Series 63 practice questionmediumBond Cancelation
When may a posted surety bond be canceled for a broker-dealer under the USA?
- AOne year after the termination of registration, unless a proceeding is pending.✓ Correct answer
- BImmediately upon request by the broker-dealer.
- CAfter 30 days, regardless of circumstances.
- DOnly with written consent of all customers.
Explanation
Why A — One year after the termination of registration, unless a proceeding is pending.
A bond can be canceled one year after registration ends, unless there is a pending action (USA Section 202(e)). The other answers do not meet requirements or give inappropriate parties authority.
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