Administrative Provisions and Remedies Flashcards
6 cards from real Series 63 – Uniform Securities Agent State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Administrative Provisions and Remedies flashcards as text
What is the statute of limitations for bringing a civil action under the USA?
Answer: Two years from discovery or three years from the transaction, whichever comes first
Under the USA, civil actions must be brought within two years after discovery of the facts or three years after the transaction, whichever expires first.
What is the maximum criminal penalty for a willful violation of the USA?
Answer: $5,000 and/or 3 years imprisonment
The maximum criminal penalty for a willful violation of the USA is a $5,000 fine and/or up to three years imprisonment.
Under the USA, the Administrator may issue a 'stop order' to do which of the following?
Answer: Suspend or revoke the effectiveness of a securities registration
A stop order suspends or revokes the effectiveness of a securities registration statement when the Administrator finds grounds to do so.
Which of the following is a civil remedy available to an investor defrauded under the USA?
Answer: Rescission of the transaction and recovery of the purchase price plus interest less income received
Defrauded investors may sue for rescission, recovering the purchase price plus interest at the legal rate, less any income received, plus reasonable attorney fees.
Before revoking a registration under the USA, the Administrator must provide what to the registrant?
Answer: Prior notice and an opportunity for a hearing
Due process requires that the Administrator provide prior notice and an opportunity for a hearing before revoking a registration.
Under the USA, the Administrator may deny registration to an applicant for which of the following reasons?
Answer: The applicant has been convicted of a securities-related felony within the past 10 years
A prior conviction for a securities-related felony is grounds for the Administrator to deny a registration application under the USA.
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