Securities RegistrationPregunta 48 de 100
In an administrative proceeding, a party claims that an offering qualified for an exemption from registration. Which statement is correct?
a.The Administrator must prove that the exemption does not apply
b.An exemption once claimed cannot be revoked
c.The burden of proving an exemption rests on the person claiming it, and the Administrator may by order deny or revoke a specific exemption
d.Exemptions may be revoked only by a court
Explicación
The act places the burden of proving an exemption or an exception on the person who claims it, so a firm relying on an exemption should document the supporting facts at the time of the sale. The Administrator also has authority to deny or revoke an exemption for a particular security or transaction by order, subject to notice and hearing rights. No court order is needed for the Administrator to act.
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