Series 26 Practice Questions - Investment Company And Variable Contracts Products Principal Exam

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Under FINRA Rule 3110, a principal is reviewing a registered representative's background and discovers a prior criminal conviction for securities fraud that was not disclosed on Form U4. What is the principal's responsibility?

Ignore it since the representative has already been hired Report the undisclosed disciplinary history to FINRA and consider heightened supervision Terminate the representative immediately without investigation Wait until the next annual compliance meeting to address the issue

Correct Answer:

Report the undisclosed disciplinary history to FINRA and consider heightened supervision

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