Series 63 practice questionmediumAdministrator Powers — Grounds for Denial
Which of the following is NOT a ground for denial of registration under the Uniform Securities Act?
- AThe applicant is insolvent
- BThe applicant lacks adequate qualifications or experience
- CThe applicant has been named in a civil lawsuit unrelated to securities✓ Correct answer
- DThe applicant has willfully violated the securities laws of another state
Explanation
Why C — The applicant has been named in a civil lawsuit unrelated to securities
Under USA Section 204, grounds for denial include insolvency, lack of qualifications, willful violations of securities laws, and felony or securities-related misdemeanor convictions. Being named in a civil lawsuit unrelated to securities is not, by itself, a basis for denial of registration.
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