Practice Test Geeks(CSCP) Certified Securities Compliance Professional Practice Test
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CSCP Regulatory Reporting & Disclosures Flashcards

6 cards from real CSCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. Under SEC Regulation S-K, what is the primary purpose of the Management's Discussion and Analysis (MD&A) section in a public company's annual report?

    Answer: To provide management's perspective on financial condition, results of operations, and liquidity

    MD&A requires management to explain the company's financial results, liquidity, capital resources, and known trends that may materially affect future performance.

  2. What is the deadline for a large accelerated filer to file its annual report (Form 10-K) with the SEC?

    Answer: 60 days after fiscal year end

    Large accelerated filers (public float of $700 million or more) must file their Form 10-K within 60 days of their fiscal year end.

  3. FINRA Rule 4370 requires member firms to maintain and update business continuity plans (BCPs). When must a firm notify FINRA of a material update to its BCP?

    Answer: Within 17 business days

    FINRA Rule 4370 requires firms to promptly update their BCPs and notify FINRA and customers within 17 business days of a material change.

  4. Which form must a registered representative file when they terminate employment with a FINRA member firm?

    Answer: Form U5

    Form U5 (Uniform Termination Notice for Securities Industry Registration) is filed by the firm to report the termination of a registered representative.

  5. What disclosure obligation arises under SEC Rule 10b-5 when a company executive learns of a material acquisition before public announcement?

    Answer: The executive must abstain from trading and ensure no trading on non-public information until disclosure

    Rule 10b-5 prohibits trading on material non-public information; the only compliant options are to disclose the information or abstain from trading.

  6. Under the SEC's Regulation Fair Disclosure (Reg FD), what must a company do if it unintentionally discloses material non-public information to a select group of investors?

    Answer: File a Form 8-K within 24 hours and make the information public

    Reg FD requires that if material non-public information is unintentionally disclosed, the company must make public disclosure via Form 8-K or other means promptly, within 24 hours.