Unit 12

Question 1

Under the Uniform Securities Act, Absent any disciplinary proceedings,

Answer 1

60 days

Question 2

An Administrator can,

Answer 2

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.

Question 3

Using the powers granted under the Uniform Securities Act, the Administrator would have the right to deny the registration of a broker-dealer if

Answer 3

USA only permits an Administrator to take action against a person convicted of a securities violation in another state if that action would be a violation in his state. However, when the license is revoked on a federal basis, whether through the actions of the SEC or a national SRO like FINRA (the exam may still use NASD), it would be cause for denial by the Administrator even when the action involved is not a violation in his state.