Which entity under the 1934 Act requires registration with the SEC and is granted 90 days to accept or deny?

• A. Brokers/Dealers
• B. Securities Exchanges
• C. National Securities Associations
• D. Corporations with listed securities

Answer: (B)

Securities exchanges are the entities that must register with the SEC under the Securities Exchange Act of 1934 before they can operate as a marketplace for trading. The registration process includes a review period during which the SEC has 90 days to decide whether to grant or deny the exchange’s registration. This 90-day window is specific to the exchange’s ability to establish itself as an approved trading venue. Brokers/dealers are also regulated and must register, but the 90-day decision window described here is tied to exchanges seeking to operate as registered marketplaces. National securities associations are SROs recognized by the SEC under separate processes, and corporations with listed securities are issuers, not trading venues, so the 90-day registration review does not apply in the same way.