NASAA Series 63Regulation of Broker-Dealers and AgentsEasy
A broker-dealer's registration in a state becomes effective on July 15. Under the Uniform Securities Act, absent renewal, when will this registration expire?
- AOn December 31 of the same calendar year, unless renewed
- BThree years from the effective date, matching federal registration cycles
- COn the one-year anniversary of the effective date, July 15 of the following year
- DIt never expires once granted, unless revoked or suspended
Show answer & explanationAnswer & explanation
Correct answer: A. On December 31 of the same calendar year, unless renewed
Under the Uniform Securities Act, registrations of broker-dealers, agents, investment advisers, and IA representatives expire on December 31 of each year unless renewed, regardless of the date they became effective during that year.
Why the other options are wrong
- B. Incorrect — there is no three-year cycle under the USA.
- C. Incorrect — expiration is tied to the calendar year-end, not an anniversary date.
- D. Incorrect — registrations require annual renewal; they are not indefinite.
Annual Registration Expiration
BD, agent, IA, and IA rep registrations under the USA expire December 31 each year unless timely renewed.
- Applies uniformly regardless of initial effective date
- Renewal filings typically occur before year-end
- Failure to renew results in lapse of registration
Memory trick: Every Registration Rings Out on Dec 31