Series 63 practice questionmediumEffective Date—Qualification
A company registers its securities in State Y by qualification. Its effective date will be set:
- AAutomatically, 20 days after filing
- BWhen the Administrator so orders✓ Correct answer
- CWhen the SEC registration becomes effective
- DAfter FINRA approval
Explanation
Why B — When the Administrator so orders
For registration by Qualification, the Administrator sets the effective date (USA Section 305(a)(2)). There is no automatic 20-day rule; SEC and FINRA are not involved in the state's qualification process.
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