Series 63 Post-Registration Requirements Practice Questions

Correct answer: C. File to amend or renew the registration to cover the additional securities and/or extended offering period, as the original registration covers only what was specified.

Securities registrations are scoped to the amount and offering period specified in the original filing. Continuing to offer additional shares or extending beyond the registered period requires an amendment or renewal filing to cover the expanded scope.

• AA. Wrong. Registration covers a specific amount and offering period; it does not automatically extend to additional shares or later periods.
• BB. Informally notifying shareholders and updating materials doesn't satisfy the regulatory requirement to amend or renew the registration itself; skipping the Administrator compounds the problem.
• CC. Correct. The issuer generally must file to amend or renew the registration to cover the additional securities and/or extended offering period, since the original registration covers only what was specified.
• DD. There is no fixed two-year waiting period before further issuance; the issuer can amend or renew the registration as needed.

• Source: Uniform Securities Act (1956) Section 305 (provisions applicable to registration generally), accessed October 2026

Correct answer: C. The firm must promptly notify the Administrator of the termination and the reasons for it.

Broker-dealers (and investment advisers) must promptly notify the Administrator when an agent's or representative's association terminates, including the reasons, so the individual's registration record and the state's investor-protection function stay current.

• AA. Notification isn't conditioned on the agent requesting a reference; the firm has an independent, unconditional duty to notify regardless of the agent's requests.
• BB. There's no 6-month waiting period for internal appeals; notification of termination must be prompt, not delayed for internal process reasons.
• CC. Correct. The broker-dealer must promptly notify the Administrator of the termination and the reasons for it, particularly important here given the for-cause termination involving unauthorized trading.
• DD. Regulatory notification isn't optional; updating an internal personnel file doesn't satisfy the firm's obligation to inform the Administrator.

• Source: Uniform Securities Act (1956) Section 201 (registration requirement), accessed October 2026

Correct answer: C. March 31, within 90 days of fiscal year end

The annual updating amendment to Form ADV must be filed within 90 days of the end of the adviser's fiscal year. For a calendar-year adviser, that deadline lands on approximately March 31. This is a continuing, post-registration disclosure obligation independent of any material changes triggering a prompt amendment.

• AA. The last day of the fiscal year is when the reporting period ends, not the deadline for filing the update; the Act allows a window afterward to prepare and file it.
• BB. January 31 would only be 31 days after year-end, well short of the 90-day window the Act actually provides.
• CC. Correct. The annual updating amendment is due within 90 days of the end of the adviser's fiscal year, which for a December 31 fiscal year end means March 31.
• DD. June 30 is roughly 180 days after fiscal year end, double the actual 90-day requirement.

• Source: 17 CFR § 275.204-1, accessed October 2026

Correct answer: A. Ongoing. The Administrator may require reports and inspect records periodically or as needed throughout the period of registration, not just at initial application.

Post-registration authority includes the ongoing ability of the Administrator to require periodic reports and inspect the books and records of registrants for as long as they remain registered, not merely during the initial application window.

• AA. Correct. The Administrator's authority to require reports and inspect a registrant's records is ongoing throughout the registration period, not limited to the point of initial application.
• BB. There is no 30-day limitation confining this authority to right after initial registration; it continues for as long as the registrant remains registered.
• CC. The authority doesn't vanish once a registrant is approved; it persists as an ongoing post-registration power, independent of whether a formal enforcement proceeding is underway.
• DD. No prior court approval is needed for the Administrator to request records or reports; this is a direct administrative power under the Act.

• Source: Uniform Securities Act (1956) Section 203 (post-registration provisions), accessed October 2026
• Source: Uniform Securities Act (2002) Section 411 (postregistration requirements), accessed October 2026

Correct answer: D. Preserved for the period specified by rule (commonly a period of years, with certain records readily accessible for an initial portion of that period), not simply discarded after a short, fixed time

Broker-dealer recordkeeping rules require records to be preserved for a period of years set by rule, with an initial portion of that period requiring the records to be readily accessible, and some records kept longer. Retention is not set by the firm's own policies, tied to the next regulatory examination, or tied to when an account closes. It is also not a single uniform period that makes every record equally accessible throughout.

