USA - Admin Procedures Flashcards
The admin has the power to conduct _______, which can be _____ or ______
investigations, which can be public or private
The admin can ______ violations
broadcast
The admin can ______ persons and records
subpoena
The admin can issue a ____ and ____ order without providing a _____
a cease and desist order without providing a hearing
Judicial review of an admin’s order must be petitioned within ______
60 days of the order being entered
There is no such thing as civil ______ under the USA
civil penalties (only civil liability)
Willful violations of the act are considered _______
felonies
Will violations are punishable by:
- restitution
- fine up to $5,000
- up to 3 years in prison
Statute of limitations is _____
5 years
If illegitimate securities or advisory products are sold, then that person has to _____ the securities, pay _____ interest net of income received, and pay the _____ fees
buy back the securities (plus fees paid), pay 6% interest less income received, and pay legal fees
Lawsuits will survive the death of the _____ or the ____
plaintiff or the defendant
Civil suits can be brought within ____ but no later than ____ from discovery
3 years but not later than 2 years from discovery
If a seller realizes that securities were offered illegally, they can offer _____
an offer of rescission, but must be made prior to suit being brought
If an offer of rescission is made but refused within the ____ window, then no suit may be filed
30 day
The only portion of the USA that the admin cannot change or amend is the definition of ______
exempt securities
