Panther,
re: "they cannot revoke without a court trial". Actually they don't need the court system....they hold a hearing. In fact, in many cases the companies are so far gone they get revoked because they fail to respond to the hearing notice. They can also suspend a registration for 12 months but I never ran into one of those.
Section 12 -- Registration Requirements for Securities
j. Denial, suspension, or revocation of registration; notice and hearing
The Commission is authorized, by order, as it deems necessary or appropriate for the protection of investors to deny, to suspend the effective date of, to suspend for a period not exceeding twelve months, or to revoke the registration of a security, if the Commission finds, on the record after notice and opportunity for hearing, that the issuer, of such security has failed to comply with any provision of this title or the rules and regulations thereunder.
