What the Administrator CAN and CANNOT Do
Chapters in this video
- 0:00 Stan the administrator: regulator, not cop
- 1:37 What Stan can do alone: investigations, subpoenas, and career-ending registration actions
- 2:35 Subpoena enforcement: where the administrator hits a wall
- 3:24 The two-prong test and the willfully trap
- 4:24 Cease and desist versus injunction: the most tested distinction
- 5:22 What Stan never can do: arrests, criminal penalties, and money remedies
- 6:07 Restitution, disgorgement, and the attorney general's role
- 7:27 Registrations effective not approved, and appeals that do not stay orders
- 8:10 Exchange-listed covered securities and the fraud exception
- 9:12 Rapid-fire exam recap
What this video covers
- Why the administrator can investigate, subpoena, and issue cease and desist orders without any court involvement
- The exact limits of administrative power: no arrests, no criminal fines, no prison, no injunctions, and no court-enforced remedies alone
- The two-prong test for denial, suspension, or revocation: public interest plus a specific statutory ground, and why both are always required
- The meaning of willfully on the exam: intent to commit the act itself, not intent to break the law
- Why cease and desist orders are administrative but injunctions are judicial, and how the exam tests this distinction with precise wording
- Who actually handles arrests, prosecution, and putting bad actors in jail (the attorney general and district attorney)
- Why registrations become effective but are never approved, and why appealing an order does not automatically stay it
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