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← Series 63: Regulation of Broker-Dealers & Agents
Series 63 practice questionmediumBroker-Dealer Registration — Withdrawal

A broker-dealer files a notice of withdrawal from registration with the state Administrator. When does the withdrawal become effective?

  1. AImmediately upon filing
  2. B60 days after filing
  3. COnly when the Administrator issues a written confirmation
  4. D30 days after filing, unless a proceeding is pending or instituted within that period✓ Correct answer
Explanation

Why D — 30 days after filing, unless a proceeding is pending or instituted within that period

Under USA Section 202(d), withdrawal from registration becomes effective 30 days after a withdrawal application is filed, unless a revocation or suspension proceeding is pending or is initiated within 30 days. The Administrator retains jurisdiction over the registrant for one year after withdrawal for any violations that occurred during registration.

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