Under the Uniform Securities Act, the state Administrator has the power to deny registration to a

Q Bank Unit 3.2 Series 63

Under the Uniform Securities Act, the state Administrator may by order deny, suspend or revoke an investment adviser's registration for:A) lack of experience as an investment adviser.

B) violation of another state's securities laws within the last 5 year

Answer: B
A violation of any state or federal securities or commodities law within the last 10 years is grounds for denial, suspension, or revocation of registration by order. This means that no hearing is required. Convictions are grounds for administrat

According to the USA, under which of the following circumstances may an Administrator cancel an agent's registration?A) The Administrator determines it would be in the public interest.B) The agent is the subject of an insider trading lawsuit.

C) The age

Answer: D
Registration may be canceled by the Administrator if the registered individual has been judged mentally incompetent. Cancellation is a nonpunitive action of the Administrator.

Under the Uniform Securities Act, the Administrator may designate another officer to:A) serve subpoenas.B) grant registration exemptions.C) issue a cease and desist order.

D) set recordkeeping requirements.

Answer: A
A cease and desist order is a directive from an administrative agency to immediately stop a particular action. The order can come from a federal, state, or judicial body; it is not exclusive to any single body. However, because this question is

The Uniform Securities Act provides that the state Administrator may deny the registration of a broker/dealer for all of the following reasons EXCEPT that:A) a willful violation of the Uniform Securities Act has occurred.

B) the applicant is financially

Answer: D
If the broker/dealer qualifies by virtue of training or knowledge, registration cannot be denied for lack of experience only. Registration may be denied if the applicant willfully violates the Uniform Securities Act, is financially insolvent, or

Disciplinary proceedings under the Uniform Securities Act require the Administrator to provide which of the following?An opportunity for a hearing.Written findings of facts and conclusions of law.Appropriate prior notice.A) II and III.

B) I, II and II

Answer: B
In the event of a disciplinary action, an Administrator must provide appropriate prior notice, an opportunity for a hearing, and written findings of facts and conclusions of law. Even if an order is issued summarily (made effective upon issue wi

A registered investment adviser has been investigated by the Administrator for fraudulent misrepresentations purportedly made to several clients. If the IA is found to have been in violation of the Uniform Securities Act, this may result in:
a $10,000 fin

Answer: D
The Administrator may appoint a receiver over the investment adviser's assets and require the IA to make restitution to the victim. The maximum fine for a violation of the USA is $5,000 and the maximum prison term is 3 years.

The Administrator may impose disciplinary action against a registrant when the registrant has:violated the provisions of federal securities law.engaged in unethical practices, even if no law was broken.

failed to properly supervise an employee who commi

Answer: C
Disciplinary action may be imposed by a state Administrator for violations of federal securities regulations, improper supervision, and unethical practices committed, whether or not a law was broken. Even in those few cases where a broker/dealer

Under the USA, which of the following are grounds for suspension, denial, or revocation of an issuer's registration statement?Information in the registration statement is incomplete.Unreasonable compensation to the underwriters.

Failure to pay filing fe

Answer: A
Incomplete information on the registration statement, unreasonable underwriting compensation, failure to pay filing fees, and a security subject to an administrative stop order in federal court are all grounds for suspension, denial, or revocati

On determining that a registrant or applicant for registration is no longer in existence or has ceased doing business as either an agent or a broker/dealer, the Administrator may:A) revoke the registration.B) issue a cease and desist order.

C) cancel th

Answer: C
A registration may be canceled if the registrant cannot be located, is found mentally incompetent, or has disbanded. This is known as non-punitive termination of registration. Suspension, revocation, and a cease and desist order are for violatio

The Administrator may deny a person's registration as an investment adviser representative if the person meets which of the following criteria?Has a recent securities-related criminal record.

Has recently been convicted of a felony not related to the sec

Answer: A
The Administrator may deny a license to individuals who have been convicted of any felony or a securities- or money-related misdemeanor within the last 10 years. Civil lawsuits will rarely have an effect upon securities registration.

Under the USA, the Administrator may do all of the following EXCEPT:A) revoke a previously allowed exemption.B) issue an injunction to force compliance with an Administrator's rule.

