Series 24 FINRA Rule Reference Sheet
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
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🧾 Series 24 FINRA Rule Reference Sheet
📘 Quick Guide to the Most Tested FINRA Rules for the Series 24 Exam
The Series 24 exam tests your ability to supervise broker-dealer operations, enforce compliance, and interpret FINRA rules. Below is a condensed FINRA rule sheet tailored for Series 24 candidates, highlighting key rules, thresholds, timelines, and disciplinary triggers—organized for fast memorization and real-world recall.
📍 I. Registration & Continuing Education
| Rule | Requirement |
|---|---|
| Rule 3110 – Supervision | Firms must establish written supervisory procedures (WSPs). |
| Rule 3110(a) – Supervision | Assign supervisor to each registered rep. |
| Rule 3120 – Internal Controls | Annual testing + CEO certification of compliance. |
| Rule 3130 – CEO Certification | Annual certification of firm’s compliance and supervisory system. |
| Rule 1230(b)(6) – CE Requirements | Firm Element (annual), Regulatory Element (within 120 days). |
📍 II. Communications with the Public
| Rule | Definition & Timing |
|---|---|
| Rule 2210 – Communications | Categorized into Retail, Correspondence, and Institutional. |
| Retail Communication | >25 retail investors in 30 days → may require FINRA filing. |
| Pre-Use Approval | Principal must approve Retail and Correspondence. |
| Rule 2210(d) – Content Standards | Must be fair, balanced, and not misleading. |
📍 III. Supervisory Systems & Inspections
| Rule | Details |
|---|---|
| Rule 3110(c) – Office Inspections | Branch offices: annual or every 3 years based on risk level. |
| Rule 3110(b) – WSP Requirements | Must cover supervisory structure, escalation process, and review policies. |
| Rule 3110(d) – Customer Complaints | Must retain and escalate serious allegations to compliance. |
📍 IV. Outside Activities & Conflicts
| Rule | Obligation |
|---|---|
| Rule 3270 – Outside Business | Must provide written notice to firm (pre-approval not required). |
| Rule 3280 – Private Securities Transactions | Require firm pre-approval and supervision. |
📍 V. Anti-Money Laundering (AML)
| Rule | Requirements |
|---|---|
| Rule 3310 – AML Compliance | Must designate AML Officer, develop policies, test annually. |
| SAR Filing Timeline | Within 30 days of detecting suspicious activity. |
| Currency Transaction Reports (CTR) | For transactions >$10,000, filed within 15 days. |
📍 VI. New Account Rules
| Requirement | Timeline/Standard |
|---|---|
| Customer Identification Program (CIP) | Name, DOB, SSN, and address must be verified before account opening. |
| Rule 4512 – Account Records | Must maintain and update customer information periodically. |
| Rule 2090 – Know Your Customer | Requires understanding of client’s investment profile. |
📍 VII. Trading & Market Rules
| Rule | Supervisory Note |
|---|---|
| Rule 5210 – Publication of Quotes | No fictitious or misleading quotes. |
| Rule 5310 – Best Execution | Must seek the best price under prevailing market conditions. |
| Rule 2010 – Standards of Honor | Broad ethics rule: high standards of commercial honor. |
📍 VIII. Disciplinary & Reporting Requirements
| Rule | Trigger/Requirement |
|---|---|
| Rule 4530 – Reporting | Firms must report violations, civil litigation, and settlements. |
| Rule 8210 – Information Request | Must comply fully with FINRA document and testimony requests. |
| Statutory Disqualification | Felony or certain misdemeanor convictions within past 10 years. |
📍 IX. Fingerprinting & Background Checks
| Rule | Requirement |
|---|---|
| SEC Rule 17f-2 | Must fingerprint most associated persons; retained for inspection. |
| Rule 3110(e) – Background Checks | Must verify applicant’s U4 disclosures and conduct background screening. |
📍 X. Financial and Net Capital Rules
| Category | Threshold |
|---|---|
| Net Capital Requirement | Varies: Introducing BD = $5,000–$50,000, Market Maker = $100,000+ |
| Books and Records (Rule 17a-3/4) | Most records kept 3–6 years, some lifetime (e.g., articles of incorporation). |
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