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 files a notice of withdrawal from registration with the state Administrator. When does the withdrawal become effective?

Why D — 30 days after filing, unless a proceeding is pending or instituted within that period

Under USA Section 202(d), withdrawal from registration becomes effective 30 days after a withdrawal application is filed, unless a revocation or suspension proceeding is pending or is initiated within 30 days. The Administrator retains jurisdiction over the registrant for one year after withdrawal for any violations that occurred during registration. This version tests the same concept with a different fact pattern wrapper.