C) issue a stop order to revoke the effectiveness of a registration sta

Answer: B
Administrators cannot issue injunctions but they may petition a court to issue an injunction against certain activities. An Administrator may issue a stop order to revoke the effectiveness of a registration, issue a cease and desist order withou

An agent's license could be revoked if he were any of these EXCEPT:A) declared insolvent.B) convicted of a nonsecurities-related felony.C) under 21 years of age.

D) convicted of a securities-related misdemeanor.

Answer: C
The Uniform Securities Act has no age specifications (other than that the individual be of legal age, which, in most states is 18). Once registered, an agent's license can be revoked if the agent is convicted of a securities-related misdemeanor

Which of the following would subject an agent to a denial of registration?An arrest for fraudulent behavior in selling securities to an insurance company 2 years ago.Conviction of a securities-related misdemeanor eight years ago.

Losing a civil lawsuit

Answer: C
Conviction, not merely an arrest, for a misdemeanor involving securities within the past ten years, and failure to pay filing fees are grounds for denial. Loss of a civil suit not related to the securities industry is not a cause for denial to a

Which of the following statements would justify an Administrator's denial of a security's registration?The order is in the public interest.The company has not been paying dividends.The underwriter's compensation is excessive.A) I and II.

B) III only.

Answer: C
An Administrator's denial of a security's registration must be in the public interest. The underwriter's compensation may not be excessive.

Under the USA, a state securities Administrator can:start an investigation against a registrant even if a violation has not yet occurred.subpoena witnesses living in the Administrator's state only.subpoena witnesses living outside the state.

begin an i

Answer: B
Under the USA, the Administrator has a broad investigative authority and may begin an investigation against a registrant before a violation has occurred, and may subpoena witnesses in any state.

Under the USA, a sales agent's registration may be suspended by the Administrator for all of the following reasons EXCEPT:A) the agent is convicted of willful violations of the USA.

B) the agent is accused of violations of the antifraud provisions of the

Answer: B
An accusation is not grounds for suspension, unlike convictions, court injunctions, and lack of supervision.

Under the Uniform Securities Act, which of the following could be cause for disciplinary review action by the state securities Administrator?
Joe files an application for registration as an investment adviser and omits the fact that he was convicted of fr

Answer: B
Even though the Administrator's power to deny a registration is limited to convictions within the past 10 years, any conviction of a felony or securities-related misdemeanor must be disclosed. Similarly, failing to disclose a bankruptcy filing i

An Administrator has specific authority under the USA to:suspend the registration of a security if the suspension is in the public interest and the offering has excessive commissions.issue emergency injunctions to prevent a violation of the act.

enforce

Answer: B
The Administrator may impound the proceeds of an offering in an escrow account until the issuer receives a specified amount. The Administrator may also suspend a security's registration if excessive commissions are charged as part of the offerin

An Administrator may issue a stop order if it is in the public interest and the:A) registrant is subject to an administrative stop order of a neighboring state.B) Administrator disapproves of the quality of the products manufactured by the registrant.

C

Answer: A
An Administrator has the authority under the USA to issue a stop order if a registrant is subject to a stop order in another state. The Administrator does not have the authority to approve or disapprove of the quality of products manufactured by

In conducting investigations, the Administrator may:require a person to file a statement in writing and under oath.publish information of any violation over the vigorous objections of a violator.

make investigations both inside the state and in other st

Answer: D
The Administrator may require written statements under oath, publicize violations, and investigate anywhere necessary to determine whether or not a violation of the act took place in his state. However, he is not authorized to conduct investigat

An Administrator may deny or suspend a registration in all of the following situations EXCEPT:A) if the registrant has failed to properly supervise agents and investment adviser representatives.

B) if the applicant is not qualified on the basis of experi

Answer: B
The Administrator may restrict a registration on the basis of lack of training and knowledge, but not for a lack of experience alone. The Administrator may deny a registration if the applicant was convicted of a misdemeanor involving securities

Under which of the following circumstances may an Administrator revoke an adviser's registration?A) The adviser cannot be located after a reasonable search by the Administrator.B) The adviser is no longer in business.

