I have been doing the tests; one of the questions is: An agent in the state is fired, who has to notify administrator? Help!!
This is actually easier than it seems.
The question usually goes like this: If an agent is terminated by a broker-dealer in the state and takes a position with another broker-dealer in the state, who must notify the Administrator? Answer: both broker-dealers and the agent. What this means is the broker-dealer from whom he is terminating files a U-5 (which the agent fills out, too), and the new firm fills out a U-4 (which the agent fills out, too.) BTW, you can look at these forms at http://www.nasaa.org/ under "industry and regulatory resources" then "uniform forms."
Here is what the Uniform Securities Act has to say about this topic:
Sec. 201. [REGISTRATION REQUIREMENT.] (a) It is unlawful for any person to transact business in this state as a broker-dealer or agent unless he is registered under this act.
(b) It is unlawful for any broker-dealer or issuer to employ an agent unless the agent is registered. The registration of an agent is not effective during any period when he is not associated with a particular broker-dealer registered under this act or a particular issuer. When an agent begins or terminates a connection with a broker-dealer or issuer, or begins or terminates those activities which make him an agent, the agent as well as the broker-dealer or issuer shall promptly notify the [Administrator].