Administration of the USA Flashcards
What are the four basic tools to enforce the USA?
- Orders issued by the Administrator
- Actions against registration
- Civil Actions
- Criminal Actions
What is an offer?
Attempts to dispose of, and solicitations to buy a security for value
What is a sale?
Any contract or agreement to dispose of a security on the day the trade is executed
What is jurisdiction?
- The power to interpret and apply the law
- Territorial range of authority or control
When does an administrator have jurisdiction?
- Offer made in state
- Offer originates in state
- Offer directed to and received in state
- Offer accepted in state
What happens in an Administrator initiated investigation?
written statements under oath of details concerning violation, can be public or private
What is inspectorial power?
Overall power and ability of administrator to investigate real and potential violations of the USA
When happens when an Administrator subpoenas witnesses?
Requires they produce materials relevant to inquiry
What happens if subpoena is ignored?
Administrator may request enforcement by court. Failure to obey is punishable as contempt of court
What is a cease and desist order?
Demand by administrator to immediately halt an activity or risk facing legal action. Effective on date of issuance
When is a cease and desist order issued?
Person is engaging in, about to engage in, or has engaged in any violation of USA
How are cease and desist issues ordered?
Can be issued without hearing and includes statement as to whether civil penalty is sought or costs of investigation need to be recovered.
When is hearing held after cease and desist order?
Within 15 days after written request is made
What is an injunction?
Restraining order requested by administrator if noncompliance with cease and desist order
When is a registration cancelled by the Administrator?
If registered person is
- not living
- ceased business
- found mentally incompetent
- cannot be located after reasonable search
