Series 63 practice questioneasySuccessor Firms
Which statement is TRUE regarding registration of a successor investment adviser firm under the Uniform Securities Act?
- AA successor firm may file for registration without paying an additional fee for the remainder of the year.✓ Correct answer
- BA successor firm must pay a new registration fee immediately upon formation.
- CA successor must wait until the next calendar year to register.
- DSuccessor firms cannot use simplified registration procedures.
Explanation
Why A — A successor firm may file for registration without paying an additional fee for the remainder of the year.
Per the USA, a successor firm may file for registration without paying an additional fee for the unexpired portion of the year (Section 406). Options B, C, and D are incorrect.
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