C) The adviser has been convicted o

Answer: C
If an adviser committed a felony or participated in unethical business practices, its registration will be revoked, not canceled. An adviser's registration may be canceled if the adviser is found to be mentally incompetent, cannot be located, or

Under the Uniform Securities Act, the Administrator may deny or revoke a registration if an agent:submits an incomplete application.willfully violates a provision of the Act.has no prior sales experience.

was convicted of a non-securities related misde

Answer: C
Filing an incomplete application or willfully violating a provision of the Uniform Securities Act are reasons for denial or revocation of an agent's registration. Lack of experience itself, is not a cause and the Administrator can only judge bas

The Administrator may:deny a registration if the registrant does not have sufficient experience to function as an agent.

limit a registrant's functions to that of a broker/dealer if, in the initial application for registration as an investment adviser, t

Answer: B
The Administrator may deny, suspend, or revoke a registration for many reasons, but they must be in the interest of the public. The Administrator may determine that an applicant, in his initial application for registration for an investment advi

An Administrator may summarily suspend a registration pending final determination of proceedings under the USA. However, the Administrator may NOT enter an order without:appropriate prior notice to the registrant.an opportunity for a hearing.

findings o

Answer: B
Prior to the entry of a final order, the Administrator must provide appropriate prior notice to the registrant, provide the opportunity for a hearing, and present findings of fact and conclusions of law. A registrant is not required to provide w

Under the Uniform Securities Act, all of the following statements regarding a broker/dealer withdrawing its registration are true EXCEPT:A) it cannot take effect if the Administrator is instituting a revocation proceeding.

B) it is generally effective 30

Answer: D
If a broker/dealer withdraws its registration, it retains the right to re-register at some future date. The USA provides for a 30-day withdrawal period.

The Uniform Securities Act invests the Administrator with many powers over the activities of agents and broker/dealers. Which of the following actions does NOT fall within the Administrator's powers?A) Issuing cease and desist orders without a hearing.

B

Answer: C
Under the USA, no suspension or revocation may take place before a hearing.

The Administrator has authority to:issue a cease and desist order without a hearing.issue a cease and desist order only after a hearing.

suspend a securities registration upon discovering an officer of an issuer whose securities are traded on the NYSE h

Answer: D
The Administrator may issue a cease and desist order without a hearing. Sentencing is only done by a court and suspension is a punitive action that may only take place after a hearing In this particular instance, since the NYSE listed stock is c

Among the powers granted to the Administrator under the Uniform Securities Act is the power to:A) deny the registration of an agent solely because of lack of experience.B) subpoena witnesses or documents.C) appoint a SIPC trustee.

D) take criminal acti

Answer: B
When conducting an investigation, the Administrator may gather evidence by issuing a subpoena to witnesses. Documents may also be the subject of a subpoena. Lack of experience in itself is not a justification for denial of registration. Although

The Administrator of a state's securities department strongly believes that the registration statement for a security contains a substantial amount of misleading information and that investing in the security is likely to cause immediate and egregious har

Answer: C
The Administrator may deny or revoke the registration statement but must provide the applicant with an opportunity for a hearing within 15 days of a written request for such hearing.

Under the Uniform Securities Act, a state securities Administrator who believes that a registered investment adviser representative is about to violate a provision of the act would initially:A) issue a cease and desist order.

B) issue an order that perma

Answer: A
The Administrator would initiate action by issuing a cease and desist order. If the registered investment adviser representative continues to pursue activities that result in a violation of the USA, the Administrator may seek a court injunction

Under the Uniform Securities Act, the Administrator may:A) relax the antifraud provisions for investment adviser representatives not residing in the state.

B) make rules, orders, and forms the Administrator considers necessary to carry out the provisions

Answer: B
The Administrator has power to make, amend, and rescind such rules, forms, and orders it has issued as necessary to carry out the provisions of the act. The state Administrator may not waive provisions of the act.

If the Administrator has summarily suspended an investment adviser representative's registration, the registrant may request a hearing by written request and the hearing will be granted within:A) 45 days.B) 60 days.C) 15 days.

