Series 63 practice questioneasyBroker-Dealer Registration — Process
A broker-dealer's registration application filed with the state Administrator becomes effective:
- AImmediately upon filing
- BAt noon on the 30th day after filing, unless earlier or later dates are specified by the Administrator✓ Correct answer
- C30 days after filing if no denial order is issued
- DOnly after the Administrator sends written approval
Explanation
Why B — At noon on the 30th day after filing, unless earlier or later dates are specified by the Administrator
Under USA Section 202(c), a broker-dealer registration becomes effective at noon on the 30th day after an application is filed, unless the Administrator specifies an earlier or later date or a proceeding is pending. This provides a standard timeline while giving the Administrator flexibility.
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