FINRA Series 7

Category - Series 7

A buy-in of a customer’s sale transaction is mandated if the securities have not been received by the broker/dealer within how many business days following the settlement date:
  1. 5
  2. 10
  3. 20
  4. 30
Explanation
Answer: B - 10. If a customer fails to deliver securities within ten days after settlement, the broker must repurchase the securities.
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