Denial, Suspension & Revocation of Registration

Requires both the public interest and a statutory ground.

Uniform Securities Act & Registration Series 65 · Section 4

What is Denial, Suspension & Revocation of Registration?

The Administrator must find that the order is in the public interest and that a ground exists: a false or misleading application, a willful violation of the Act, conviction of any felony or a securities-related misdemeanor within the past 10 years, a court injunction, dishonest or unethical practices, insolvency, lack of qualification (though not experience alone), or failure to supervise. Notice, an opportunity for a hearing, and written findings are required. Pending a final decision, the Administrator may summarily postpone or suspend; the person may then request a hearing, held within 15 days of the request.

Denial, Suspension & Revocation of Registration: a worked example

An agent convicted of a non-securities felony eight years ago can be denied registration.

Study this term Start a study session

More terms in Uniform Securities Act & Registration

Uniform Securities Act (USA) The model state securities law most states' 'blue sky' statutes are based on. State Securities Administrator The official or agency that enforces a state's securities act. 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.

All Uniform Securities Act & Registration terms · Full glossary