Administrator Powers and Administrative Actions: Rapid Fire
Chapters in this video
- 0:00 Stan versus Aaron: administrative versus judicial power
- 1:14 Cease and desist orders, subpoenas, and the court enforcement gap
- 2:29 The two-prong registration trap: statutory ground plus public interest
- 4:43 Timeline swaps: 60, 15, 30, 90, and 10 years
- 6:18 Top exam gotchas: willfully defined and exchange-listed exemptions
- 7:14 Rapid-fire final recap
What this video covers
- Why the Administrator can investigate inside or outside the state with no complaint, but cannot arrest anyone or impose criminal penalties
- The difference between a cease and desist order (administrative, no hearing required) and an injunction (judicial, court-ordered only)
- Why the Administrator can subpoena records but cannot enforce the subpoena: only a court can hold someone in contempt
- The two-prong test for registration actions: public interest AND a statutory ground, plus notice, hearing, and written findings
- Why registrations become effective and are never "approved," and why calling them approved is a prohibited practice
- The critical timeline swaps: 60 days to appeal, 15 days to request a hearing, 30 days for securities versus 90 days for persons on retroactive action
- Why "willfully" means intent to do the act, not intent to break the law, and why NYSE or NASDAQ exchange-listed securities are immune from stop orders
Read the full lesson, free
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