Series 24 Registration and Continuing Education Practice Questions

Correct answer: C. A securities-related misdemeanor conviction within the past 10 years

Statutory disqualification under the Exchange Act includes certain securities-related misdemeanor and felony convictions within specified look-back periods, SRO bars/expulsions, and certain SEC/CFTC orders and findings. A pending civil suit is not itself a disqualifying event (no adjudication has occurred), and administrative lapses like a late U4 amendment or a CE deadline miss that is promptly cured are compliance issues, not statutory disqualifications.

• AA. Incorrect. A pending, unresolved civil allegation is not itself a statutory disqualification.
• BB. Incorrect. A single late U4 amendment is an administrative/reporting lapse, not a disqualifying event.
• CC. Correct. A securities-related misdemeanor conviction within the relevant look-back period is a recognized basis for statutory disqualification.
• DD. Incorrect. A CE deadline miss cured within a short period is a compliance lapse subject to consequences (e.g., CE inactive status), not a statutory disqualification.

• Source: 15 U.S.C. 78o (Exchange Act Section 15, broker-dealer registration), accessed October 2026

Correct answer: B. January 15, 2025

Under FINRA's two-year rule, a person whose registration is terminated must requalify by examination (or obtain an appropriate waiver) if they do not become associated with a member firm in a registered capacity within two years of the termination date. Measuring two years from January 15, 2023 gives January 15, 2025. Choice A understates the window, C overstates it (that timeframe applies only under the five-year Maintaining Qualifications Program, which she did not enroll in), and D ignores the rule entirely.

• AA. One year from termination is shorter than FINRA's two-year window for re-associating without requalifying by exam.
• BB. Correct. Under FINRA's two-year rule, absent enrollment in the Maintaining Qualifications Program, a representative whose registration terminates on January 15, 2023 must become associated with a member firm in a registered capacity by January 15, 2025 to avoid requalifying by examination.
• CC. Three years exceeds the two-year window FINRA allows before requalification by exam becomes necessary.
• DD. The two-year rule does require requalification after the window lapses without MQP enrollment. This isn't an indefinite grace period.

• Source: Exam outline: FINRA Series 24 Content Outline, accessed October 2026

Correct answer: C. 30 days

A member firm must file a Form U5 within 30 days of the termination of a registered person's association with the firm, and must promptly amend it if the firm later learns the information filed was or became inaccurate or incomplete.

• AA. Incorrect. Too short; this is not the Form U5 filing deadline.
• BB. Incorrect. Too short; this is not the Form U5 filing deadline.
• CC. Correct. 30 days is the required Form U5 filing deadline after termination.
• DD. Incorrect. Too long; filing must occur sooner than 60 days.

• Source: Exam outline: FINRA Series 24 Content Outline, accessed October 2026

Correct answer: C. Up to 5 years from termination

FINRA's Maintaining Qualifications Program, adopted alongside the 2022 CE rule changes, allows a formerly registered person to maintain their qualifications for up to five years after termination. Rather than the default two-year window. Provided they enroll in the program and complete the required Regulatory Element continuing education during that period. Choice A is the default two-year rule that applies absent MQP enrollment, and choices B and D do not reflect any actual FINRA timeframe.

• AA. Two years understates the window available under the Maintaining Qualifications Program.
• BB. Three years understates the maximum period the MQP allows before requalification by examination is required.
• CC. A timely enrolled and CE-compliant registered person may maintain qualifications under the MQP for up to five years after termination without requalifying by exam.
• DD. The MQP is not indefinite. It is capped at five years, after which requalification by examination is required if the person has not re-registered.

• Source: Exam outline: FINRA Series 24 Content Outline, accessed October 2026

Correct answer: A. An associated person convicted eight years ago of a felony involving embezzlement of client funds

Statutory disqualification under Section 3(a)(39) reaches a person convicted within the preceding ten years of certain felonies and misdemeanors, and embezzlement, fraudulent conversion, and misappropriation of funds are among the offenses it specifically lists. An embezzlement felony from eight years ago falls inside the ten-year lookback and is an enumerated offense, so it triggers disqualification. The other scenarios do not meet the statutory definition. Denial of membership in a civic group has no bearing on securities regulation, a written warning letter is not an SRO bar, suspension, or disciplinary finding of the kind the statute covers, and an internal firm suspension with no SRO or regulatory action is not a disqualifying event.

• AA. A felony conviction involving embezzlement of client funds is exactly the type of disqualifying event. And within the relevant look-back period. That triggers statutory disqualification under Section 3(a)(39).
• BB. Being denied membership in an unrelated civic or social organization has no bearing on securities-industry statutory disqualification.
• CC. A written warning letter for a minor recordkeeping deficiency is not a statutory disqualification trigger; it falls well short of the type of formal action the statute addresses.
• DD. An internal firm suspension pending investigation, without any SRO or regulatory action, does not by itself constitute statutory disqualification.

• Source: Exam outline: FINRA Series 24 Content Outline, accessed October 2026

Correct answer: A. Investment Company and Variable Contracts Products Principal (Series 26)

The Series 26 qualifies a person as a limited principal over investment company and variable contracts products under FINRA Rule 1220. It fits a manager whose supervision is confined to those products and does not require the broader General Securities Principal exam.

• AA. Correct: the Series 26 is the limited principal registration for investment company and variable contracts products.
• BB. The Series 9 module covers options sales supervision and is not the category for fund and variable annuity supervision.
• CC. The Series 27 qualifies a financial and operations principal, which is a finance function and not sales supervision.
• DD. The Series 53 covers municipal securities, which these products are not.

• Source: FINRA Rule 1220 (Registration Categories), accessed October 2026

Correct answer: C. It permanently bars the individual from ever registering with a member firm again

Form U5 is the Uniform Termination Notice for Securities Industry Registration. It is a record that an association has ended, not a bar to future registration. The firm must file it within 30 days of termination and give the individual a copy. The firm must also amend it promptly if it learns the information was or has become inaccurate or incomplete. The false statement is that it permanently bars the person from ever registering with a member firm again. Filing a U5 does not by itself prevent the individual from associating with the same or another firm later. Only separate events, such as a statutory disqualification or a regulatory bar, can block registration, and the U5 may simply disclose them.

• AA. This statement is accurate. Form U5 must be filed within 30 days of termination. So it is not the incorrect statement being asked for.
• BB. This statement is accurate. A copy must be provided to the terminated individual. So it is not the incorrect statement.
• CC. This is the false statement and thus the answer: filing a Form U5 does not itself permanently bar the individual from future registration; it is simply a termination record, and the person may seek to re-register subject to normal review.
• DD. This statement is accurate. Amendments must be filed promptly when the firm learns the form is inaccurate or incomplete. So it is not the incorrect statement.

• Source: Exam outline: FINRA Series 24 Content Outline, accessed October 2026

Correct answer: B. Annually, by December 31 of each year following the calendar year in which the person became registered

Under the CE 2.0 amendments, the prior 2nd/5th-year-and-every-3-years cycle was replaced with an annual requirement: registered persons must complete the Regulatory Element each year, by December 31, beginning the year after they first become registered.

• AA. Incorrect. This describes the prior CE cycle, superseded by the annual requirement.
• BB. Correct. Regulatory Element CE is now completed annually by December 31.
• CC. Incorrect. The Regulatory Element deadline is a regulatory requirement, not something left to firm discretion.
• DD. Incorrect. Form U4 amendment timing is unrelated to the CE Regulatory Element deadline.

• Source: FINRA Rule 1240, accessed October 2026