Securities & Issuer Regulation

Exam Weight: ~7 questions (5% of exam)

This unit covers the definition of a security, state and federal registration requirements, exempt securities and transactions, issuer definitions and obligations, antifraud provisions, and state enforcement authority.

What You'll Learn

• The definition of a security using the Howey Test, state registration methods, federal covered securities, exempt securities, exempt transactions, Regulation D private placements, Regulation A+, intrastate offerings, and accredited investors
• The definition of an issuer, issuer versus non-issuer transactions, control persons, registration of issuer agents, and the role and risks of finders
• Antifraud provisions and their universal application, civil and criminal liability, state Administrator enforcement powers, and investment company types