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Question (Relevant to the Series 24 and Series 26):
Member firms that execute investment company transactions for their customers must transmit payments to underwriters, investment companies or their designated agents by the later of: the end of the _______business day after receiving a customer’s order or the end of _________ after receiving a customer’s payment for such shares.
Answers:
A. seventh, 3 business days
B. second, 1 business day
C. third, 1 business day
D. fifth, 3 business days
Correct Answer: C. third, 1 business day
Rationale: Member firms that execute investment company transactions for their customers must transmit payments to underwriters, investment companies or their designated agents by the later of: the end of the third business day after receiving a customer’s order or the end of 1 business day after receiving a customer’s payment for such shares.
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tried to submit the answer to the question at the above web address, but was not taken to a valid site.
Answer: C