NASAA Series 63Regulation of Broker-Dealers and AgentsEasy
A broker-dealer's initial registration application in a state becomes effective on June 15th. Under the Uniform Securities Act, when will this registration typically expire?
- ADecember 31st of the current year.
- BJune 15th of the following year.
- CDecember 31st of the following year.
- DJune 30th of the following year.
Show answer & explanationAnswer & explanation
Correct answer: A. December 31st of the current year.
Under the Uniform Securities Act, registrations for broker-dealers, agents, investment advisers, and investment adviser representatives typically expire on December 31st of the year in which they become effective, regardless of the effective date.
Why the other options are wrong
- B. This is incorrect; registrations do not typically last for a full year from the effective date.
- C. This is incorrect; it's the current year, not the following year, for initial registrations.
- D. This is incorrect; June 30th is not the standard expiration date.
Annual Registration Expiration (Initial)
Initial registrations for broker-dealers, agents, investment advisers, and investment adviser representatives under the Uniform Securities Act typically expire on December 31st of the year in which they become effective.
- Applies to initial registrations
- Expiration date is December 31st
- Year of expiration is the same year registration became effective
Memory trick: All registrations end the year with a bang, on December 31st.