D) 30 days.

Answer: C
When an Administrator summarily suspends a registration, the registrant has a right to a hearing if the request is made in writing. The hearing must be granted within 15 days of receipt of the request. Registration of professionals takes place a

Which of the following statements is TRUE?A) Hearings of an Administrator must be held in public.B) An Administrator may not refuse a registrant's request to hold hearings in private.

C) An Administrator may, at the request of a registrant, hold hearing

Answer: C
An Administrator has the discretion to hold hearings in private. A registrant cannot demand that a hearing be held in private. Hearings are administrative actions, and are therefore not held in courts.

Under the Uniform Securities Act, the Administrator may:gather evidence within its state.gather evidence in any state.subpoena witness.require evidence be produced from outside the state.A) I, II, III and IV.B) I and II.C) I and III.

D) II and III.

Answer: A
An Administrator has the power to gather evidence both within and outside of the home state as well as subpoena evidence and witnesses in any state.

Which of the following statements relating to termination of registration of a securities professional registered under the USA is TRUE?A) A registration, once in effect, may never be voluntarily withdrawn.

B) An Administrator may deny a registration of

Answer: D
A person may request a withdrawal of a registration. Withdrawals become effective after 30 days if there are no revocation or denial proceedings in process. However, there remains a one year period during which the Administrator may commence an

The issuance of a stop order by a state securities Administrator requires:A) an issuance of an injunction by a court with jurisdiction over such issues.B) the subject to stop the activity without the opportunity for hearing.

C) an issuance of criminal c

Answer: D
The subject of a stop order must be given the opportunity for hearing. As long as the stop order is in effect, the security subject to the order may not be sold to the public or the proscribed activity may not continue. Stop orders do not requir

If, in the opinion of the Administrator, an agent is about to engage in a prohibited activity, the Administrator may:A) issue a cease and desist order.B) arrest the agent.C) issue an injunction.

D) suspend the agent's registration pending the outcome o

Answer: A
If the Administrator suspects a prohibited action is about to take place, a cease and desist order will be issued in an attempt to prevent that activity. Should the agent refuse to halt, then the Administrator will apply to the courts for an inj

The Administrator of State X receives a phone call warning that within the next couple of weeks, a scam is going to be perpetrated in his state by someone from State Y. The tipster even supplies the Administrator with names of people who will be involved

Answer: C
It's the old saying, "where the Administrator smells smoke, he can go looking for the fire.

Under which of the following circumstances can an Administrator initiate a suspension or revocation proceeding against a broker/dealer registered in the state?On discovery that the broker/dealer's license had been suspended in another state.

On the convi

Answer: A
An Administrator may initiate suspension proceedings against a broker/dealer on discovering that its registration has been suspended in another state and on conviction of a violation of the Securities Exchange Act of 1934. The Administrator may

To protect the public, the Administrator may:deny the registration of an agent with insufficient net capital.

require an applicant for registration as both a broker/dealer and an investment adviser to limit activities to those of a broker/dealer due to l

Answer: B
Agents never have a net capital requirement, but broker/dealers do. It is not uncommon for an Administrator to deny an application for registration as an investment adviser to a firm that does not appear to have the necessary qualifications. The

When the Administrator issues a cease and desist order,A) the subject of the order may appeal to the proper court.B) clients who purchased the affected securities must receive a prompt refund of the consideration paid.

C) it is tantamount to a suspensio

Answer: D
When you receive a cease and desist order from the Administrator, it means just what it says - you are to cease doing whatever it is that is the subject of the order and desist from doing it in the future. There is nothing here to appeal - if re

A registration of an agent can be denied or revoked if it is in the public interest and:a registrant fails to include the fact that he had been convicted of a nonsecurities-related misdemeanor within the last 2 years.

a registrant has willfully violated

Answer: C
An Administrator may not deny a registration solely on the basis of lack of experience. An Administrator may deny, revoke, or suspend a registration if it is in the public interest and a registrant fails to include the fact that he has been conv

Under the Uniform Securities Act, which of the following statements regarding investigations conducted by the Administrator is TRUE?Information regarding violations must be kept confidential.Investigations may be conducted across state lines.

