Series 63 practice questionmediumSummary Orders – Notification
An agent's registration is summarily suspended without prior notice in State Z due to suspected fraud. Which notification(s) must the Administrator provide to the agent?
- AWritten notice of the order, reasons for the action, and notice of the right to a hearing✓ Correct answer
- BOnly a notice of the order
- CNo notice is required in the case of fraud
- DNotice of the right to appeal to the SEC
Explanation
Why A — Written notice of the order, reasons for the action, and notice of the right to a hearing
Summary orders require immediate written notice giving reasons and hearing rights (Section 407). C and D are incorrect; B is incomplete.
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