Administrative Law & Procedures Flashcards
7 cards from real Series 66 – Uniform Combined State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Administrative Law & Procedures flashcards as text
Under the Uniform Securities Act, a registration as a broker-dealer or investment adviser expires on:
Answer: December 31 of each year
Registrations expire on December 31 and must be renewed annually.
An application for broker-dealer registration is generally effective at noon on which day after filing, unless the Administrator acts sooner or denies it?
Answer: The 30th day
Registration becomes effective at noon on the 30th day after the application is filed, absent earlier action or denial proceedings.
A registrant files to withdraw its registration while a revocation proceeding is pending. When is the withdrawal effective?
Answer: On the 30th day after filing, unless the Administrator acts differently if revocation is pending
A withdrawal normally takes effect 30 days after filing, but the Administrator can delay it if revocation proceedings are pending.
A registered agent leaves the employ of a broker-dealer. Who must notify the Administrator promptly?
Answer: Both the agent and the former employer
Both the agent and the broker-dealer must promptly notify the Administrator when employment terminates.
Which of the following is a basis on which the Administrator may deny, suspend, or revoke a registration?
Answer: The registrant has willfully violated the Act
Willful violation of the Act or of a rule or order is a ground for adverse action.
A registrant was convicted within the past ten years of a felony or a securities-related misdemeanor. What may the Administrator do?
Answer: Deny, suspend, or revoke registration if in the public interest
A recent felony or securities misdemeanor conviction is a ground for adverse action if it is in the public interest.
If the Administrator finds that a security is being sold under a false registration statement, which order can be issued?
Answer: A stop order
A stop order can deny, suspend, or revoke the effectiveness of a securities registration statement.
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