NASAA Series 63Regulation of Securities and IssuersHard
A security's registration statement became effective on April 15, 2023. Assuming no application for renewal is filed, under the Uniform Securities Act, the registration will expire on:
- AIt never expires once effective
- BApril 15, 2025
- CApril 15, 2024
- DDecember 31, 2023
Show answer & explanationAnswer & explanation
Correct answer: C. April 15, 2024
Under the Uniform Securities Act, a registration statement remains effective for one year from its effective date and may be renewed by filing a renewal application. Since the registration became effective on April 15, 2023, it will expire exactly one year later on April 15, 2024, absent renewal.
Why the other options are wrong
- A. Incorrect; registrations always have a limited effective period requiring renewal.
- B. Incorrect; this would be two years, not the one-year statutory period.
- D. Incorrect; the expiration is tied to the anniversary date, not the calendar year end.
Registration Effective Period
A securities registration statement under the USA is effective for one year from its effective date and must be renewed to remain effective.
- One-year effective period from the effective date
- Renewal application required to extend registration
- Applies to registration by qualification, coordination, and filing
Memory trick: One year to the day, then renew or fade away.