Free FINRA Series 24 Supervision of Retail and Institutional Customer-Related Activities Practice Questions (2026)

Free FINRA Series 24 (General Securities Principal) Supervision of Retail and Institutional Customer-Related Activities Practice Questions

Retail and institutional customer activities on the FINRA Series 24 exam (21%) covers opening and maintaining accounts, communications with the public, recommendations and Regulation Best Interest, and required disclosures.

127 questions 56 easy 54 medium 17 hard 2026 syllabus

Sample Questions

Question 1 Easy

Pre-use approval of a retail equity research report under FINRA Rule 2210 may come from:

Solution

C is correct. FINRA Rule 2210(b)(1) generally requires an appropriately qualified registered principal to approve each retail communication before the earlier of its use or filing with FINRA. For research reports on debt and equity securities, a supervisory analyst approved under Rule 1220 may satisfy that approval requirement.

Question 2 Medium

An established member prepares four retail communications. Which must the principal have filed with FINRA before first use?

Solution

B is correct. Under FINRA Rule 2210(c)(2), a member must file at least 10 business days before first use a retail communication concerning a registered investment company that includes a performance ranking or comparison when the category is not generally published or was created, directly or indirectly, by the fund, its underwriter or an affiliate. An underwriter-created ranking meets this test, so the brochure requires pre-use filing even though the member is established.

Question 3 Hard

A new LLC's name clears the SDN list, but after funding, diligence shows two SDNs own 30% and 25% of it. What must the principal require?

Solution

A is correct. A clean name screen does not end the analysis, because OFAC's 50 Percent Rule treats an entity as blocked when one or more blocked persons own 50% or more of it, directly or indirectly, in the aggregate. The two SDN stakes are combined: 30% plus 25% equals 55%, so the LLC is blocked even though it is not listed and neither owner reaches 50% alone. The funds are now in the firm's possession and a blocked person has an interest in them, so the firm must block the property rather than return it. It must then report the blocked property to OFAC within 10 business days under 31 CFR 501.603(b)(1).

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