Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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You had the misfortune of working as a registered agent for an unscrupulous broker-
dealer. You weren’t privy to any of it, but apparently, your broker-dealer was guilty of some fraudulent activities and has had his license revoked. In this instance,
  1. you can simply find another broker-dealer to hire you and have your license transferred to him.
  2. you are no longer a licensed agent with the state and must reapply for a license in order to work for another broker-dealer.
  3. the state Administrator will assign you and any other affected agents to work for other broker-dealers registered with the state.
  4. you must wait until the broker-dealer’s day in court before you can work in the securities industry again because the Administrator will want to be certain that you knew nothing of it.
Explanation
Answer: B - If you were employed as an agent for a broker-dealer who has had his license revoked, you are no longer a licensed agent with the state and you will have to reapply for a license and pay the requisite filing fees in order to work for another broker-dealer. Your license terminated when your affiliation with the unscrupulous broker ended, even though it was through no fault of your own. Since you have done nothing for which to be penalized, however, your registration becomes effective upon your filing and paying your fees.
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