SERIES-63 practice question 26 of 35

Maddie, a registered agent affiliated with broker-dealer QuikDeals, quit her job on the spur of the moment. Under the guidelines of the Uniform Securities Act (USA), who is responsible for notifying the Administrator?

Answer options

A: QuikDeals has the sole responsibility for notifying the Administrator. Maddie is no longer deemed to be an agent after she terminated her relationship with QuikDeals, so she need do nothing.

B: Maddie has the sole responsibility for notifying the Administrator.

C: It depends. If Maddie becomes affiliated with another broker-dealer within thirty days, then she must notify the Administrator of her termination with QuikDeals and her current affiliation with the new firm. Otherwise, only QuikDeals must notify the Administrator.

D: Both QuikDeals and Maddie are responsible for notifying the Administrator. Correct answer

Correct Answer:

D. Both QuikDeals and Maddie are responsible for notifying the Administrator.

Explanation

Under the guidelines of the USA, when Maddie quits her job as a registered agent with QuikDeals, both QuikDeals and Maddie are responsible for notifying the Administrator. Both the broker-dealer and the agent involved are required to notify the Administrator whenever an agent begins or ends her association with the broker-dealer.

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