Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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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
  1. before the beginning of the next quarter.
  2. before the end of the month.
  3. by the close of business on the next business day.
  4. within a week’s time.
Explanation
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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