An individual can legally sell mutual funds only after receiving notification of registration from the securities administrator, not merely after completing exams or filing applications. The feedback from the document states:
"Despite receiving notification of successful completion of the required proficiency examination, filing a registration application and paying the required fee, an individual is not officially registered to sell mutual funds until notice has been received from the applicable securities administrator."
[Reference: Chapter 17 – Mutual Fund Dealer RegulationLearning Domain: Ethics, Compliance and Mutual Fund Regulations, , , ]
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