Registration & Licensing - Withdrawal or Termination / Overall Review Flashcards
How do broker-dealers, agents, and investment advisers withdraw from registration voluntarily?
By submitting an application to the Administrator.
When does withdrawal become effective?
30 days after the filing date, or sooner if the Administrator allows.
Can a person withdraw if there are legal proceedings against them?
No.
What is the timeline regarding legal proceedings and withdrawal?
Legal proceedings may begin up to 1 year after termination of registration, so one’s registration is not truly terminated until 1 year lapses without legal action.
What happens to agents if a broker-dealer loses or withdraws its registration?
Its agents are no longer registered unless they become associated with another broker-dealer.
What happens if an existing customer of an agent moves to another State in which the agent is not registered?
The agent (and broker-dealer) must register in that State.
When does a customer become a “resident” of another State?
After 30 days.
