Authority of the State Securities Administrator

What this video covers

• Why the Administrator can launch an investigation entirely at their own discretion, with no complaint, no court order, and no prior approval needed
• The scope of subpoena power for testimony and documentary evidence, and the critical two-step process when someone refuses to comply
• Why only a court of competent jurisdiction can enforce a subpoena and punish contempt, not the Administrator directly
• The condition that must be met for the Administrator to issue and enforce subpoenas at the request of another state's securities administrator
• Why transactional immunity is broader than use immunity, and exactly when it applies (and does not apply) after claiming the Fifth Amendment privilege
• The good faith conformity defense and why following an Administrator's rule honestly protects you even if that rule is later struck down
• Why administrative hearings are public by default, and the unanimous requirement to make them private