Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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Which of the following is not in itself a reason for the Administrator to deny, suspend, or revoke the license of a person?
  1. The applicant has never before worked in the securities industry although he has received the requisite training.
  2. Some of the information supplied on the registration application was found to be false.
  3. The person has been convicted of check kiting within the past ten years.
  4. The person is a broker-dealer whose agents have repeatedly been accused of churning and burning, according to written client complaints.
Explanation
Answer: A - An Administrator may not deny, suspend, or revoke the license of a person simply because the applicant has never before worked in the securities industry if that person has received the training necessary. The Uniform Securities Act specifically states that the order cannot be entered “. . .solely on the basis of lack of experience if the applicant or registrant is qualified by training, knowledge, or both.”
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