Series 63 practice questionmediumBroker-Dealer Registration Effective Date
Under the Uniform Securities Act, when does a complete broker-dealer registration application generally become effective if the Administrator neither accelerates the effective date nor begins a denial proceeding?
- AImmediately when the application is submitted
- BAt noon on the 30th day after filing✓ Correct answer
- COnly after the SEC separately approves the state filing
- DAt the end of the applicant's fiscal year
Explanation
Why B — At noon on the 30th day after filing
A complete registration application generally becomes effective at noon on the 30th day after filing unless the Administrator sets an earlier effective date or begins a proceeding that delays effectiveness. A deficiency can prevent an application from being complete, but the Act does not support the original item's automatic date-reset formula.
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