Key Takeaways
- Four types of inquiries—informational, complaint-based, routine audit, and enforcement—each require different response strategies.
- The 72-hour protocol: read carefully, assess need for counsel, preserve documents, avoid verbal statements, assemble files, and calendar the deadline.
- Respond only to what is asked, organize responses with numbered document indices, and submit copies rather than originals.
- Ignoring or delaying a regulatory inquiry is the single most damaging response an investor can make.
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Test Your Knowledge
1.What is the first step in the 72-hour response protocol for a regulatory inquiry?
2.Which type of regulatory inquiry requires the most cautious response strategy?
3.What should an investor submit in response to a document request—originals or copies?