Under the Securities Exchange Act of 1934, which of the following statements is NOT TRUE about registration of broker/dealers?
A) Registrations become effective in 45 days, unless delayed by the SEC.
B) The SEC may require minimum standards of recordkeeping and financial responsibility.
C) A sole proprietorship may not register as a broker/dealer.
D) The SEC may require written examination for all registered personnel.
Answer: C) A sole proprietorship may not register as a broker/dealer.