Denial and Revocation of Exemptions

What this video covers

• Which exempt securities are immune from Administrator revocation: government securities, bank and financial institution securities, utilities, and commercial paper
• The three specific exempt securities the Administrator CAN revoke: exchange-listed, nonprofit, and employee benefit plan securities
• Why all exempt transaction exemptions are revocable, while certain exempt securities are permanently protected
• The three-step revocation procedure in exact order: prior notice, opportunity for hearing, then written findings of fact and conclusions of law
• How a summary order works as a temporary freeze, and what specific event starts the 15-day hearing countdown clock
• Why revocation orders cannot operate retroactively, and how this protects transactions completed before the order was entered
• The two-pronged good faith defense: proving both lack of actual knowledge AND that reasonable care would not have revealed the order