Series 63 practice questionmediumAgent Dual Registration
An agent wants to represent two non-affiliated broker-dealers in the same state under the USA. Which is TRUE?
- AThis is generally permitted if both broker-dealers approve and file with the Administrator.✓ Correct answer
- BThis is never permitted under any circumstances.
- CThis is permitted only if the broker-dealers are affiliated.
- DThis is permitted if the agent notifies FINRA.
Explanation
Why A — This is generally permitted if both broker-dealers approve and file with the Administrator.
Dual registration is permitted with approval of both BDs and notification to the Administrator (USA Section 402(d)). Never permitted (B) is incorrect. Affiliation is not a requirement (C). Notifying FINRA (D) is insufficient.
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
- Which of the following is required on an agent’s application for registration under the USA?
- Which of the following broker-dealers is NOT required to register in State Z under the USA?
- A broker-dealer is registered with the SEC as a federal covered BD but has an office in State Y. Under the USA, which…
- When an agent files to withdraw registration, when does withdrawal generally become effective under the USA?
- As part of the broker-dealer registration process, the applicant must file with the Administrator a consent to service…
- A broker-dealer is acquired by another firm. Under the USA, how can the successor firm continue business without…
- If an agent terminates employment with a broker-dealer, who must notify the state Administrator under the USA?
- Assuming all documentation is in order and the Administrator does not take action, when does an agent's registration…