3.47—Relationship to registration.
(a)
A temporary license shall not be deemed to be a registration or to confer any right to such registration.
(b)
Unless a temporary license has terminated, a temporary license shall become a registration upon the earlier of:
(1)
A determination by the National Futures Association that the applicant is qualified for registration as an introducing broker; or
(2)
The expiration of six months from the date of issuance unless a notice has been issued under § 3.60 of the initiation of a proceeding to deny registration under sections 8a(2) or 8a(3) of the Act.