NASAA Series 63Remedies and Administrative ProvisionsMedium
An Administrator issues a final order revoking the registration of a broker-dealer. The broker-dealer believes the order was issued unlawfully and wishes to appeal it. Under the Uniform Securities Act, how many days does the broker-dealer have to file a petition for judicial review?
- A15 days
- B60 days
- C30 days
- D90 days
Show answer & explanationAnswer & explanation
Correct answer: B. 60 days
The Uniform Securities Act specifies that any person aggrieved by a final order of the Administrator may obtain a review of the order in court by filing a petition within 60 days after the entry of the order.
Why the other options are wrong
- A. 15 days is often associated with summary orders but not final orders for judicial review.
- C. 30 days is a common administrative timeframe but not the specified period for judicial review of a final order.
- D. 90 days is too long and not the specified period under the Uniform Securities Act for this action.
Judicial Review of Administrator's Final Order
A person aggrieved by a final order of the Administrator has a limited timeframe to petition a court for review of that order.
- Applies to final orders, not summary orders.
- Petition must be filed within 60 days.
- Aims to challenge the lawfulness of the order.
Memory trick: Final orders get a two-month appeal window before the court closes its doors.