What is the renewal date for all registrations, and is proration allowed?

• A. June 30; proration allowed
• B. December 31; no proration
• C. January 1; proration allowed
• D. December 31; proration allowed

Answer: (B)

The renewal cycle for securities registrations is fixed on a calendar-year basis, with December 31 as the renewal date. Proration isn’t allowed—registrations must be renewed for the full year, and the annual fee is due in full even if the registration becomes active partway through the year. This standard simplifies administration and creates a uniform renewal process. That’s why December 31 and no proration is the best fit. The other dates would imply mid-year renewals, which isn’t how these registrations are handled, and several options suggesting proration don’t align with the typical rule.