Series 63 practice questionhardSecurities Registration — Coordination
During a compliance drill, focus on how the Uniform Securities Act applies here. Prioritize the registration trigger and ignore irrelevant noise. XYZ Corp. files a registration statement with the SEC and with the state of Illinois by coordination. The federal registration becomes effective at 3:00 PM on March 15. When does the state registration become effective?
- A24 hours after the federal effective date
- B30 calendar days after the federal effective date
- COnly after the Administrator conducts an independent review
- DAt the same time as the federal registration, provided the state has received no stop order and the registration has been on file for a specified number of days✓ Correct answer
Explanation
Why D — At the same time as the federal registration, provided the state has received no stop order and the registration has been on file for a specified number of days
Under USA Section 303, the state registration by coordination becomes effective at the same moment the federal registration statement becomes effective, provided that no stop order is in effect, the registration has been on file with the state for a statutory minimum period, and a statement of the maximum and minimum offering price has been provided. The extra setup is just noise; the controlling state-law rule stays the same.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 646+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Related Regulation of Securities & Issuers questions
- On a timed state-securities quiz, the scenario below appears. Prioritize the registration trigger and ignore irrelevant…
- For a mock NASAA exam, assume the administrator is testing this exact point. Prioritize the registration trigger and…
- A training manager asks you to analyze the following USA issue. Prioritize the registration trigger and ignore…
- In a state-law practice set, a candidate reviews the following scenario. Prioritize the registration trigger and ignore…