By when must answers to formal statements of charges or defaults be submitted?

The correct answer is that answers to formal statements of charges or defaults must be submitted within 15 days. This timeframe is essential because it aligns with procedural requirements outlined in the regulations governing fiduciary practices. The prompt submission of answers ensures that cases are processed efficiently and that the rights of the individuals involved are upheld. A 15-day deadline strikes a balance by providing enough time for thorough responses while maintaining the momentum of the disciplinary process. Understanding this timeline is crucial for fiduciaries to stay compliant and avoid potential penalties or repercussions associated with delayed responses.