FINRA Uniform Securities State Law Examination Series-63 Question # 57 Topic 6 Discussion
Series-63 Exam Topic 6 Question 57 Discussion:
Question #: 57
Topic #: 6
Which of the following statements about agents is (are) false?
A.
If an agent files for bankruptcy, the Administrator may elect to terminate that agent’s registration if the Administrator believes it is “in the public interest” to do so.
B.
When an agent has a change of address, both he and his broker-dealer affiliate must inform the Administrator.
C.
An agent must demonstrate a specific minimum level of financial stability for his registration application to be accepted.
The statement that an agent must demonstrate a specific minimum level of financial stability for his registration application to be accepted is false. The Administrator may require an agent to post a bond, but there are no specific minimum financial requisites that must be met. The Administrator also has the right to terminate an agent’s registration if the agent becomes bankrupt. Both the agent and his broker-dealer affiliate are required to inform the Administrator whenever there is a change in the agent’s personal information, such as a name change or a change of address.
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