Authority of the State Securities Administrator: Rapid Fire

What this video covers

• Who the State Securities Administrator is, why every state has its own, and why the North American Securities Administrators Association (NASAA) is not a regulator with enforcement power
• The Administrator's solo powers: rulemaking, public or private investigations inside or outside the state, subpoenas, cease and desist orders, and administering oaths
• The strict requirement that rules must be published and found necessary or appropriate in the public interest or for investor protection
• Good-faith reliance protection: why following a published rule in good faith shields you even if that rule is later struck down
• Where the Administrator's power hits a wall: subpoena enforcement, monetary remedies (restitution, rescission, disgorgement), arrest, criminal fines, and imprisonment all require a court
• Staff confidentiality: why the Administrator's own officers and employees are barred from using non-public information for personal benefit
• Transactional immunity: what it covers (state prosecution for the compelled matter), what it never covers (perjury), and who it does not bind (federal prosecutors)