Broker-dealer Nebulous opted to withdraw its registration with the state.

The Administrator is unable to take disciplinary action against Nebulous because the self-initiated withdrawal became effective 30 days after the application was filed.

The Administrator is only able to take disciplinary action if the misdeeds are discovered within three months of the effective date of the withdrawal, so Nebulous slipped by this time.

The Administrator has five years from the discovery of the misdeed to take disciplinary action, so Nebulous will have to be on the lookout for a long time to come.

The Administrator can take disciplinary action against Nebulous for up to one year, so Nebulous is in trouble.