On a timed state-securities quiz, the scenario below appears. Focus on what changes once the scenario is viewed through state law. A broker-dealer files its registration application on March 1. No proceedings are initiated by the Administrator. When does the registration become effective?

Why C — March 31 at noon

Under USA Section 202(c), registration becomes effective at noon on the 30th day after filing unless the Administrator specifies otherwise. Counting 30 days from March 1 yields March 31 at noon. The Administrator may set an earlier or later effective date if needed. State-law analysis leads to the same conclusion despite the alternate scenario.