Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions

Finra Series-63 Exam - Topic 3 Question 25 Discussion

Once a person has filed an application with the Administrator, and in doing so has truthfully disclosed every material fact, how long does the Administrator have after the effective date of the registration to commence a proceeding to deny, suspend, or revoke that person's license based on those facts?
C) 90 days.
A) 30 days.
B) 60 days.
D) one year.

Finra Series-63 Exam - Topic 3 Question 25 Discussion

Actual exam question for Finra's Series-63 exam
Question #: 25
Topic #: 3
[All Series-63 Questions]

Once a person has filed an application with the Administrator, and in doing so has truthfully disclosed every material fact, how long does the Administrator have after the effective date of the registration to commence a proceeding to deny, suspend, or revoke that person's license based on those facts?

Show Suggested Answer Hide Answer
Suggested Answer: C

If a person has appropriately and truthfully disclosed every material fact on its application for registration, the Administrator has 90 days after the registration becomes effective to commence a proceeding to deny, suspend, or revoke the license. If the Administrator has known about the fact for longer than this, he may not begin a proceeding against that person according to the Uniform Securities Act.


Contribute your Thoughts:

0/2000 characters
Jessenia
5 hours ago
I thought it was one year, but now I'm second-guessing myself. I need to remember the exact time limits!
upvoted 0 times
...
Shanda
5 days ago
I feel like it might be longer than 60 days, but I can't recall if it's a year or just 90 days.
upvoted 0 times
...
Florinda
11 days ago
I practiced a similar question last week, and I believe the answer was 90 days. That seems to stick in my mind.
upvoted 0 times
...
Nidia
16 days ago
I think I remember something about the Administrator having a specific time frame, but I'm not sure if it's 60 or 90 days.
upvoted 0 times
...

Save Cancel