Registration & Licensing - Denial, Revocation, or Suspension

Question 1

Two qualifications for denying, suspending, or revoking registration

Answer 1

1. Administrator finds that it is in the public interest and
2. the person who is subject of the order meets one of a number of qualifiers (i.e., filed a materially incomplete app, willfully violated Act’s terms, subject of court order, etc.)

Question 2

Can the Administrator enter an order of revocation solely on the basis of lack of experience?

Answer 2

No (if the Applicant is qualified by training or knowledge)

Question 3

Can the Administrator require different qualifications for broker-dealers than for their agents?

Answer 3

Yes

Question 4

Can the Administrator require different qualifications for investment advisers than for their representatives?

Answer 4

Yes

Question 5

Can the Administrator condition registration as a broker-dealer or agent upon that person NOT acting as an investment advisor?

Answer 5

Yes

Question 6

What must an Administrator do if he or she summarily postpones or suspends a registration pending a final determination?

Answer 6

Promptly notify the applicant and employer (if it is an agent or investment adviser representative application) that the order has been entered and why; and

Within 15 days of written request, the matter will be set down for a hearing.

Question 7

What happens if no hearing is requested in the context of a summary order?

Answer 7

The order stands until the Administrator decides it should be changed.