Series 63 practice questionmediumDenial—False Statements
An applicant for registration misstates their education level on their Form U4. What can the Administrator do under the USA?
- ADeny or revoke registration due to material misstatement.✓ Correct answer
- BApprove registration but require additional coursework.
- CTake no action unless the applicant is convicted of a crime.
- DFine the applicant without a hearing.
Explanation
Why A — Deny or revoke registration due to material misstatement.
A material misstatement on an application is grounds for denial or revocation (Section 204), regardless of criminal conviction. The Administrator cannot fine or mandate coursework for this violation.
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