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
A customer wants to sue a broker-dealer for rescission of a securities sale made by means of a material misstatement. Under the Uniform Securities Act, the suit must be brought within:
Answer: Two years of the contract of sale
The Act's civil liability suits must be brought within two years after the contract of sale (or discovery, depending on the violation).
In a successful civil action for an unregistered, non-exempt sale, the buyer may recover:
Answer: The consideration paid plus interest, less any income received, upon tender of the security
The buyer can recover the purchase price plus interest, minus income received, in exchange for returning the security.
Which statement about administrative records is accurate under the Act?
Answer: The Administrator may require registrants to keep certain records and may examine them
The Administrator can prescribe record-keeping requirements and examine the records of registrants.
A witness subpoenaed by the Administrator invokes the privilege against self-incrimination. Under the Act, what generally happens?
Answer: The witness may be compelled to testify but receives immunity from prosecution based on that testimony
The witness can be compelled to testify, but the testimony cannot be used to prosecute the witness (use immunity).
The Administrator may issue a cease and desist order against a person who is:
Answer: Engaging or about to engage in an act that violates the Act
The Administrator can order a person to stop violations that are occurring or about to occur.
In an action for civil enforcement, the Administrator may ask a court to grant which of the following?
Answer: An injunction, an asset freeze, or a receiver
The Administrator may seek injunctions, asset freezes, receiverships, and similar relief in court.
Which type of person is NOT required to be registered as an investment adviser at the state level because of federal preemption?
Answer: A federal covered adviser
Federal covered advisers are SEC-registered and exempt from state registration, though states may require notice filings and fees and retain antifraud authority.
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