Finra Series-63 Exam - Topic 7 Question 20 Discussion

Actual exam question for Finra's Series-63 exam

Question #: 20
Topic #: 7

Sam Shyster had his day in court-and lost. His license to do business as an investment adviser in the state has been revoked. What legitimate options does Sam have available to him now?

ASam can move to another state and apply for registration as an investment adviser there.

BSam has 45 days in which to file an appeal with the attorney general.

CSam can register with the SEC as an investment adviser, which will exempt him from state registration requirements.

DSam has 60 days to file an appeal of the decision in a court of law.

Show Suggested Answer

Suggested Answer: D

Sam has the legitimate option of filing an appeal of the decision in a court of law within 60 days. He will not be able to register as an investment adviser with the SEC or with another state. His application will be denied when it is discovered that Sam has had his license revoked by one state.

by Viki at Apr 03, 2026, 11:02 AM

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