The Three Communication Categories
Chapters in this video
- 0:00 The classification engine and Priya's gatekeeping role
- 1:38 The 25-and-30 counting rule and the correspondence cliff
- 3:11 The institutional VIP list: $50 million and 100 participants
- 5:05 When one retail investor contaminates the clean room
- 6:23 Live public appearances versus recorded distribution
- 7:56 Downstream principal duties: approval, filing, and records
- 9:11 Rapid-fire exam recap
What this video covers
- How the 25-investor, 30-day counting rule mechanically sorts communications into correspondence, retail, or institutional
- Why 25 retail investors in 30 days is correspondence, but 26 triggers the stricter retail communication rules
- The exact categories that qualify as institutional investors, including the $50 million total assets threshold and why net worth does not count
- Why the 100-participant threshold for employee benefit plans and qualified plans overrides even massive dollar amounts
- How a single accidental retail recipient destroys institutional status and forces reclassification under the 25-and-30 test
- The metamorphosis trap: why a live public appearance becomes a written communication the moment it is recorded and distributed
- The downstream principal approval, filing, and three-year record retention duties that cascade from correct classification
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 24 course also includes adaptive practice questions and spaced-repetition flashcards, free through the end of 2026.