Series 63 practice questionmediumAgent Registration and Termination
If an agent terminates employment with a broker-dealer, who must notify the state Administrator under the USA?
- AThe broker-dealer only
- BThe agent only
- CBoth the agent and the broker-dealer✓ Correct answer
- DNeither party; notification is not required
Explanation
Why C — Both the agent and the broker-dealer
Both the agent and the broker-dealer must promptly notify the Administrator (USA Section 402(d)). Option A and B are incomplete, and D is incorrect.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 1,051+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Spot an error in this question or explanation? Tell us — we fix these fast.
Related Regulation of Broker-Dealers & Agents questions
- A firm acquires a broker-dealer in mid-March. The successor files for registration on March 15. When does the successor…
- As part of the broker-dealer registration process, the applicant must file with the Administrator a consent to service…
- A broker-dealer has an office in State A but only conducts business with out-of-state clients. Under the USA, must it…
- A broker-dealer is registered with the SEC as a federal covered BD but has an office in State Y. Under the USA, which…
- An agent registered in State M is transferred by her broker-dealer to State N to service new clients. What must occur…
- Which of the following is required on an agent’s application for registration under the USA?
- If the Administrator advances the effective date of a broker-dealer's registration, what is the earliest the…
- An agent wants to represent two non-affiliated broker-dealers in the same state under the USA. Which is TRUE?