Authority of the State Securities Administrator

What this video covers

• The three specific buckets of the administrator's authority: denial, suspension, or revocation of registration; investigation and subpoena power; and rulemaking authority
• The distinction between rules (broad, general applicability, force of law) and orders (specific to one person or situation), and why confusing them is a common exam trap
• The scope of the administrator's investigatory powers, including the ability to investigate across state lines, compel testimony and document production, and share information with federal and other regulators
• Transactional immunity, its state-specific scope, and why it does not block federal prosecution, perjury charges, or contempt findings
• The strict limit between administrative and judicial powers; specifically that the administrator cannot impose fines, jail sentences, or damages, and cannot issue injunctions, restitution, or disgorgement directly
• Automatic versus discretionary court relief, and why the administrator does not post bond when seeking injunctions but must persuade the judge for receiver appointment or restitution orders