Series 63 practice questionmediumBroker-Dealer Registration — Effective Dates
A broker-dealer files its registration application on March 1. No proceedings are initiated by the Administrator. When does the registration become effective?
- AMarch 1 at midnight
- BMarch 15 at noon
- CMarch 31 at noon✓ Correct answer
- DApril 1 at noon
Explanation
Why C — March 31 at noon
Under USA Section 202(c), registration becomes effective at noon on the 30th day after filing unless the Administrator specifies otherwise. Counting 30 days from March 1 yields March 31 at noon. The Administrator may set an earlier or later effective date if needed.
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