Series 63 practice questionhardReg D—State Administrator's Role
Which of the following actions can a state Administrator take regarding a Regulation D offering in their state?
- AImpose additional registration requirements on the security
- BRequire notice filings and fees under the USA if the offering qualifies as federal covered✓ Correct answer
- CDeny all Reg D exemptions automatically
- DRequire that all investors be accredited regardless of federal rules
Explanation
Why B — Require notice filings and fees under the USA if the offering qualifies as federal covered
For federal covered securities (including some Reg D offerings), the Administrator may require notice filings and fees (USA 402(b)), but may not impose registration or alter federal definitions. The other options are outside the Administrator's authority.
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