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← Series 63: Regulation of Securities & Issuers
Series 63 practice questioneasySecurities Registration — Effective Dates

Under the Uniform Securities Act, a registration statement filed by qualification becomes effective when:

  1. AIt is filed with the state Administrator
  2. BThe SEC approves the federal registration
  3. CThe state Administrator orders it effective✓ Correct answer
  4. 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.

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