Series 63 practice questionmediumDenial for Technical Deficiencies
A junior banker forgets to submit a required disclosure form with their agent application. The Administrator denies the registration. Which of the following is TRUE?
- AThe applicant may appeal in state court✓ Correct answer
- BThe applicant cannot reapply for registration for at least 1 year
- CThe Administrator must allow the applicant to submit the missing form before denying
- DThe applicant must appeal to the SEC
Explanation
Why A — The applicant may appeal in state court
Appeal to state court is always possible (Section 409). There is no mandatory waiting period or requirement to allow cure before denial. SEC is not the appellate body.
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