Series 66: 8.1.10.2 Rescission

Taken from our Series 66 Online Guide

8.1.10.2 Rescission

One unique provision available to securities issuers, investment advisers, and broker-dealers to help them avoid administrative action is known as rescission. This typically occurs when a securities professional, firm, or issuer is made aware of a violation that has taken place and wishes to avoid regulatory penalties and legal costs that might otherwise result. Under rescission, the violator offers a client the right to undo advice she was given. For example, if a customer loses a significant portion of her account value because of several unsuitable

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