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← Series 63: Remedies & Administrative Provisions
Series 63 practice questionmediumAdministrative Procedures — Records and Reports

In a remedial practice session, the fact pattern is framed this way. The key is the registration, exemption, or ethical rule doing the real work. The Administrator may require registered broker-dealers and investment advisers to:

  1. AMaintain and provide access to books, records, and financial reports✓ Correct answer
  2. BSubmit all client communications for prior approval
  3. CPublish their financial statements in the local newspaper
  4. DReport all transactions directly to the Administrator in real time
Explanation

Why A — Maintain and provide access to books, records, and financial reports

Under USA Section 407(a), the Administrator may require registered persons to keep specified records and file financial reports. The Administrator also has the power to examine these records. However, the USA does not require prior approval of communications or real-time transaction reporting. State-law analysis leads to the same conclusion despite the alternate scenario.

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