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← Series 63: Regulation of Securities & Issuers
Series 63 practice questionhardRevocation of Exemptions

Which statement correctly describes the Administrator’s power over transactional exemptions under the 1956 Uniform Securities Act?

  1. AThe Administrator may deny or revoke a transactional exemption for a specific transaction after the required process✓ Correct answer
  2. BThe Administrator may retroactively revoke a transactional exemption
  3. CThe Administrator may abolish a statutory exemption for all transactions by rule
  4. DThe Administrator may revoke exemptions without notice or an opportunity for hearing
Explanation

Why A — The Administrator may deny or revoke a transactional exemption for a specific transaction after the required process

The Administrator may deny or revoke any transactional exemption with respect to a specific transaction, subject to notice, an opportunity for hearing, and written findings. The order may not operate retroactively and cannot abolish the statutory exemption generally.

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