Series 63 practice questioneasyMaterial Change Amendments - Timing
A registered issuer in State Y discovers a significant accounting error after its registration statement is effective. According to the Uniform Securities Act, what must the issuer do NEXT?
- AFile an amendment with the Administrator as soon as practicable✓ Correct answer
- BWait until its next periodic report to disclose the error
- CNo action is required unless the Administrator requests information
- DRe-register its securities
Explanation
Why A — File an amendment with the Administrator as soon as practicable
USA Section 305 requires prompt notification of material changes by amendment. Waiting for periodic reporting (B) or Administrator request (C) is noncompliant. Re-registration (D) is unnecessary unless registration is revoked.
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