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Series 63 practice questionmediumSecurities Registration — Effective Dates

In a state-law practice set, a candidate reviews the following scenario. Focus on what changes once the scenario is viewed through state law. A registration statement filed by notification becomes effective:

  1. AOnly when the Administrator issues a specific order
  2. BSimultaneously with the federal registration
  3. CAt a specified time on a specified day, such as 3:00 PM on the second full business day after filing, provided no stop order is pending✓ Correct answer
  4. DImmediately upon filing the application
Explanation

Why C — At a specified time on a specified day, such as 3:00 PM on the second full business day after filing, provided no stop order is pending

Under USA Section 302, registration by notification becomes effective at a specified hour on a designated day after filing, provided no stop order is in effect and the filing requirements have been met. This automatic effectiveness reflects the lower level of scrutiny needed for established issuers who qualify for this method. This variant keeps the same legal rule but shifts the setup so recall has to stay flexible.

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