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Series 63 practice questioneasyBroker-Dealer Registration — Requirements

On a final review set, the question is presented in this context. Read it as a Uniform Securities Act issue rather than a federal-law issue. Which of the following is NOT required in a broker-dealer's registration application?

  1. AThe applicant's form and place of organization
  2. BThe applicant's proposed method of doing business
  3. CThe names of all clients the applicant intends to solicit✓ Correct answer
  4. DQualifications and business history of the applicant
Explanation

Why C — The names of all clients the applicant intends to solicit

Under USA Section 202(a), a broker-dealer registration application must include the form and place of organization, proposed method of doing business, qualifications, and business history, among other items. A list of prospective clients is not required, as client relationships have not yet been established at the time of registration. The exam trick is the framing, not the underlying Uniform Securities Act rule.

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