Lucky the Banker mascotLTB
Series 63: Regulation of Broker-Dealers & Agents
Series 63 practice questionmediumRegistration Process: Successive Applications

An agent's registration in State B is revoked for willfully violating the USA. Six months later, the agent applies for registration in State C. Which of the following is TRUE regarding the Administrator's MOST LIKELY course of action?

  1. AState C must automatically approve the registration if all documents are complete.
  2. BState C may deny the application due to the prior revocation.✓ Correct answer
  3. CState C must wait at least one year before considering the application.
  4. DState C may grant a restricted registration instead of revoking it.
Explanation

Why BState C may deny the application due to the prior revocation.

Per Section 412, a prior revocation in another state is a statutory ground for denial. State C has broad discretion and is likely to deny the application. There is no 'waiting period' nor requirement to grant restricted registration.

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