Registration
- Broker-dealers, agents, IAs and IARs register with the state Administrator
- Registrations generally expire December 31 and must be renewed
- Federal covered advisers make notice filings with the state
Securities and issuers
- Registration by coordination, qualification or filing
- Exempt securities include U.S. government and municipal securities
- Exempt transactions include unsolicited and institutional trades
Remedies
- The Administrator can deny, suspend or revoke registrations and issue cease and desist orders
- Buyers may recover what they paid plus interest and costs, less income received
- Criminal penalties require a court; the Administrator can't jail anyone
Communications and ethics
- Never say the Administrator approved a security or person
- No guarantees against loss and no unauthorized or excessive trading
- Disclose conflicts and keep customer information confidential
Test yourself on Series 63
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