Administrative Procedures Flashcards
If someone has been convicted of a felony he what is the statute of limitations that allows an administrator to deny registration?
10 years
If someone has been convicted of a misdemeanor involving any aspect of the securities business what is the statute of limitations that allows the administrator to deny registration?
10 years is the statute of limitations involving a misdemeanor in any aspect of the securities business
If someone has been enjoined by any court from engaging in or continuing to conduct any aspect of the securities industry in the past what is the statute of limitations for an administrator to reject or deny registration?
Indefinitely
If an agent has had its registration revolt by any state or been suspended by the SEC within the past how many years does the statute of limitations allow the administrator to deny registration?
The correct answer is 10 years
Proceedings seeking criminal penalties cannot start later than how many years after the date of the alleged violation?
Five years
What is the difference between civil liability and criminal liability?
Civil liability is liability to a wrong party that violates the uniform securities act without willful intent and no fraud is involved.
If a person willfully violates the act, such action is considered to be fraudulent and is classified as a felony this would be criminal liability
If a broker dealer in state a offer securities to a customer in-state b which has jurisdiction?
Both administrators in state a and state b
If a broker dealer in state a offers securities to a customer located in state x who is temporarily on vacation in state Z which administrator has jurisdiction
Only state a and state X
If a broker dealer located in state a offer securities to a customer in state x but the mail is forwarded by the post office to state Z where the customers temporarily residing which state has jurisdiction
Only state a