The Admini

Answer: A
The Administrator is not restricted to his state's boundaries. If appropriate, the Administrator may apply to a court of competent jurisdiction to have a receiver appointed over the assets of a suspected violator. The Administrator is empowered

The Administrator could deny or revoke the registration of a broker/dealer if:A) an officer of the firm was found to be in violation of SEC rules 22 years ago.B) one of the firm's officers was convicted of a misdemeanor for being a scofflaw.

C) the majo

Answer: D
One of the causes for denial or revocation is a willful violation of the USA and failing to file advertising meets that criteria. You must know your calendar - 125 months is longer than 10 years ago.

Under the Uniform Securities Act, the Administrator has the power to deny, suspend, or revoke the registration of an issue if it is in the public interest and:
the issuer discloses in the prospectus that there is virtually no chance that the company's bus

Answer: B
If the Administrator of another state has revoked an issue's registration, the USA considers that just cause for denial in this state. Conviction of an officer of the issuer for a crime related to the securities industry will invariably lead to

An Administrator may initiate a suspension or revocation proceeding against a broker/dealer registered in his state:up to 2 years after a broker/dealer voluntarily withdraws its registration.

when an agent of the broker/dealer is convicted of a felony vi

Answer: C
The Administrator maintains jurisdiction over a license that has been withdrawn for a period of 1 year after the effective date of the withdrawal. An action against an agent of the broker/dealer does not allow the regulatory authority to also go

While the Administrator has great power, the USA does place some limitations on the office. Which of the following statements regarding those powers are TRUE?In conducting an investigation, an Administrator can compel the testimony of witnesses.

Investig

Answer: D
An Administrator can compel the testimony of witnesses when conducting an investigation. Investigation of serious violations need not be held in public. An Administrator in Illinois may enforce subpoenas from another state only if the alleged vi

There are several ways that a securities professional's registration can be terminated. Nonpunitive termination of a securities professional's registration could be done through:cancellation.suspension.revocation.withdrawal.A) I and IV.

B) I and III.

Answer: A
Cancellation and withdrawal are nonpunitive methods of termination of a person's registration. Suspension, revocation, and denial are considered forms of punishment.

The Administrator may deny an application for registration as an agent if:the applicant has been convicted of a misdemeanor involving securities fraud within the past 120 months.the applicant is insolvent.

the applicant has been convicted of a felony wi

Answer: A
A record of any felony conviction or misdemeanors involving securities fraud during the last 10 years is sufficient grounds for the Administrator to deny an application for registration in the securities industry. Insolvency and failure to file

Which of the following statements (is) are TRUE?An Administrator can suspend a pending registration on a summary basis.An Administrator may not summarily issue a stop order without prior notice and opportunity for a hearing.

An Administrator may cancel

Answer: D
An Administrator can, on a summary basis, suspend a pending registration but may not issue a stop order without a prior notice and an opportunity for a hearing. Cancellation is different from revocation and is not a result of disciplinary action

Which of the following statements regarding a cease and desist order are TRUE?It is an order to stop a specified activity immediately.

If the registered agent continues to violate the statute, the registered agent may become the subject of a court issued

Answer: C
The Administrator is empowered to issue cease and desist orders that require the immediate halt of a specific activity. If the agent fails to stop engaging in the activity, the Administrator may seek an injunction from a court of competent juris

Under the Uniform Securities Act, in order for the Administrator to suspend an agent's registration:notice must be given of the proposed action and hearingnotification must be given to the employing broker/dealer of the final order

the agent must be pre

Answer: C
The Administrator may by order summarily postpone or suspend registration pending final determination of any proceeding the USA. Upon the entry of the order, the Administrator shall promptly notify the applicant or registrant, as well as the emp

An applicant for registration as an investment adviser discloses on Form ADV that it plans to use palm readers to help determine which investments are most suitable for their clients. Under the Uniform Securities Act, the Administrator:
A) may deny applic

Answer: A
A denial of registration must be based on the concept of law. There are stated reasons for denial, such as felony convictions, outstanding injunctions, and insolvency. Although disclosure of methods of analysis is required, the Administrator is

The Uniform Securities Act invests the office of the Administrator with a number of powers. However, the act does not permit the Administrator to:A) issue a cease and desist order without prior notice.

