Q:
Under the Uniform Securities Act, the Administration is empowered to perform which of the following acts?
I. Subpoena a broker-dealer’s books and records after a suspension order is received
II. Obtain an injunction against any person the Administrator suspects of violating the Act
III. Suspend a sales representative’s registration prior to the hearing, without stating a reason for the suspension
IV. Revoke the registration of all sales representatives associated with a broker-dealer at the time the broker-dealer’s registration is revoked by the Administrator
a) I, II & IV
b) II only
c) I, II, III & IV
d) I & II
A:
The correct answer is a.
The Administrator does have the power to subpoena records and obtain an injunction. Also, a sales representative’s registration is only effective when associated with a broker-dealer, so upon revocation or suspension of a broker-dealer’s registration, all associated sales representatives registrations will be revoked as well, until they become associated with another broker-dealer. However, the Administrator may not suspend a registration prior to the hearing unless a reason for the suspension is stated.

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RELATED TERMS
  1. Piggyback Registration Rights

    A form of registration rights that grants the investor the right ...
  2. Principal Orders

    A type of order carried out by a broker-dealer which involves ...
  3. Small Corporate Offering Registration - SCOR

    A form of corporate securities registration designed to reduce ...
  4. SEC Form SP15D2

    A form that concerns the filing of a special financial report ...
  5. Broker-Dealer

    A person or firm in the business of buying and selling securities, ...
  6. Administrator

    1. A person empowered by a court to act for another person who ...

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