- withdrawal, effective in 30 days if no revocation/suspension proceedings
- cancellation, administrator realizes applicant no longer exist
Notes
- once registration is withdrawn, Administrator has jurisdiction over you for 1 year
- if mailings are returned with no forwarding address, Administrator can cancel registration
- administrator can cancel registration of person declared mentally incompetent
- cancellation, result of death, dissolution, mental incompetency
- if IA is under suspension, IAR is under suspension
Quiz 2M
1. Which of the following statements relating to the termination of registration is TRUE?
Penalties for violations of the Uniform Securities Act
Civil liabilities
- sell securities, give investment advice in violation of the USA
purchaser may sue for recovery WHEN:
- a sale was made of an unregistered nonexempt security in violation of the registration provisions of USA
the securities professional omits or makes an untrue statement of material fact during a sales presentation - the agent was named along with the broker/dealer for a civil infraction
- the securities were sold by an agent who should have been but was not registered under the act
- the securities were sold in violation of a rule or order of the securities Administrator
Statute of limitations
- 3 years from date of sale
- 2 years after discovering the violation
- whichever comes first
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