After notice and a hearing, the SEC finds that a broker-dealer willfully violated the securities laws. For how long may it suspend the firm's registration under section 15(b)(4) of the Exchange Act?Answer: Up to twelve months. Source: Securities Exchange Act of 1934, section 15(b)(4), 15 U.S.C. 78o(b)(4). Outline: FINRA Series 14 Content Outline (2025), Function 1, 1.1.
Markets and operations 8
A clearing agency participant has had a fail to deliver in a threshold security for thirteen consecutive settlement days. What does Rule 203(b)(3) of Regulation SHO require?Answer: Close out the fail at once by purchasing the securities. Source: Regulation SHO, 17 CFR 242.203(b)(3). Outline: FINRA Series 14 Content Outline (2025), Function 2, 2.1.3.
A customer gives a member a block order. The member wants to trade for its own account first, to position itself to fill the order. What does FINRA Rule 5270 require for that trading?Answer: The customer's consent. Source: FINRA Rule 5270, Supplementary Material .04. Outline: FINRA Series 14 Content Outline (2025), Function 2, 2.1.1.
Show all 45 questions (42 more)
Markets and operations, continued
A director buys her company's stock and sells it at a profit four months later. Who may recover the profit under section 16(b) of the Exchange Act?Answer: The issuer. Source: Securities Exchange Act of 1934, section 16(b), 15 U.S.C. 78p(b). Outline: FINRA Series 14 Content Outline (2025), Function 2, 2.1.3.
A firm routes customer orders automatically and does not review execution quality order by order. How often, at a minimum, must it conduct a regular and rigorous review under FINRA Rule 5310?Answer: Quarterly. Source: FINRA Rule 5310, Supplementary Material .09. Outline: FINRA Series 14 Content Outline (2025), Function 2, 2.1.1.
An issuer solicits repurchases of its own stock and wants the safe harbor of SEA Rule 10b-18. Through how many broker-dealers may it make those purchases on a single day?Answer: One. Source: SEA Rule 10b-18(b)(1), 17 CFR 240.10b-18. Outline: FINRA Series 14 Content Outline (2025), Function 2, 2.1.3.
Under Rule 104(f)(1) of Regulation M, what is the ceiling on the price of any stabilizing bid?Answer: The lower of the offering price or the principal market's stabilizing bid. Source: Regulation M, 17 CFR 242.104(f)(1). Outline: FINRA Series 14 Content Outline (2025), Function 2, 2.1.3.
What must a member's policies do under paragraph (b) of FINRA Rule 5280, Trading Ahead of Research Reports?Answer: Restrict the flow of information from research to trading. Source: FINRA Rule 5280(b). Outline: FINRA Series 14 Content Outline (2025), Function 2, 2.1.1.
Which person is a restricted person under FINRA Rule 5130 because of the job she holds?Answer: A portfolio manager with authority to trade for an insurance company. Source: FINRA Rule 5130(i)(10). Outline: FINRA Series 14 Content Outline (2025), Function 2, 2.1.1.
Broker-dealer operations 4
A company's chief financial officer sells shares of the company on Monday. By when must her Form 4 be filed under SEA Rule 16a-3?Answer: By the end of the second business day after the trade. Source: SEA Rule 16a-3(g), 17 CFR 240.16a-3. Outline: FINRA Series 14 Content Outline (2025), Function 3, 3.2.
A member's short interest report under FINRA Rule 4560 must reach FINRA by when?Answer: The second business day after the reporting settlement date. Source: FINRA Rule 4560(a). Outline: FINRA Series 14 Content Outline (2025), Function 3, 3.2.
At what value of section 13(f) securities under its discretion must an institutional investment manager file Form 13F?Answer: At least $100 million. Source: SEA Rule 13f-1(a), 17 CFR 240.13f-1. Outline: FINRA Series 14 Content Outline (2025), Function 3, 3.2.
Where must a member keep its file of written customer complaints under FINRA Rule 4513(a)?Answer: In each office of supervisory jurisdiction. Source: FINRA Rule 4513(a). Outline: FINRA Series 14 Content Outline (2025), Function 3, 3.1.
Credit regulation and capital 3
A broker-dealer holds no customer funds or securities, carries no customer accounts and does none of the business in paragraphs (a)(2)(i) through (v) of the net capital rule. What is its minimum net capital?Answer: $5,000. Source: SEA Rule 15c3-1(a)(2)(vi), 17 CFR 240.15c3-1. Outline: FINRA Series 14 Content Outline (2025), Function 4, 4.1.
