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Series 63: Regulation of Broker-Dealers & Agents
Series 63 practice questionmediumAutomatic Effectiveness and Delays

A broker-dealer files an amendment to its registration to update its address. The Administrator issues a deficiency notice on day 18. Which statement is CORRECT regarding the effective date of the amended application?

  1. AThe amendment automatically becomes effective 30 days from the original filing date regardless of the notice.
  2. BThe effective date is delayed until the deficiency is cured and 30 days have elapsed since curing.✓ Correct answer
  3. CThe amendment is effective immediately upon filing.
  4. DThe amendment can never become effective if a deficiency notice is issued.
Explanation

Why BThe effective date is delayed until the deficiency is cured and 30 days have elapsed since curing.

Any amendment to a registration is effective 30 days after filing unless delayed by the Administrator (Section 305). If a deficiency notice is issued, the effective date is postponed until deficiencies are remedied and 30 days have passed since.

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