In a state-administrator case study, the scenario starts here. Focus on what changes once the scenario is viewed through state law. Under the Uniform Securities Act, a registration statement filed by qualification becomes effective when:

Why C — The state Administrator orders it effective

Under USA Section 304, registration by qualification does not have an automatic effective date. Instead, it becomes effective only when the state Administrator specifically orders it effective. This gives the Administrator maximum control over the process, reflecting the more rigorous review associated with qualification. State-law analysis leads to the same conclusion despite the alternate scenario.