What the Administrator CAN and CANNOT Do

What this video covers

• The two-prong test for registration actions: public interest plus a statutory ground, and why both are always required
• Why willfully means intending the physical act, not intending to violate the law, and how this distinction is tested with unregistered securities sales
• Every unilateral administrative power: investigations, subpoenas, cease and desist orders, denial-slash-suspension-slash-revocation of registrations, stop orders, summary suspensions, and canceling inactive registrations
• The single most tested boundary: cease and desist orders (administrative) versus injunctions (judicial), and who petitions for each
• Why the Administrator cannot impose criminal penalties, arrest anyone, grant injunctions, or directly enforce subpoenas, and which entities actually hold those powers
• Why registrations become effective rather than approved, and why claiming state approval is itself a violation
• Why stop orders against exchange-listed covered securities are fully preempted, and what that means for the Administrator's authority