Series 63 practice questioneasySecurities Registration — Notification/Filing
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. Registration by notification (filing) is available to issuers that:
- AHave been in continuous operation for a specified period and meet certain earnings or financial requirements✓ Correct answer
- BAre newly formed corporations with no operating history
- CAre registering penny stocks
- DHave had a stop order issued against them in the past 12 months
Explanation
Why A — Have been in continuous operation for a specified period and meet certain earnings or financial requirements
Under USA Section 302, registration by notification (also called registration by filing) is the simplest method and is available only to established issuers with a proven track record. The issuer must have been in continuous operation for a specified period and meet minimum earnings or financial stability requirements. The exam trick is the framing, not the underlying Uniform Securities Act rule.
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