What is a key characteristic of civil liability under the Securities Act?

A key characteristic of civil liability under the Securities Act is that it typically involves the buyer suing for a refund. This means that if a buyer purchases securities based on false or misleading information, they can seek damages or a refund from the sellers or issuers of those securities due to the breach of statutory duty.

The Securities Act is designed to protect investors by ensuring that they receive accurate information when making investment decisions. If they are misled, they have a legal avenue to hold the responsible parties accountable through civil litigation. This reflects the underlying principle of investor protection that the Securities Act aims to uphold.

The other options do not align with the fundamental concepts surrounding civil liability under the Securities Act. For instance, pursuing civil liability does not happen in criminal courts, and a buyer's right to sue does not eliminate the need for proper registration. Civil liability is distinct from enforcement actions by the SEC, which would involve regulatory measures rather than lawsuits for damages.