Uniform Securities Act

# The Uniform Securities Act: State-Level Securities Regulation The Uniform Securities Act (USA) is one of the most heavily tested frameworks on the Series 65 — understanding the Administrator's powers, registration methods, and the reach of antifraud rules can easily account for 8–12 questions on your exam. The Series 65 exam places this content in Section IV (Laws, Regulations & Guidelines), which carries 30% of the scored exam weight — approximately 39 of 130 scored questions. [Source: NASAA Series 65 Exam Content Outline, effective 2023-06-12] --- ## Why the Uniform Securities Act Exists The Uniform Securities Act (USA) is a model law adopted (with variations) by individual states to regulate securities at the state level. While federal law (like the Securities Act of 1933 and Investment Advisers Act of 1940) governs activity at the national level, the USA gives each state's Administrator — typically the state securities commissioner or director — authority to protect investors within that state's borders. Think of it as the state-level counterpart to federal securities regulation. --- ## The Administrator: Powers and Procedures The Administrator is the chief state securities regulator. Their powers are broad but procedurally constrained. ### Core Administrative Powers | Power | Key Detail | |---|---| | Cease-and-desist order | Can be issued without prior notice — no hearing required before issuance | | Hearing right | Subject of a cease-and-desist has 15 days to request a hearing after the order | | Subpoena / investigate | Can compel testimony and document production | | **Deny, suspend,…