All Series 24 Limits
Series 24 Limits and Thresholds
Supervision of Registration of the Broker-Dealer and Personnel Management Activities
4 items
After a broker-dealer files Form BD, the SEC must grant registration or begin denial proceedings within 45 days, unless the applicant consents to longer.
Absent SEC proceedings or a modified deadline, broker-dealer withdrawal on Form BDW takes effect 60 days after filing.
After a Form U4 filing, FINRA Rule 3110(e) requires U4 verification within 30 calendar days and prior Form U5 review within 60 days.
Form U4 amendments are due within 30 days after the firm learns the facts, or 10 days after a statutory disqualification occurs.
Supervision of General Broker-Dealer Activities
14 items
OSJs and branches supervising non-branch locations are inspected at least once per calendar year, and other branches at least every 3 years.
FINRA Rule 3120 requires expanded annual supervisory control reports for firms with prior-calendar-year gross revenue of $200 million or more.
Under FINRA Rule 3110(d), investment banking firms report investigations within 10 business days after quarter-end and report an investigation finding a violation within 5 business days after completing it.
FINRA Rule 3210 requires written employer consent and written executing-firm notice for preexisting outside securities accounts within 30 calendar days of joining.
The bank broker-registration de minimis exception permits up to 500 securities transactions per calendar year outside the other bank exceptions.
FINRA Rule 3220 limits business-related gifts to others' employees to $300 per recipient per year, effective March 30, 2026.
Under FINRA Rule 2341, annual fund asset-based sales charges are capped at 0.75% of average annual net assets and service fees at 0.25%.
Under FINRA Rule 2330, a principal must approve or reject a recommended deferred variable annuity before the application goes to the insurer, within seven business days after the OSJ receives a complete, correct package.
Under FINRA Rule 4530(a), firms report listed events promptly and within 30 calendar days after they know or should have known of them.
Under FINRA Rule 4530, securities-related settlements are reportable above $15,000 for an associated person or $25,000 for a firm defendant.
Under SEC Rule 17a-4, blotters and general and customer ledgers must be kept 6 years, with the first 2 years easily accessible.
FINRA Rule 4513 requires written customer complaint records to be kept for at least 4 years.
Under SEC Rule 15c3-1's alternative standard, minimum net capital is the greater of $250,000 or 2% of aggregate debit items.
Under SEC Rule 15c3-1's basic standard, aggregate indebtedness cannot exceed 1,500% of net capital, or 800% during the firm's first 12 months.
Supervision of Retail and Institutional Customer-Related Activities
6 items
A broker-dealer files a CTR within 15 days for cash in or cash out exceeding $10,000 by or for one person in one business day, counting cash in and cash out separately.
With a suspect identified, a broker-dealer files a SAR for suspicious transactions totaling at least $5,000 within 30 calendar days of initial detection.
Under FINRA Rule 2210, retail communications reach more than 25 retail investors within any 30 calendar-day period.
For one year after FINRA membership begins, firms must file retail communications used in public media at least 10 business days before first use.
Form CRS must be amended within 30 days of material inaccuracy, and changes reach existing customers within 60 days after the amendment is required.
Annualized turnover of at least 6 or a cost-equity ratio above 20% is a guidepost for excessive trading.
Supervision of Trading and Market Making Activities
6 items
Under SHO Rule 204, fails must be closed out by market open 1 settlement day after settlement for short sales or 3 for long sales or bona fide market making.
FINRA Rule 5320's large-order size thresholds are at least 10,000 shares worth at least $100,000.
Standard FINRA Rule 11810 buy-ins occur no earlier than 3 business days after delivery is due, with notice by noon ET 2 business days before execution.
Under SEC Rule 15c6-1, regular-way settlement is T+1, unless the parties expressly agree to another cycle when the trade is made.
During normal market hours, OTC trades in NMS stocks must be reported to a TRF or ADF as soon as practicable, no later than 10 seconds after execution.
During TRACE hours, report as soon as practicable, but no later than 15 minutes after execution for most bonds or 60 minutes for U.S. Treasuries. Special deadlines apply near closing.
Supervision of Investment Banking and Research
6 items
Under Rule 14e-1, tender offers stay open at least 20 business days and at least 10 business days after changes to price, amount sought or soliciting fees.
When Schedule 13D is required, file within 5 business days after acquiring beneficial ownership above 5% of a registered equity class; material-change amendments are due within 2 business days.
For a previously nonreporting issuer, Rule 15c2-8 requires preliminary prospectus delivery at least 48 hours before sending a confirmation.
For a nonreporting issuer's IPO, dealer aftermarket prospectus duties last 25 calendar days if exchange-listed on the offering date, or 90 days if unlisted.
Absent exceptions, research quiet periods are at least 10 days after an IPO as underwriter or dealer and 3 days after a secondary as manager or co-manager.
Regulation AC requires appearance certification records within 30 days after quarter-end and refusal disclosures for 120 days after notice to regulators.
