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The term administrator may be used in a two main ways depending upon the exam you are sitting for. When the topic at hand is relating to the assets of a deceased person who dies without having a Will , a court will appoint an administrator who is an individual authorized to oversee the liquidation of a decedent’s estate.
If the topic appears in one of the NASAA based exams and is detailing the application of The Uniform Securities Act, the administrator is an individual or agency, who administers securities laws within a state.
Many of the FINRA and NASAA exams require test takers to be familiar with certain estate matters and how to handle the assets of a client who has passed away. Once a registered representative has been notified of the the death of a client, the representative should cancel all open orders and mark the account deceased. Once the account has been marked deceased the representative must await instructions for the the executor or administrator of the estate as to what should be done with the assets. The executor’s appointment and powers will be detailed in the decedent’s Will. If the person did not leave a Will, the appointment of the administrator will be document through court papers.
If the question appears on the series 63, 65 or 66 exam and is asking about registration of agents, firms, securities or the Uniform Securities Act, you will want to be familiar with the powers of the State Securities Administrator. The State securities administrator is the top securities regulator in each state. The administrator is appointed by the Governor of each state to administer the provisions of the Uniform Securities Act and sets all registration and licensing requirements within the state.