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Series 63 practice questioneasyAdministrator Powers — Subpoena

During a compliance drill, focus on how the Uniform Securities Act applies here. Treat the facts as a straight Series 63 application question. The state securities Administrator has the power to issue subpoenas to:

  1. AAny person whose testimony is relevant to an investigation✓ Correct answer
  2. BOnly persons who have committed criminal violations
  3. COnly registered persons within the state
  4. DOnly broker-dealers and investment advisers
Explanation

Why A — Any person whose testimony is relevant to an investigation

Under USA Section 407, the Administrator may subpoena witnesses, compel their attendance, take evidence, and require the production of books, papers, or other documents relevant to any investigation or proceeding. This power is not limited to registered persons. This variant keeps the same legal rule but shifts the setup so recall has to stay flexible.

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