Define and differentiate between the concepts of primary and secondary liability.

Describe what constitutes a control person for purposes of liability of both the Securities Act of 1933 and the Securities Exchange Act of 1934, and how the concept of control person liability relates to the concept of respondeat superior liability.

List three separate equitable bars/equitable defenses that defendants have been permitted to raise to defeat the claims brought against them.

Explain the good-faith defense of a defendant in response to control person claims under the Securities Act of 1933 and the Securities Exchange Act of 1934, listing two separate examples of the application of the good-faith defense under each of the Acts.

List and describe three separate penalties, remedies and/or relief that can be sought and awarded in SEC administrative enforcement proceedings.