How long after a new manager is appointed must the firm notify the department?

• A. Within 10 days
• B. Within 30 days
• C. Within 60 days
• D. Within 5 days

Answer: (A)

When a new manager is appointed, the department needs timely, accurate records about who is in charge. Notifying promptly ensures the regulator can verify qualifications, update licenses or approvals, and maintain proper oversight of the firm’s leadership. A window of ten days strikes a balance between moving quickly enough to keep records current and allowing reasonable time for internal administrative steps. Longer timeframes, like thirty or sixty days, create a risk of operating with outdated information and delayed oversight. A window that's too short, such as five days, can be impractical to complete the required paperwork. So reporting within ten days best fits the goal of keeping regulatory records accurate and up to date.