Exam Series 63 topic 1 question 26 discussion

Actual exam question from FINRA's Series 63

Question #: 26
Topic #: 1

Until yesterday Maddie was a registered agent employed by the broker-dealer, QuikDeals. Yesterday afternoon, issues that had been brewing between her and another employee of the firm came to a head, and Maddie impulsively quit her job.
At this point,

A. Maddie has thirty days to find a job with another broker-dealer, or she will need to file a new registration application.
B. Maddie has sixty days to find a job with another broker-dealer, or she will need to file a new registration application.
C. Maddie will have to file a new application for registration with the Administrator upon finding employment with another broker-dealer since she is no longer considered to be a registered agent by the state.
D. Maddie is required to call all of her clients at QuikDeals to inform them she is no longer employed there.

Show Suggested Answer

Suggested Answer: C 🗳️
When Maddie quit her job, her status as a state-registered securities agent was automatically terminated, and she will need to file a new application for registration with the Administrator upon obtaining a position with another broker-dealer. If she does so within thirty days, her registration will become effective as soon as she has filed her application and paid her application fee. While she is required to notify the Administrator that she has terminated her employment with
QuikDeals, there is no requirement that she contact any of her clients at QuikDeals.

by lolojepu at April 6, 2025, 1:36 a.m.

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