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?
- AState C must automatically approve the registration if all documents are complete.
- BState C may deny the application due to the prior revocation.✓ Correct answer
- CState C must wait at least one year before considering the application.
- DState C may grant a restricted registration instead of revoking it.
Explanation
Why B — State 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
- Agent Tom leaves Broker-Dealer X and joins Broker-Dealer Y in the same state. What must occur for Tom to legally sell…
- If an Administrator intends to deny an agent's registration, which of the following MUST be provided to the applicant?
- A broker-dealer files an amendment to its registration to update its address. The Administrator issues a deficiency…
- Which of the following is LEAST likely to be a valid reason for the Administrator to deny a broker-dealer's initial…
- All of the following describe differences between denial and revocation of registration under the Uniform Securities…
- A broker-dealer files for registration in State A on June 1. If the Administrator takes no action, on which date will…
- A junior banker transfers from the Chicago office (State D) to the New York office (State E) of William Blair. William…
- A BD employee in State M receives a cash bonus specifically tied to sales of non-exempt securities issued by her…