• AA. Incorrect - retention is not tied to the examination cycle. Required records must be kept for the period the rules specify, and an administrator's examination does not release the firm from that obligation.
• BB. Incorrect - firms do not set their own retention periods. The period is fixed by rule and is not tied to whether an account is open or closed, so records generally must be kept after an account closes.
• CC. Incorrect - retention periods come from the recordkeeping rules, not from the limitations period on client claims. The rules also require ready accessibility only for an initial portion of the retention period, not for all of it.
• DD. Correct - the Act leaves retention to rule. Required records are preserved for the specified multi-year period, with certain records readily accessible for an initial portion, and they are not discarded after a short fixed time.

• Source: Uniform Securities Act (1956) Section 203 (post-registration provisions), accessed October 2026
• Source: Uniform Securities Act (2002) Section 411 (postregistration requirements), accessed October 2026

Correct answer: C. $35,000

Under the NASAA Model Rule on minimum financial requirements, an investment adviser with custody of client funds or securities must maintain a minimum net worth of $35,000. An adviser that exercises discretion but does not have custody has a lower threshold of $10,000. These are distinct, escalating tiers tied to the level of control the adviser has over client assets.

• AA. Incorrect. $10,000 is a real tier in NASAA's model rule, but it applies to advisers that have discretionary authority over client accounts and do not have custody. An adviser with custody falls into the higher tier.
• BB. Incorrect. $25,000 is not a net worth tier in NASAA's model rule on minimum financial requirements. The rule sets $35,000 for advisers with custody and $10,000 for advisers with discretion only, so this figure falls short of the custody requirement.
• CC. Correct. Under NASAA's model rule on minimum financial requirements, a state-registered adviser with custody of client funds or securities must maintain a minimum net worth of $35,000. Advisers with discretion but no custody need only $10,000.
• DD. Incorrect. $50,000 is not a tier in NASAA's model rule. Custody carries a $35,000 minimum net worth, so $50,000 overstates the requirement.

• Source: Exam outline: NASAA Series 63 Exam Content Outline, accessed October 2026

Correct answer: C. Filing a copy of every client account statement with the Administrator on a monthly basis

There is no requirement anywhere in the Uniform Securities Act or NASAA model rules for an adviser to routinely file copies of client account statements with the Administrator. Statements go to the client (via the qualified custodian) and records are retained and made available for examination on request. But they are not proactively filed on a monthly basis. The other three items. Prompt Form ADV amendments, notice before taking custody, and recordkeeping retention. Are all genuine, ongoing post-registration duties.

• AA. This is a genuine post-registration obligation. Form ADV must be promptly amended when it becomes materially inaccurate. So it's not the exception.
• BB. This is a genuine obligation. Advisers must give prior or prompt written notice before exercising custody. So it's not the exception.
• CC. Correct. There is no requirement to file every client account statement with the Administrator monthly; this is not an actual post-registration obligation.
• DD. This is a genuine obligation. Advisers must maintain specified books and records for the prescribed retention period. So it's not the exception.

• Source: Uniform Securities Act (1956) Section 203 (post-registration provisions), accessed October 2026

Correct answer: A. By the close of business on Wednesday, the next business day

When an investment adviser's net worth or net capital falls below the minimum financial requirement, NASAA rules require notice to the Administrator by the close of business on the next business day, followed by a financial report. This tight deadline reflects the regulatory concern that undercapitalization directly threatens client asset protection.

• AA. Correct. NASAA rules require notice to the Administrator by the close of business on the next business day after net worth falls below the required minimum.
• BB. Five business days is too long. The required notice window is by the next business day, not within a multi-day grace period.
• CC. Thirty calendar days is far too long for this prompt-notice obligation, which is triggered by the deficiency itself.
• DD. This isn't a matter deferred to the next annual renewal. It's an immediate, event-driven notice requirement.

• Source: Exam outline: NASAA Series 63 Exam Content Outline, accessed October 2026