Series 63 practice questionhardAdministrator Review
If a broker-dealer files an amendment for a material change after the statutory deadline, the Administrator may:
- ATake disciplinary action, including suspension or revocation.✓ Correct answer
- BAllow the application to remain unaffected.
- COrder the broker-dealer to pay double bonding requirements.
- DAutomatically cancel all of the firm's client accounts.
Explanation
Why A — Take disciplinary action, including suspension or revocation.
Failure to make prompt amendments is a violation and can result in disciplinary action (USA Section 204). The Administrator cannot impose double bonds or cancel client accounts automatically.
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