SERIES 99 Cheat Sheet 2026

The 30 highest-yield SERIES 99 facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Under FINRA Rule 4370, firms must establish and maintain a Business Continuity Plan (BCP). How often must the BCP be reviewed? → Annually
2. What is the primary function of DTC (Depository Trust Company)? → Providing custody and book-entry settlement for securities
3. What is the 'record date' in the context of a corporate action? → The date by which an investor must own shares to be entitled to the benefit
4. A trade is executed on Monday. Under the standard T+2 settlement cycle for U.S. equities, when does settlement typically occur (assuming no holidays)? → Wednesday
5. SEC Rule 17a-4 primarily governs: → The preservation and retention period for required books and records
6. How does the Series 99 body of knowledge relate to daily professional practice? → It provides the foundational framework that guides decision-making and standard practices
7. Which regulatory report must a broker-dealer file to notify FINRA of material changes to its financial or operational condition? → FOCUS Report
8. What documentation is MOST critical to maintain for safety compliance in the Operations Professional Exam field? → Incident reports, training records, and inspection logs
9. Why is documentation important? → Compliance and accuracy
10. In a 3-for-1 stock split, an investor holding 150 shares at $90 each would have after the split: → 450 shares at $30 each
11. What is the significance of a CUSIP number in trade clearance? → It is a unique identifier for a specific security used to ensure correct settlement
12. In a correspondent clearing relationship, what is the 'introducing broker' responsible for? → Acquiring customers, executing trades, and forwarding account records to the clearing firm
13. What does 'ex-dividend date' mean in the context of corporate actions and settlement? → The first date on which a buyer of shares is NOT entitled to the declared dividend
14. A firm discovers an associated person has been convicted of a felony. Under FINRA Rule 4530, the firm must report this event within: → 30 calendar days
15. What helps meet deadlines? → Compliance calendar
16. Under SEC Rule 17a-4(f), electronic records stored by broker-dealers must be stored in a format that is: → Non-rewriteable and non-erasable (WORM)
17. A pattern day trader designation requires a minimum equity of: → $25,000
18. A customer submits a signed options agreement but fails to return the options risk disclosure document acknowledgment. The firm should: → Restrict the account to covered options only until acknowledgment is received
19. Which foundational principle is MOST important for success in the Operations Professional Exam profession? → Commitment to continuous learning, ethical practice, and quality outcomes
20. What is the PRIMARY ethical obligation of a certified Operations Professional Exam professional regarding confidential information? → Protect it from unauthorized disclosure at all times
21. What is the MOST effective way for new Series 99 professionals to build competency in their field? → Combining formal education, mentored practice, and ongoing professional development
22. What happens to fractional shares that result from a corporate action? → They are typically settled in cash based on the market value of the fraction
23. Which control type is designed to DETECT an operational failure after it has already occurred? → Detective control
24. What is the role of a 'correspondent clearing' arrangement? → A large broker-dealer clears trades on behalf of smaller introducing broker-dealers
25. Under SEC Rule 17a-11, a broker-dealer must notify the SEC when its net capital falls below the minimum required amount within: → 24 hours
26. What is T+2 settlement cycle? → Two days after trade
27. A registered representative submits a trade that creates a position violating Regulation T margin requirements. Operations must issue a margin call within: → 1 business day
28. A reverse stock split is most likely used by a company to: → Raise the share price to meet exchange listing requirements
29. A Series 99 certified professional is asked to provide services outside their scope of competence. The CORRECT ethical response is to: → Decline and refer to a qualified professional
30. When a beneficiary designation on a brokerage account conflicts with the customer's will, which document generally controls the disposition of account assets? → The beneficiary designation on the account, as it supersedes the will