Series 63 practice questionmediumAgent Registration — Scenario
In a remedial practice session, the fact pattern is framed this way. Read it as a Uniform Securities Act issue rather than a federal-law issue. A broker-dealer has its registration revoked in State Y. What happens to the registration of the agents associated with that broker-dealer in State Y?
- AThe agents' registrations are automatically suspended✓ Correct answer
- BThe agents' registrations remain valid for 90 days
- CThe agents may continue to transact business if they file individual applications
- DThe agents' registrations are unaffected by the broker-dealer's revocation
Explanation
Why A — The agents' registrations are automatically suspended
Under USA Section 202, an agent's registration is dependent on the broker-dealer's registration. If the broker-dealer's registration is revoked, suspended, or otherwise terminated, the agent's registration is automatically suspended. Agents cannot operate independently of a registered broker-dealer. The governing USA principle is unchanged even though the framing is different.
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 Broker-Dealers & Agents questions
- On a final review set, the question is presented in this context. Read it as a Uniform Securities Act issue rather than…
- A training manager asks you to analyze the following USA issue. Read it as a Uniform Securities Act issue rather than a…
- During a registration workshop, the instructor adds this setup first. Read it as a Uniform Securities Act issue rather…
- On a timed state-securities quiz, the scenario below appears. Read it as a Uniform Securities Act issue rather than a…