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← Series 63: Regulation of Broker-Dealers & Agents
Series 63 practice questionhardPost-Revocation Registration

A broker-dealer’s registration is revoked in State G. The firm reapplies for registration six months later, including all required disclosures. Which of the following statements is TRUE regarding the new application?

  1. AThe Administrator must approve the application if disclosures are complete.
  2. BThe Administrator may deny the application based solely on the prior revocation.✓ Correct answer
  3. CThe Administrator cannot consider the prior revocation if the cause has been corrected.
  4. DThe Administrator must wait at least one year before acting on the application.
Explanation

Why B — The Administrator may deny the application based solely on the prior revocation.

Section 412 grants the Administrator discretion to deny registration if there has been a prior revocation, regardless of the time elapsed. There is no mandatory waiting period nor requirement to disregard prior actions.

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