A broker-dealer on the aggregate indebtedness standard began business five months ago. What is the most its aggregate indebtedness may be, as a percentage of net capital?Answer: 800 percent. Source: SEA Rule 15c3-1(a)(1)(i), 17 CFR 240.15c3-1. Outline: FINRA Series 14 Content Outline (2025), Function 4, 4.1.
A purchase creates a margin deficiency in a customer's margin account. Within what time must the Regulation T margin call be satisfied?Answer: One payment period after the deficiency arose. Source: Regulation T, 12 CFR 220.4(c)(3). Outline: FINRA Series 14 Content Outline (2025), Function 4, 4.2.
General supervision 8
A member's chief executive officer signed last year's Rule 3130 certification on March 10. What is the latest date for this year's certification?Answer: March 10, the anniversary of the last one. Source: FINRA Rule 3130(b). Outline: FINRA Series 14 Content Outline (2025), Function 5.
A member's sales desk and two of its registered representatives each give a gift this year to the same employee of an institutional client. How is the limit of FINRA Rule 3220 applied?Answer: All the gifts are added together against one limit for that recipient. Source: FINRA Rule 3220, Supplementary Material .03. Outline: FINRA Series 14 Content Outline (2025), Function 5.
A money manager pays a broker a commission above the lowest available. What makes that lawful under the safe harbor of section 28(e) of the Exchange Act?Answer: A good faith finding that it is reasonable for the brokerage and research received. Source: Securities Exchange Act of 1934, section 28(e), 15 U.S.C. 78bb(e). Outline: FINRA Series 14 Content Outline (2025), Function 5, 5.1.
How many emergency contact persons must a member designate under FINRA Rule 4370(f), and who must at least one of them be?Answer: Two, at least one a senior manager who is a registered principal. Source: FINRA Rule 4370(f). Outline: FINRA Series 14 Content Outline (2025), Function 5.
The report behind the annual certification of FINRA Rule 3130 has not yet gone to the board of directors and audit committee. By when must it be submitted to them?Answer: The earlier of their next scheduled meetings or 45 days after signing. Source: FINRA Rule 3130(c). Outline: FINRA Series 14 Content Outline (2025), Function 5.
Where does a member identify its chief compliance officer to FINRA under Rule 3130(a)?Answer: On Schedule A of Form BD. Source: FINRA Rule 3130(a). Outline: FINRA Series 14 Content Outline (2025), Function 5.
Which of these must every member's business continuity plan address under FINRA Rule 4370(c)?Answer: Alternate physical location of employees. Source: FINRA Rule 4370(c). Outline: FINRA Series 14 Content Outline (2025), Function 5.
Who must conduct the reviews of correspondence and internal communications that FINRA Rule 3110(b)(4) requires, and how are they shown?Answer: A registered principal, with the review evidenced in writing. Source: FINRA Rule 3110(b)(4). Outline: FINRA Series 14 Content Outline (2025), Function 5.
Investment banking 6
A bidder has taken a substantial step to commence a tender offer. A banker's friend learns of it from the bidder's employee and knows the news is nonpublic. What does SEA Rule 14e-3 say about buying the target's shares?Answer: It is a fraudulent act unless the information is first publicly disclosed. Source: SEA Rule 14e-3(a), 17 CFR 240.14e-3. Outline: FINRA Series 14 Content Outline (2025), Function 6, 6.3.
A court finds that a trader bought stock while in possession of material nonpublic information and made $80,000. What is the largest civil penalty the court may impose on him under section 21A of the Exchange Act?Answer: $240,000. Source: Securities Exchange Act of 1934, section 21A, 15 U.S.C. 78u-1. Outline: FINRA Series 14 Content Outline (2025), Function 6, 6.1.
A member sells a private placement to individual accredited investors, and no exemption in FINRA Rule 5123(b) applies. By when must it submit the offering documents to FINRA?Answer: Within 15 calendar days of the date of first sale. Source: FINRA Rule 5123(a). Outline: FINRA Series 14 Content Outline (2025), Function 6, 6.5.
An affiliate sells listed shares under Rule 144. Her sales in any three months may not exceed the greater of the average weekly trading volume over four calendar weeks or what share of the class outstanding?Answer: One percent. Source: Securities Act Rule 144(e), 17 CFR 230.144. Outline: FINRA Series 14 Content Outline (2025), Function 6, 6.4.