B) insist that specific forms be used to register se

Answer: D
Injunctions may be issued by a court of competent jurisdiction only.

The state securities Administrator has the authority to:A) issue and enforce an injunction against a registered party.B) make, amend, or rescind rules,forms, and orders necessary to administer the USA.C) amend or alter the Uniform Securities Act.

D) is

Answer: B
A state securities Administrator may issue a ruling or order to comply with the blue-sky laws of the state and designate the use of certain forms, but does not have authority to amend or alter the Uniform Securities Act itself. All rules and for

The Administrator of a state securities department conducted a hearing regarding misconduct by an investment adviser registered at the state level. The Administrator required the adviser, as well as several clients who had lodged complaints against the ad

Answer: D
The USA empowers Administrators to administer oaths, Sworn oaths typically occur in conjunction with hearings.

While a student at college nine years ago, Joe was convicted of possession of marijuana (a misdemeanor in that state) and received a suspended sentence. Joe now resides in a different state where the same offense is a felony. If Joe disclosed the matter o

Answer: B
In this context, only a conviction for a felony within the past ten years may be grounds for denying a registration. Since the conviction does not show up on Joe's records as a felony, the fact that this state has different penalties for the sam

An applicant for registration as an IAR in this state was convicted 4 years ago of a nonfinancially related crime in another state. Under that state's laws, the crime was a misdemeanor, but under this state's laws, it is a felony. When viewing this IAR's

Answer: B
Even though the crime is a felony in the state where registration is being sought, the applicant's record shows a misdemeanor and, therefore, this individual would not be subject to statutory disqualification.

It is a violation of the Uniform Securities Act if an agent:A) engages in honest or ethical business practices.B) files a fraudulent application.C) makes any material representation in the offer or sale of a security.

D) offers or sells any security un

Answer: B
It is a violation of the Uniform Securities Act to file a fraudulent or misleading application for registration as a securities industry professional (agent, broker/dealer, or investment adviser). An agent may always make material representation

If an agent's registration is revoked for a violation of the Act, the Administrator may deny a future application submitted by the agent for:agent.broker/dealer.investment adviser.A) I only.B) I and II.C) II only.

D) I, II and III.

Answer: D
Once an agent's registration is revoked, any future applications for registration in the securities industry (as agent, broker/dealer, or investment adviser) may be denied.

A broker/dealer having no place of business in a state is not required to be registered in that state if the broker/dealer:A) does no business in that state other than with institutional clients.B) is a member of FINRA.

C) is a member of the New York St

Answer: A
A broker/dealer must be registered in every state it sells or offers to sell securities, unless an exemption is available. If a broker/dealer has no office in a particular state and no business is done in that state other than with institutional

Under the Uniform Securities Act, the Administrator has the power to:administer oaths.indict offenders.subpoena witnesses.take evidence.A) I, II, III and IV.B) I, III and IV.C) I and III.

D) II, III and IV.

Answer: B
The Administrator has the power to administer oaths, subpoena witnesses and take evidence. The Administrator also has the power to compel testimony and require the production of books and records. However, while the Administrator is authorized t

Under the Uniform Securities Act, as a result of a hearing, the disciplinary actions that may be taken by the Administrator include which of the following?Permanent revocation of a registration.Bar from employment with any registrant.

Restriction on a r

Answer: B
Once the registrant is found guilty at a hearing, the Administrator is authorized to take all of the above actions against a person's registration.

Under the Uniform Securities Act, in which of the following circumstances may the Administrator take action against an advisory firm?
Nine years ago, the Administrator of another state found that the president of the firm violated the securities laws of t

Answer: D
Violation of another state's securities laws within the past ten years by the president of the firm might be cause for action against an investment adviser. So is insolvency, defined as having liabilities in excess of one's assets or the inabili

Under the Uniform Securities Act, the Administrator is required to provide which of the following in a disciplinary proceeding?Appropriate prior notice.Opportunity for a hearing.Written findings of fact and conclusions of law.A) I and III.

