State Securities Administrator
The official or agency that enforces a state's securities act.
What is State Securities Administrator?
The Administrator can make rules and forms, issue interpretive opinions, investigate inside or outside the state, subpoena witnesses and records, deny, suspend or revoke registrations, and issue cease-and-desist orders. The Administrator cannot issue an injunction (a court must) and cannot impose criminal penalties - it refers cases to prosecutors.
State Securities Administrator: a worked example
An Administrator issues a cease-and-desist order to stop an unregistered offering, then asks a court for an injunction.
More terms in Uniform Securities Act & Registration
Uniform Securities Act (USA)
The model state securities law most states' 'blue sky' statutes are based on.
Person (USA Definition)
Anyone who can be held legally responsible - individuals and organizations.
Investment Adviser (USA Definition)
Advises on securities, as a business, for compensation.
Excluded from the Investment Adviser Definition
Banks, incidental professionals, broker-dealers, and publishers are not advisers at all.
Exemptions from State Adviser Registration
An adviser with no office in the state and only institutional or very few clients there.
De Minimis Exemption
No place of business in the state and fewer than 6 clients there in 12 months.
Federal Covered Adviser
An adviser registered with the SEC rather than the states.
Exempt Reporting Adviser
A private fund adviser exempt from SEC registration but still filing reports.
All Uniform Securities Act & Registration terms · Full glossary