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.

MORE FAQS

  1. A person whose registration has been revoked by an Administrator due to a felony conviction of a securities-related ...

  2. Under the Uniform Securities Act, registration with the Administrator as an investment adviser is required ...

  3. If a sales representative moves from one broker-dealer to another ...

  4. A sales representative or broker-dealer that violates the Uniform Securities Act when offering or selling ...

  5. ABC Broker-dealer has no office in state and transacts fewer than five trades during a 12-month period

  6. Federal covered securities are subject to which of the following requirements ...

  7. Which of the following deliveries for a 600 share order, broker-dealer to broker-dealer ...

  8. How long is the validity period for a Series 63 exam if I have not been registered?

  9. If an issuer wishes to register a security in the state ...

  10. All of the following are unethical behaviors prohibited under the Uniform Securities Act EXCEPT ...

  11. When a corporation wishes to open a margin account with a broker-dealer ...

  12. How does piggyback registration work?

  13. Can you trade securities before you pass the Series 63 exam?

  14. Which of the following signatures are required on a client’s new account form ...

  15. When an agent of a broker-dealer begins employment with another broker-dealer ...

  16. What is Warren Buffett's annual salary at Berkshire Hathaway?

  17. Which United States Presidents have run the largest budget deficits?

  18. Which country has the most gold?

  19. Human capital vs. physical capital: What is the difference?

  20. Can moving to a higher tax bracket cause me to have a lower net income?

RELATED FAQS

  1. A person whose registration has been revoked by an Administrator due to a felony ...

    The correct answer is a. The Administrator may suspend, deny or revoke registration in any capacity if the person has such ...
  2. Under the Uniform Securities Act, registration with the Administrator as an investment ...

    The correct answer is c. I is incorrect, since broker-dealers or their agents who don’t receive a fee for making investment ...
  3. If a sales representative moves from one broker-dealer to another ...

    The correct answer is b. I, II and III are correct since all parties are required to notify the Administrator.
  4. A sales representative or broker-dealer that violates the Uniform Securities Act ...

    The correct answer is a. The sales representative or broker-dealer is required to pay interest, court and attorney’s fees ...
  5. ABC Broker-dealer has no office in state and transacts fewer than five trades during ...

    The correct answer is b. Under these circumstances, the broker-dealer is not required to register with the state and the ...
  6. Federal covered securities are subject to which of the following requirements ... ...

    The correct answer is b. Federal covered securities are subject to only federal registration with the SEC and do not have ...
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. Administrator

    1. A person empowered by a court to act for another person who ...
  6. Broker-Dealer

    A person or firm in the business of buying and selling securities, ...
Hot Definitions
  1. Put Option

    An option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying security ...
  2. Frexit

    Frexit – short for "French exit" – is a French spinoff of the term Brexit, which emerged when the United Kingdom voted to ...
  3. AAA

    The highest possible rating assigned to the bonds of an issuer by credit rating agencies. An issuer that is rated AAA has ...
  4. GBP

    The abbreviation for the British pound sterling, the official currency of the United Kingdom, the British Overseas Territories ...
  5. Diversification

    A risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this technique ...
  6. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
Trading Center