Series 66: 8.1.8 Authority Of The Administrator

8.1.8  Authority of the Administrator

Now that you know what securities professionals, firms, and issuers are supposed to do to make sure they are properly registered in a state, let’s look at what happens when they do not follow the guidelines that go along with their line of work. While the actual consequences of violations may vary slightly from state to state, the Uniform Securities Act is meant to serve as a template for each state to follow when making its own rules and regulations.

Regardless of how a state has created its rules, it is important to remember which office is at the top of the pyramid. The state securities administrator, which may go by a different official title depending on the state, is ultimately in charge. This office is responsible for ensuring that the laws a specific state has adopted are actually enforced. This is where the buck stops. Naturally the persons who are employed by this office are vested with a number of unique powers.

One of the most important responsibilities held by a state securities administrator is to coordinate with other state an