Series 63 practice questionhardAdministrator’s authority—extraterritorial reach
A fraudulent offer of securities is made from State P to a resident in State Q, who accepts while vacationing in State R. Which Administrator(s) may investigate and take action?
- AAdministrators of States P, Q, and R.✓ Correct answer
- BOnly State Q.
- COnly State P.
- DOnly State R.
Explanation
Why A — Administrators of States P, Q, and R.
USA Sec 414 grants jurisdiction to the Administrator in the state of offer, where the offer is received, and where acceptance occurs. All three Administrators may investigate and act.
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