Series 63 practice questionmediumAdministrator Powers — Willful Violations
An agent registered in State A is found to have willfully violated the securities act of State B. The Administrator of State A may:
- ATake no action because the violation occurred in another state
- BOnly impose a fine but cannot revoke registration
- COnly issue a warning letter to the agent
- DDeny, suspend, or revoke the agent's registration in State A✓ Correct answer
Explanation
Why D — Deny, suspend, or revoke the agent's registration in State A
Under USA Section 204(a)(2)(F), the Administrator may deny, suspend, or revoke registration if a person has willfully violated or willfully failed to comply with the securities act of any state, not just the Administrator's own state. Interstate cooperation is a key feature of the USA.
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