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← Series 63: Remedies & Administrative Provisions
Series 63 practice questionmediumAdministrative Procedures — Judicial Review

On a timed state-securities quiz, the scenario below appears. The exam wants the best state-securities answer, not a practical business answer. A broker-dealer whose registration was revoked by the Administrator may seek judicial review by:

  1. AAppealing directly to the SEC
  2. BRequesting a new hearing before the Administrator
  3. CFiling an action in the appropriate state court✓ Correct answer
  4. DFiling a complaint with FINRA
Explanation

Why C — Filing an action in the appropriate state court

Under USA Section 411, any person aggrieved by a final order of the Administrator may obtain judicial review by filing an action in the appropriate state court. The court reviews whether the Administrator's order was lawful and supported by the evidence in the record. The governing USA principle is unchanged even though the framing is different.

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