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← Series 63: Regulation of Broker-Dealers & Agents
Series 63 practice questioneasyAgent Registration — Requirements

On a final review set, the question is presented in this context. Assume all filings and notices are evaluated under the USA. Under the USA, an individual acting as an agent of a broker-dealer in a state must:

  1. ARegister only with the SEC
  2. BRegister in the state where the agent conducts business✓ Correct answer
  3. CObtain a state business license from the Secretary of State
  4. DFile a separate registration for each customer account
Explanation

Why B — Register in the state where the agent conducts business

Under USA Section 201, it is unlawful for any person to transact business as an agent in a state unless the agent is registered under the Act. Agent registration is required in each state where the individual conducts securities activities on behalf of a broker-dealer. This variant keeps the same legal rule but shifts the setup so recall has to stay flexible.

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