Administrative Law & Procedures Flashcards
7 cards from real Series 66 – Uniform Combined 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 7 Administrative Law & Procedures flashcards as text
Under the Uniform Securities Act, a state Administrator who wants to deny, suspend, or revoke the registration of an investment adviser would ordinarily first have to provide:
Answer: Notice and an opportunity for a hearing
Due process requires notice and an opportunity for hearing before registration is denied, suspended, or revoked, except where summary action is authorized.
An Administrator may issue a summary order suspending an agent's registration pending final determination. What must the Administrator do next?
Answer: Promptly notify the agent and give an opportunity for a hearing if requested
A summary order is temporary, and the affected person must be notified and may request a hearing.
Which of the following is a power of the state securities Administrator?
Answer: Issuing subpoenas and taking evidence during investigations
The Administrator may investigate, subpoena witnesses and records, and take evidence, but cannot imprison or legislate.
If a person refuses to comply with an Administrator's subpoena, the Administrator may:
Answer: Apply to a court to compel compliance
The Administrator enforces a subpoena by applying to a court of competent jurisdiction for an order compelling compliance.
Who is generally responsible for criminal prosecution of willful violations of the Uniform Securities Act?
Answer: The state attorney general or appropriate prosecuting attorney
The Administrator may refer evidence of criminal violations to the attorney general or a prosecutor, who brings the case.
Under the Uniform Securities Act, the penalty for a willful violation can be up to:
Answer: Three years imprisonment, a $5,000 fine, or both
The Act sets criminal penalties of up to $5,000, up to three years imprisonment, or both.
A person who is convicted of violating a rule or order of the Administrator is NOT subject to imprisonment if the person proves:
Answer: They had no knowledge of the rule or order
Under the Act, a person cannot be imprisoned for violating a rule or order if they prove they had no knowledge of it.
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