Series 63 practice questionmediumAll of the following EXCEPT: Administrator’s powers in multi-state cases
All of the following are actions a State L Administrator may take in investigating a multi-state securities fraud EXCEPT:
- AIssue subpoenas to witnesses in another state.
- BCompel production of documents from out-of-state broker-dealers.
- CImpose criminal penalties on an out-of-state violator.✓ Correct answer
- DApply to a court for enforcement of a subpoena served outside the state.
Explanation
Why C — Impose criminal penalties on an out-of-state violator.
Section 408 and 409 limit Administrators to civil remedies; only courts pursue criminal penalties (C). A, B, and D reflect permitted investigative and civil actions.
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