B) III only

Answer: C
In general, the Administrator must provide appropriate prior notice, opportunity for hearing, and written findings of fact and conclusions of law. Even if an order is issued summarily-that is, made effective upon issue without prior notice-the r

Before taking any disciplinary action with respect to a registration under the Uniform Securities Act, the Administrator must always do which of the following?Obtain the approval of the appropriate state court.

Find that the action is in the public inter

Answer: A
Disciplinary actions with respect to registration may be taken by the Administrator after a finding of public interest and cause. Court orders are required only for legal action, such as seeking an injunction or appointment of a receiver over an

Under the Uniform Securities Act, which of the following would cause an agent's registration to be canceled by the Administrator?The agent has died.The agent is found by a court to be mentally incompetent.

The agent cannot be located after reasonable se

Answer: B
The key word is canceled. The Administrator would cancel an agent's registration in the event of death or mental incompetence of the registrant. Failure to locate an agent, such as mail being returned without a forwarding address, is also a caus

Under the Uniform Securities Act, which of the following concerning the withdrawal of an agent's registration is NOT true?A) Absent any disciplinary proceedings, withdrawal is effective 30 days after application.

B) At the Administrator's discretion, dis

Answer: D
Under the USA, withdrawals of registration are generally effective on the 30th day after filing, unless a disciplinary action is instituted. The Administrator may institute a revocation or suspension proceeding within one year after an agent's w

Under the Uniform Securities Act, the Administrator is given the power to:examine files of registered persons who have their offices out of state.designate an officer who will then have the power to take evidence regarding investigations.

sentence willf

Answer: D
The Administrator may examine files of any registered person, whether located in the state or out of state. The Administrator may invest a designated officer with the power to conduct formal investigations: subpoena witnesses, compel testimony,

Under the Uniform Securities Act, violations of the act may result in all of the following EXCEPT:A) an arrest being made by the Administrator.B) A receiver being appointed over the violator's assets.

C) A court order requiring the violator to make rest

Answer: A
The Administrator has the power to impose or ask a court to impose any of the items shown, but does not have the authority to arrest anyone..

Under the Uniform Securities Act, which of the following is NOT a reason for canceling an agent's registration?A) The agent has ceased to do business as an agent.B) The agent has engaged in an unethical business practice.

C) The agent has been found by

Answer: B
The other choices are causes for cancellation, which is not intended to be punitive. Engaging in unethical business practices is a cause for disciplinary action by the Administrator, court-imposed penalties, criminal prosecution, and civil legal

Under the Uniform Securities Act, an Administrator who believes a violation has occurred or is about to occur mayissue a cease and desist order without a prior hearing

bring action to obtain an injunction and have a receiver appointed over the alleged vi

Answer: A
Whenever it appears to the Administrator that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of the Uniform Securities Act or any rule or order, he may in his discretion bring either

Under the Uniform Securities Act, which of the following statements are TRUE about the authority of an Administrator?A cease and desist order may be issued prior to a hearing.A cease and desist order may be issued after a hearing.

A cease and desist ord

Answer: A
In issuing a cease and desist order, the Administrator may provide prior notice and hearing or may issue the order without prior notice or hearing (summarily). There is no time period associated with the order.

When an Administrator acts summarily to postpone or suspend a registration of a security, which of the following statements is (are) TRUE under the Uniform Securities Act?The suspension will not go into effect until after a hearing.

The registrant must b

Answer: D
Acting summarily means acting without prior notice. An Administrator who has grounds may postpone or suspend a registration by issuing a stop order. The registrant must be promptly notified of the action and of the opportunity for a hearing. The

Which of the following would be cause for the state administrator to deny a registration if there is non payment of the proper application filing fee?

Which of the following could be a reason for the Administrator to deny an applicant's registration as an investment adviser representative?

Which of the following would subject an agent to a denial of registration?

Does the administrator have the power to require sworn oaths?