Registration Effectiveness, Renewal & Withdrawal

Effective at noon on the 30th day; expires December 31; withdrawal takes 30 days.

Uniform Securities Act & Registration Series 65 · Section 4

What is Registration Effectiveness, Renewal & Withdrawal?

A registration of a broker-dealer, agent, adviser, or IAR becomes effective at noon on the 30th day after a complete application is filed, unless the Administrator acts sooner or a proceeding is pending. All expire on December 31 unless renewed. A withdrawal becomes effective 30 days after filing, and the Administrator can still begin a revocation proceeding within one year after it takes effect. An agent's registration is valid only while associated with a registered broker-dealer or issuer: when an agent moves firms, the agent, the old firm, and the new firm must all notify the Administrator promptly.

Registration Effectiveness, Renewal & Withdrawal: a worked example

An application filed March 1 with no issues becomes effective at noon on March 31.

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More terms in Uniform Securities Act & Registration

Uniform Securities Act (USA) The model state securities law most states' 'blue sky' statutes are based on. State Securities Administrator The official or agency that enforces a state's securities act. Person (USA Definition) Anyone who can be held legally responsible - individuals and organizations. Investment Adviser (USA Definition) Advises on securities, as a business, for compensation. Excluded from the Investment Adviser Definition Banks, incidental professionals, broker-dealers, and publishers are not advisers at all. Exemptions from State Adviser Registration An adviser with no office in the state and only institutional or very few clients there. De Minimis Exemption No place of business in the state and fewer than 6 clients there in 12 months. Federal Covered Adviser An adviser registered with the SEC rather than the states.

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