Question

Once a firm gets FINRA notice to record calls, how long does it have to comply?

a) 30 days to begin call recording.
b) 60 days to submit a compliance plan.
c) 90 days to provide proof of call recording.
d) There is no specified time frame.

Answer 1

Once a firm receives a notice from FINRA (Financial Industry Regulatory Authority) to record calls, it has 90 days to provide proof of call recording.

Step-by-step explanation:

Once a firm receives a notice from FINRA (Financial Industry Regulatory Authority) to record calls, it has a specified time frame to comply. The correct answer is c) 90 days to provide proof of call recording.

After receiving the notice, the firm has 90 days to implement a call recording system and provide proof to FINRA that it is actively recording calls. This includes retaining the recordings for a specified period of time.

It is important for firms to comply with these regulations, as failure to do so can result in penalties and sanctions from FINRA.