Discuss Finra Series-63 Exam Topic 1 Question 21

No: 93

The net worth of a broker-dealer has fallen below the minimum net capital requirement specified by the state in which the broker-dealer is registered. This broker-dealer must notify the Administrator of this fact

Abefore the beginning of the next quarter.

Bbefore the end of the month.

Cby the close of business on the next business day.

Dwithin a week's time.

Suggested Answer: C

When the net worth of a broker-dealer falls below the minimum net capital requirement specified by the state, the broker-dealer must notify the Administrator of this fact by the close of business on the next business day according to the Uniform Securities Act.

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20 comments · newest first

Maryann 2 months ago

Definitely C. Regulations require immediate notification.

Junita 2 months ago

I feel like A is too slow. C is the best choice.

Rebbecca 2 months ago

B seems too lenient. We need to act fast!

Annice 3 months ago

I’m torn between C and B. But C feels right.

Tuyet 3 months ago

Agreed! C makes sense. Next business day is urgent.

Maricela 3 months ago

I think it’s C. Quick action is crucial.

William 3 months ago

Just to clarify, it's definitely not A or D.

Thaddeus 3 months ago

I thought it was a week, but I guess not!

Brinda 3 months ago

Wait, is it really that quick? Seems a bit rushed.

Filiberto 4 months ago

Totally agree, that's the rule!

Arletta 4 months ago

It's C, they have to notify by the close of business on the next business day.

Alease 4 months ago

I thought it was A) before the next quarter. This is news to me!

Mitsue 4 months ago

Seems strict, but I guess they need to keep things in check.

Aliza 4 months ago

Wait, are you sure? I thought it was longer than that.

Jess 6 months ago

Totally agree, that’s the standard procedure!

Rosina 6 months ago

It's C) by the close of business on the next business day.

Tora 7 months ago

I’m leaning towards A, but I’m not sure if they really give that much time. It seems like it should be more immediate.

Laticia 7 months ago

I feel like it could be B, but I’m not confident. I just remember that quick notifications are usually required in these situations.

Eleonore 7 months ago

I remember a similar question about notifying regulators, and I think it was always pretty urgent, like within a day or two.

Halina 7 months ago

I think the answer might be C, but I’m not entirely sure if it’s the next business day or if it could be a little longer.

Finra Series-63 Exam - Topic 1 Question 21 Discussion