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Series 63: Regulation of Broker-Dealers & Agents
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?

  1. AImmediately when the application is submitted
  2. BAt noon on the 30th day after filing✓ Correct answer
  3. COnly after the SEC separately approves the state filing
  4. DAt the end of the applicant's fiscal year
Explanation

Why BAt 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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