Series 7 Exam Question 199: Answer and Explanation
Question: 199
The SEC and FINRA require customer statements to be sent out for inactive accounts at least
- A. monthly
- B. quarterly
- C. semiannually
- D. annually
Correct Answer: B
Explanation:
B. The SEC and FINRA require member firms to send customer account statements at least quarterly (once every 3 months) for inactive accounts. To help you remember how often account statements should be sent out, think "AIM":
A = Active account (monthly)
I = Inactive account (quarterly)
M = Mutual fund (semiannually)
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