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