Function 1: Registration of the Firm and Its People
FINRA gives this function 9 of the exam's 150 scored items. It covers getting a broker-dealer, its offices and its people registered — and keeping those registrations accurate. The PrepPass Series 24 Study Guide teaches this function in depth, with the rule text, worked examples and a chapter quiz.
Registering and withdrawing the firm
A broker-dealer registers with the SEC on Form BD, joins an SRO such as FINRA, and registers in the states where it does business. It amends Form BD promptly when information becomes inaccurate, and withdrawal on Form BDW generally becomes effective on the 60th day after filing. A successor firm can keep its predecessor's registration by filing within 30 days of the succession.
Who must register
People who act as representatives or principals must register in the right category; purely clerical or ministerial staff are exempt, but anyone who accepts customer orders is not. The Series 24 is taken with corequisites (the SIE plus a representative exam, or the Series 16) and does not cover options or municipal securities supervision. A qualified representative may act as a principal for up to 120 calendar days before passing.
Hiring and keeping registrations current
Before registering an applicant the firm investigates character and experience, reviews the prior Form U5 within 60 days of filing, and verifies the Form U4 against public records within 30 calendar days. Fingerprints are due within 30 days or the registration becomes inactive. Continuing education has an annual Regulatory Element and a firm training plan; a person who leaves can keep a qualification for up to five years through the Maintaining Qualifications Program.
Keep going: the full Series 24 — General Securities Principal guide covers every section of the exam. Series 24 Study Guide — 2026 Edition — PDF + EPUB, $24.99 · 14-day refund →
Practice stays free. The full Series 24 — General Securities Principal study guide is the material itself, taught start to finish — a downloadable PDF + EPUB you keep.