Series 63 practice questionmediumNon-resident exemptions from Administrator investigations
Whose testimony may the Administrator subpoena in an investigation involving State T residents?
- AAny person whose testimony is relevant, including a nonparty investor✓ Correct answer
- BOnly persons registered in State T
- COnly residents physically present in State T
- DOnly the issuer and its officers
Explanation
Why A — Any person whose testimony is relevant, including a nonparty investor
USA Section 407 authorizes subpoenas for testimony and evidence relevant to an investigation and does not create an exemption for nonparty investors. Actual out-of-state or international enforcement may require a court with jurisdiction or interstate assistance.
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