Series 63 practice questionhardAdministrator’s Powers—Out-of-State Respondent
A broker-dealer registered in State A but headquartered in State B is accused of violating the USA in State A. What authority does the Administrator of State A have to initiate service of legal process?
- AThe Administrator may serve legal process via the consent to service the B-D filed with State A✓ Correct answer
- BThe Administrator must rely on State B's Administrator to serve the process
- CThe Administrator cannot serve process outside State A
- DThe Administrator must first obtain federal court approval
Explanation
Why A — The Administrator may serve legal process via the consent to service the B-D filed with State A
Section 414(g) allows the Administrator to serve process via the consent to service, which covers legal actions regardless of the respondent's physical location. Reliance on State B or federal courts is not required.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 1,051+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Spot an error in this question or explanation? Tell us — we fix these fast.
Related Remedies & Administrative Provisions questions
- When a petition for judicial review is filed, the Administrator must:
- If a state-registered investment adviser ceases doing business, what record-retention period does the model USA itself…
- A State C Administrator believes a registered IA in the state is violating rules. The Administrator wants to conduct an…
- If the Administrator has reason to believe a person is violating the USA but that person is not registered, the…
- Service of process under the USA consent to service covers which types of actions?
- A registrant appeals an Administrator’s suspension order in state court. What happens to the suspension during the…
- An agent and his employing broker-dealer both participated in a fraudulent securities sale. Under the USA, the client…
- When may the Administrator examine records covered by USA Section 203?
