Series 63 practice questionmediumUSA Authority and NSMIA
Under the USA, which of the following is a responsibility that state Administrators retain for federally covered securities after NSMIA?
- AInvestigating potential securities fraud✓ Correct answer
- BRequiring approval of the security’s offering price
- CMandating full registration of the security
- DRequiring state licensure for the security issuer
Explanation
Why A — Investigating potential securities fraud
States always retain authority to enforce antifraud provisions (A) under both NSMIA and the USA (Section 18). States cannot require offering price approval (B), full registration (C), or issuer licensure (D) for covered securities.
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