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FINRA Uniform Securities State Law Series63 : Uniform Securities Agent State Law Examination

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Question 4: Assuming there is not a stop order or a proceeding pending, under the registration by
coordination
process a security's registration with the state becomes effective:
A. only when it is approved by the state Administrator, regardless of whether it has been approved by
the
SEC.
B. immediately after approval by the SEC as long as the registration statement has been on file for at
least
2 0 days or the Uniform Securities Act has provided an exemption to this waiting period.
C. immediately subsequent to approval by the SEC, regardless of how long the registration statement
has
been on file.
D. only when it is approved by the state Administrator, who will review the registration
documentation
upon notification that SEC approval has been granted.
Correct Answer: B
Explanation: Under the registration by coordination process, the security's registration with the state
becomes effective immediately after approval by the SEC as long as the registration has been on file
for
at least 20 days or the Uniform Securities Act has provided an exemption to this waiting period. This
assumes, of course, that there is not a stop order or a proceeding pending.