Series 63 practice questionmediumAgent Registration — Termination
In a state-administrator case study, the scenario starts here. Assume all filings and notices are evaluated under the USA. When an agent's employment with a registered broker-dealer is terminated, who is responsible for notifying the state Administrator?
- AOnly the agent
- BOnly the broker-dealer
- CBoth the agent and the broker-dealer must promptly notify the Administrator✓ Correct answer
- DThe Administrator is automatically notified through FINRA
Explanation
Why C — Both the agent and the broker-dealer must promptly notify the Administrator
Under USA Section 202(c), when an agent ceases to be employed by a broker-dealer, both the agent and the broker-dealer must promptly notify the state Administrator. This dual notification requirement ensures the Administrator receives timely and accurate information about changes in agent registration status. This version tests the same concept with a different fact pattern wrapper.
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