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Series 63: Regulation of Broker-Dealers & Agents
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?

  1. AOn March 15, for the unexpired portion of the year✓ Correct answer
  2. BOn the 30th day after filing
  3. CAt year-end
  4. DImmediately after Administrator's approval
Explanation

Why AOn 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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