucket |
| Governance/structural changes fall into which timing bucket? | 10 business day bucket |
| Audit/internal control weaknesses fall into which timing bucket? | 30 calendar day bucket |
| Net capital below minimum – operational action? | Cease doing business immediately; notify within 24 hours |
| Monthly FOCUS filing due when? | Within 17 business days after month end |
| Quarterly FOCUS filing due when? | Within 17 business days after quarter end |
| Annual audited financial statements due when? | Within 60 calendar days after fiscal year end |
| FOCUS extension request timing? | Must request before due date; SEC approval required |
| Customer reserve computation frequency? | Weekly for most carrying firms |
| Reserve deposit deadline after computation? | No later than 1 hour after bank opens on 2nd business day |
| Reserve deficiency notification timing? | Within 24 hours |
| Quarterly securities count required how often? | At least quarterly |
| Unresolved box count differences recorded when? | Within 7 business days after the count |
| Change in independent accountant notification timing? | Within 10 business days |
| Material weakness in internal controls reported when? | Within 30 calendar days |
| Net capital below minimum – notify when? | Within 24 hours |
| Net capital below minimum – operational action? | Cease doing business immediately |
| Aggregate indebtedness exceeds 1 | 200% – notify when? |
| Alt method firm tentative net capital below $5B – notify when? | Within 24 hours |
| Failure to make required reserve deposit – notify when? | Within 24 hours |
| Possession or control deficiency – notify when? | Within 24 hours |
| Early warning capital trigger – timing bucket? | 24-hour notification bucket |
| Box count cleanup timing bucket? | 7 business day bucket |
| Governance or structural change timing bucket? | 10 business day bucket |
| Audit or internal control weakness timing bucket? | 30 calendar day bucket |
| Reserve deposit memory rule? | 2 days plus 1 hour after bank opens |
| FOCUS filing memory rule? | 17 business days |
| Audited financials memory rule? | 60 calendar days |
| Customer complaint definition? | Any written statement alleging a grievance involving activities of the firm or associated person |
| Oral complaint count requirement? | Oral complaints are not counted as reportable customer complaints |
| Customer complaint record retention? | Retain for at least 4 years; first 2 years in an easily accessible place |
| Customer complaint reporting on FOCUS? | Certain complaints must be reported on FOCUS filings |
| Complaint involving theft or misappropriation – reporting timing? | Report within 30 calendar days |
| Complaint alleging forgery – reporting timing? | Within 30 calendar days |
| Complaint alleging securities law violation – reporting timing? | Within 30 calendar days |
| Internal complaint log must include what? | Complainant name |
| OSJ complaint file requirement? | Each OSJ must maintain a separate complaint file |
| Complaint statistics reviewed by whom? | Supervisory personnel as part of compliance oversight |
| Customer complaint memory rule? | Written equals record; serious equals 30 days |
| Is email a written complaint? | Yes; email qualifies as written complaint |
| Are social media messages written complaints? | Yes |
| Anonymous written complaint handling? | Must be retained and logged if written |
| Customer complaint retention clock starts when? | Date complaint is received |
Created by:
sjameve
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