Series 63 practice questioneasyBroker-Dealer Registration — Requirements
A broker-dealer that wishes to conduct business in a state must first:
- AObtain a license from the SEC
- BFile articles of incorporation with the Secretary of State
- CObtain approval from FINRA only
- DRegister with the state Administrator✓ Correct answer
Explanation
Why D — Register with the state Administrator
Under USA Section 201, it is unlawful for any person to transact business in a state as a broker-dealer unless registered with the state Administrator. SEC registration and FINRA membership may also be required but do not substitute for state registration.
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