Series 63 practice questionmediumBroker-Dealer Registration — Consent to Service of Process
During a registration workshop, the instructor adds this setup first. Read it as a Uniform Securities Act issue rather than a federal-law issue. As part of the broker-dealer registration process, the applicant must file with the Administrator a consent to service of process. This means the applicant:
- AAppoints the Administrator as its agent for receiving legal documents in noncriminal proceedings✓ Correct answer
- BAgrees to pay all legal fees incurred by the Administrator
- CConsents to having its employees testify in any state proceeding
- DWaives its right to a hearing before the Administrator
Explanation
Why A — Appoints the Administrator as its agent for receiving legal documents in noncriminal proceedings
Under USA Section 414, every applicant must file a consent to service of process, which appoints the Administrator as the applicant's attorney to receive service of any lawful process in noncriminal suits, actions, or proceedings. This ensures the state can serve legal papers on out-of-state firms through the Administrator. State-law analysis leads to the same conclusion despite the alternate scenario.
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