SIE practice questionhardReporting OBA violations
If a registered person fails to report an outside business activity (OBA) and the firm discovers it, what is the required regulatory action?
- ANo reporting is required
- BFile a Form 144
- CNotify SEC only
- DReport the violation to FINRA under Rule 4530✓ Correct answer
Explanation
Why D — Report the violation to FINRA under Rule 4530
Unreported OBAs must be reported to FINRA as a violation of firm policy and FINRA rules.
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