Series 63 practice questioneasyCriminal Penalties—Statute of Limitations
Under the Uniform Securities Act (USA), the statute of limitations for bringing a criminal action for willful violations is:
- A1 year from the date of violation
- B2 years from discovery of the violation
- C5 years from the date of the violation✓ Correct answer
- D10 years from the date of the violation
Explanation
Why C — 5 years from the date of the violation
Section 409 of the USA states criminal prosecutions must be started within 5 years of the alleged violation. Options A, B, and D do not match the USA’s specified time limit.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 1,051+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Spot an error in this question or explanation? Tell us — we fix these fast.
Related Remedies & Administrative Provisions questions
- Which of the following must be present for criminal penalties to be imposed under the USA?
- A buyer files suit under Section 410 for a securities violation, seeking to recover the current market value of the…
- An individual found guilty of willfully violating the USA may be subject to which of the following maximum penalties?
- An agent makes a bona fide written rescission offer, properly including interest and court costs, to a client who is…
- An agent unintentionally fails to register in a state before soliciting a client. According to the USA, the agent is:
- A seller makes a rescission offer after the buyer has already filed a lawsuit under Section 410. What is the effect of…
- Which of the following statements about the role of the Administrator in criminal enforcement is TRUE under the USA?
- A buyer purchases an unregistered, non-exempt security. Under the USA, the buyer is entitled to: