Series 63 practice questionmediumSupervision — Responsibility
If an IAR at William Blair violates state securities laws, which party is PRIMARILY responsible for ensuring compliance under the USA?
- AThe firm’s designated supervisor✓ Correct answer
- BThe state Administrator
- CThe IAR’s immediate supervisor only
- DThe IAR’s client
Explanation
Why A — The firm’s designated supervisor
The designated supervisor (per the firm’s written policies) bears primary responsibility for supervision and compliance (USA §411(c)). Administrator enforces, not supervises; C and D are incorrect.
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