Series 63 practice questionhardHearing Timelines
If an Administrator summarily suspends a broker-dealer’s registration, within what timeframe must a hearing be provided if requested, and why is this critical under the USA?
- AWithin 60 days; to ensure due process under Section 306
- BWithin 30 days; to allow for speedy appeal under Section 307
- CWithin 15 days; to provide timely due process as required by Section 306✓ Correct answer
- DWithin 90 days; to accommodate investigation as per Section 412
Explanation
Why C — Within 15 days; to provide timely due process as required by Section 306
Section 306 requires that a hearing must be granted within 15 days if requested after summary suspension. This ensures due process and prevents arbitrary deprivation of registration rights. Other choices do not reflect the statutory requirement.
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