Series 63 practice questionmediumAgent Registration — Transfer
Agent Tom leaves Broker-Dealer X and joins Broker-Dealer Y in the same state. What must occur for Tom to legally sell securities through Broker-Dealer Y?
- ABroker-Dealer Y must file a new registration application for Tom with the state Administrator✓ Correct answer
- BTom must wait 30 days before conducting any business with Broker-Dealer Y
- CTom's existing registration automatically transfers to Broker-Dealer Y
- DTom needs only to notify the Administrator by letter that he has changed firms
Explanation
Why A — Broker-Dealer Y must file a new registration application for Tom with the state Administrator
Under the USA, an agent's registration is linked to the employing broker-dealer. When an agent changes firms, the new broker-dealer must file a registration application for that agent. The registration does not automatically transfer. Tom cannot legally transact business through Broker-Dealer Y until the new registration is effective.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 1,051+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Spot an error in this question or explanation? Tell us — we fix these fast.
Related Regulation of Broker-Dealers & Agents questions
- A broker-dealer files an amendment to its registration to update its address. The Administrator issues a deficiency…
- An agent's registration in State B is revoked for willfully violating the USA. Six months later, the agent applies for…
- All of the following describe differences between denial and revocation of registration under the Uniform Securities…
- If an Administrator intends to deny an agent's registration, which of the following MUST be provided to the applicant?
- A junior banker transfers from the Chicago office (State D) to the New York office (State E) of William Blair. William…
- Which of the following is LEAST likely to be a valid reason for the Administrator to deny a broker-dealer's initial…
- An applicant for registration as an agent in State F discloses a non-securities-related felony conviction from 11 years…
- A broker-dealer files for registration in State A on June 1. If the Administrator takes no action, on which date will…