3.3.4 Other Provisions
The Uniform Securities Act outlines a number of other administrative rules regarding the role of the administrator’s office. The biggest of these are the rules surrounding a final order, when the administrator decides what final action to take on an initial order that was previously issued. Essentially, this is the finished product after an investigation (and possibly a hearing) has been conducted. The order may be:
• Vacated (charges or penalties dropped)
• Finalized (charges and penalties confirmed)
• Modified (charges and penalties changed)
From time to time, the state administrator may also issue what is known as an interpretive opinion. Under one of these, the administrator cuts off discussion at the pass and says that it will not pursue further action against a person, firm, or issuer. Naturally, the administrator can only do this if it can establish that the person has not violated any law.
The state administrator may require that an applicant for initial registration as a broker-dealer, agent, investment adviser, or investment adviser representative publish an announcement of their application in one or more specified newspapers published in the state.
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SUMMARY TABLE |
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Administrative Jurisdiction |
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What is an administrator allowed to do? |
What is an administrator not allowed to do? |