Question

When is the electronic filing of all information on customer complaints by broker-dealers with Financial Industry Regulatory Authority (FINRA) due?

1) Within 30 calendar days of receipt of the complaint
2) Within 15 days of the end of each calendar quarter
3) Within 15 days of the end of each calendar year
4) Semiannually, in June and December

Answer 1

Broker-dealers must file all customer complaint information electronically with FINRA within 30 calendar days of receiving the complaint to remain compliant and protect investors.

Step-by-step explanation:

The electronic filing of all information on customer complaints by broker-dealers with the Financial Industry Regulatory Authority (FINRA) is due within 30 calendar days of receipt of the complaint. This requirement ensures timely reporting and allows FINRA to monitor and regulate broker-dealer activities effectively. It is crucial that broker-dealers adhere to this timeframe to maintain compliance with regulatory standards and to ensure the protection of investors.