Series 63 practice questioneasySecurities Registration — Effective Dates
Under the Uniform Securities Act, a registration statement filed by qualification becomes effective when:
- AIt is filed with the state Administrator
- BThe SEC approves the federal registration
- CThe state Administrator orders it effective✓ Correct answer
- D30 days after filing automatically
Explanation
Why C — The state Administrator orders it effective
Under USA Section 304, registration by qualification does not have an automatic effective date. Instead, it becomes effective only when the state Administrator specifically orders it effective. This gives the Administrator maximum control over the process, reflecting the more rigorous review associated with qualification.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 1,051+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Spot an error in this question or explanation? Tell us — we fix these fast.
Related Regulation of Securities & Issuers questions
- Under the Uniform Securities Act (USA), which of the following is considered an exempt security?
- An issuer attempts to register securities by Qualification in State K. The Administrator deems the proposed offering…
- Which of the following is an example of an exempt security under the USA?
- A security is registered by Coordination. After the effective date, the issuer files a material amendment with the SEC.…
- Under the USA, securities issued by which of the following are generally exempt from state registration?
- Under the USA, when the Administrator issues a stop order, what procedure must be followed?
- A security listed on the New York Stock Exchange is considered which of the following under the Uniform Securities Act?
- Which finding is a statutory ground for an Administrator to issue a stop order against a securities registration…