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Series 63 practice questionmediumAdministrator Powers — Willful Violations

In a remedial practice session, the fact pattern is framed this way. Treat the facts as a straight Series 63 application question. An agent registered in State A is found to have willfully violated the securities act of State B. The Administrator of State A may:

  1. ATake no action because the violation occurred in another state
  2. BOnly impose a fine but cannot revoke registration
  3. COnly issue a warning letter to the agent
  4. 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. This version tests the same concept with a different fact pattern wrapper.

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