Registration and Post-Registration Requirements
Chapters in this video
- 0:00 Federal vs state registration: parallel requirements, not substitutes
- 1:18 Form BD filings and the newspaper announcement wildcard
- 1:57 The automatic registration trap: Aaron the silent partner
- 2:46 Consent to service of process: irrevocable and survives termination
- 3:45 Effectiveness at noon on the 30th day, never approved
- 4:57 Annual December 31 expiration and successor firm mechanics
- 5:47 Federal preemption of state financial and recordkeeping rules
- 7:36 Rapid-fire exam recap
What this video covers
- The three filing requirements for initial broker-dealer (BD) registration under the Uniform Securities Act (USA): Form BD, consent to service of process, and fees
- Why federal registration with the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) does not satisfy state registration requirements
- The automatic registration trap: why title alone does not make a partner, officer, or director an agent; function beats title
- The consent to service of process: one-time filing, irrevocable, survives termination, covers noncriminal proceedings under the Act, appoints the Administrator as agent
- Registration effectiveness at noon on the 30th day, the amendment reset trap, and why "effective" is the correct term never "approved"
- The December 31 annual expiration, successor firm filings with no fee, and federal preemption of state net capital, recordkeeping, and financial reporting requirements
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. When you're ready to drill the topic, the full Series 63 course adds adaptive practice questions and spaced-repetition flashcards.
Start on this site: free Series 63 practice questions · Series 63 pass rate