What does section 15(g) of the Exchange Act require of every registered broker-dealer about material nonpublic information?Answer: Written policies and procedures reasonably designed to prevent its misuse. Source: Securities Exchange Act of 1934, section 15(g), 15 U.S.C. 78o(g). Outline: FINRA Series 14 Content Outline (2025), Function 6, 6.1.
What is the most an issuer may raise in a Tier 1 offering under Regulation A in a 12-month period?Answer: $20,000,000. Source: Regulation A, 17 CFR 230.251(a). Outline: FINRA Series 14 Content Outline (2025), Function 6, 6.6.
Registration 4
A former representative applies to register again. She did not keep up her qualification through continuing education. After how long out of the business must she pass the representative examination again?Answer: Two years or more. Source: FINRA Rule 1210, Supplementary Material .08. Outline: FINRA Series 14 Content Outline (2025), Function 7, 7.1.
A representative leaves the industry and joins FINRA's continuing education program for people whose registrations have ended. For how long may she maintain her qualification?Answer: Five years. Source: FINRA Rule 1240(c). Outline: FINRA Series 14 Content Outline (2025), Function 7, 7.1.
For how long does a passed Securities Industry Essentials examination stay valid for a person who is not registered?Answer: Four years. Source: FINRA Rule 1210, Supplementary Material .08. Outline: FINRA Series 14 Content Outline (2025), Function 7, 7.1.
Under section 15(b)(4)(B) of the Exchange Act, how far back does a felony conviction count against a broker-dealer applicant?Answer: Ten years before the application is filed. Source: Securities Exchange Act of 1934, section 15(b)(4)(B), 15 U.S.C. 78o(b)(4). Outline: FINRA Series 14 Content Outline (2025), Function 7, 7.1.
Customer and employee accounts 7
A new hire already has a brokerage account at another firm. How long after becoming associated does she have to obtain her employer member's written consent to keep it?Answer: 30 calendar days. Source: FINRA Rule 3210, Supplementary Material .01. Outline: FINRA Series 14 Content Outline (2025), Function 8, 8.1.
A representative with discretionary power trades a customer's account far more often than its size and character warrant. How does SEA Rule 15c1-7(a) treat the trading?Answer: As a manipulative, deceptive or fraudulent device. Source: SEA Rule 15c1-7(a), 17 CFR 240.15c1-7. Outline: FINRA Series 14 Content Outline (2025), Function 8, 8.1.
Besides delivering Form CRS to retail investors, where must a broker-dealer that has a public website put its current Form CRS under SEA Rule 17a-14?Answer: Prominently on the website, where retail investors can easily reach it. Source: SEA Rule 17a-14(c)(3), 17 CFR 240.17a-14. Outline: FINRA Series 14 Content Outline (2025), Function 8, 8.1.
What is the first element of the ongoing customer due diligence that FINRA Rule 3310(f) requires?Answer: Understanding the nature and purpose of customer relationships. Source: FINRA Rule 3310(f). Outline: FINRA Series 14 Content Outline (2025), Function 8, 8.1.
What triggers an executing member's duty under FINRA Rule 3210(c) to send duplicate confirmations and statements for an associated person's account?Answer: A written request by the employer member. Source: FINRA Rule 3210(c). Outline: FINRA Series 14 Content Outline (2025), Function 8, 8.1.
Which outside account of an associated person is outside FINRA Rule 3210?Answer: One limited to redeemable mutual fund shares. Source: FINRA Rule 3210, Supplementary Material .03. Outline: FINRA Series 14 Content Outline (2025), Function 8, 8.1.
Who is a retail customer under Regulation Best Interest?Answer: A natural person using a recommendation mainly for personal, family or household purposes. Source: Regulation Best Interest, 17 CFR 240.15l-1(b)(1). Outline: FINRA Series 14 Content Outline (2025), Function 8, 8.1.
Solicitations 4
A customer last traded through a member 14 months ago and has done nothing with it since. Is there an established business relationship for a telemarketing call under FINRA Rule 3230?Answer: Yes. A transaction within the previous 18 months is enough. Source: FINRA Rule 3230(m)(12). Outline: FINRA Series 14 Content Outline (2025), Function 9, 9.2.
