Series 63 practice questionmediumAdministrative Procedures — Records and Reports
The Administrator may require registered broker-dealers and investment advisers to:
- AMaintain and provide access to books, records, and financial reports✓ Correct answer
- BSubmit all client communications for prior approval
- CPublish their financial statements in the local newspaper
- DReport all transactions directly to the Administrator in real time
Explanation
Why A — Maintain and provide access to books, records, and financial reports
USA Section 203 authorizes required records, financial reports, amendments, and reasonable examinations for registered broker-dealers and investment advisers, subject to applicable federal limits. It does not require prior approval of all client communications or real-time transaction reports.
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