Series 63 practice questionmediumEffectiveness of Successor BD Registration
A firm acquires a broker-dealer in mid-March. The successor files for registration on March 15. When does the successor firm’s registration become effective under the USA?
- AOn March 15, for the unexpired portion of the year✓ Correct answer
- BOn the 30th day after filing
- CAt year-end
- DImmediately after Administrator's approval
Explanation
Why A — On March 15, for the unexpired portion of the year
Successor firm registration is effective immediately upon filing for the remainder of the year (USA Section 406(f)). Option B applies to new registrations, not successors. C and D misstate the rule.
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