A firm's own traders circulate a memo among themselves. Is the memo an institutional communication under FINRA Rule 2210?Answer: No. The term does not include a member's internal communications. Source: FINRA Rule 2210(a)(3). Outline: FINRA Series 14 Content Outline (2025), Function 9, 9.1.
A member and its affiliates own shares of a company its analyst covers. At what level of ownership must the research report disclose it under FINRA Rule 2241?Answer: 1% or more of any class of common equity. Source: FINRA Rule 2241(c)(4). Outline: FINRA Series 14 Content Outline (2025), Function 9, 9.1.
What must a registered representative tell the person called at the start of a cold call under FINRA Rule 3230(d)(4)?Answer: The caller's name, the member's name and the call's sales purpose. Source: FINRA Rule 3230(d)(4). Outline: FINRA Series 14 Content Outline (2025), Function 9, 9.2.
How this list was compiled: Our own questions, written to FINRA's Compliance Official Qualification Examination (Series 14) Content Outline, marked 2025 (https://www.finra.org/sites/default/files/Series_14_Outline.pdf, read 2026-10-14): Function 1 regulatory agencies 3 of 110 questions, Function 2 markets and operations 20, Function 3 broker-dealer operations 10, Function 4 credit regulation and capital requirements 7, Function 5 general supervision 20, Function 6 investment banking 15, Function 7 registration 9, Function 8 sales practice, customer and employee accounts 16, Function 9 sales practice, solicitations 10. The bank holds 1, 8, 4, 3, 8, 6, 4, 7 and 4. Every fact was read on 2026-10-14 in the public text the question names: on finra.org, FINRA Rules 1210, 1240, 2210, 2241, 3110, 3130, 3210, 3220, 3230, 3310, 4370, 4513, 4560, 5123, 5130, 5270, 5280 and 5310; on ecfr.gov, SEA Rules 10b-18, 13f-1, 14e-3, 15c1-7, 15c3-1, 15l-1, 16a-3 and 17a-14, Securities Act Rules 144 and 251, Regulation SHO Rule 203, Regulation M Rule 104 and Regulation T; on law.cornell.edu, sections 15, 16, 21A and 28 of the Securities Exchange Act of 1934. Licence: Questions, choices and explanations are original work of this site.
How it works
A free Series 14 study guide in two parts: FINRA's content outline, linked on this page, and 45 practice questions of our own, each naming its rule. Unofficial: not affiliated with, endorsed by or sponsored by FINRA. Not investment advice.
Read the full guide
Nine content areas, in FINRA's shares
FINRA's outline allocates 110 questions: regulatory agencies 3, markets and operations 20, broker-dealer operations 10, credit and capital 7, general supervision 20, investment banking 15, registration 9, customer and employee accounts 16, and solicitations 10. This bank holds 1, 8, 4, 3, 8, 6, 4, 7 and 4.
What the outline leaves to you
The outline lists rules by number and explains none of them. The questions here drill those rules as a compliance officer meets them: FINRA Rules 3130, 3210, 4370 and 5270, Regulation SHO, Rule 144, Regulation A and the insider trading penalties.
A timed run
The timed run asks all 45 in 74 minutes, the real pace of 110 questions in three hours.
Sort the registration clocks: two years away ends a qualification, four years ends the SIE, five years is the limit of the continuing education program.
For Rule 3130, remember who signs: the chief executive officer certifies, after meeting the chief compliance officer.
Questions and answers
What is the Series 14 Compliance Official Examination (CO)?
A FINRA exam for people with day-to-day compliance responsibility for a firm, or who supervise ten or more people engaged in compliance work. NYSE Regulation created it, and FINRA owns it now. FINRA's exam page calls it the Compliance Officer exam.
Is there a free Series 14 study guide?
FINRA's Series 14 content outline is a free PDF. It lists the nine content areas and the rules under each, with three sample question formats. It does not explain the rules. This page adds practice questions and is not FINRA's.
How many questions are on the Series 14 exam?
110 multiple-choice questions in three hours, by FINRA's outline and exam page. The questions come in three formats: closed stem, sentence completion and except.
What is the passing score for the Series 14?
70, as FINRA's exam page lists it. The outline says a committee of compliance officials sets the passing score by standard-setting procedures.
Does the Series 14 have a prerequisite exam?
No. FINRA's page says the Series 14 does not have a corequisite exam. A candidate must be associated with and sponsored by a member firm, and the fee is $350.