Filing Sales Literature with the Administrator
Chapters in this video
- 0:00 Administrator's discretionary power and six material types
- 1:44 Affirmative pre-use approval vs. other timing formulas
- 2:53 Three exemptions: exempt securities, exempt transactions, federal covered securities
- 4:50 State Administrator rules vs. Financial Industry Regulatory Authority (FINRA) rules
- 5:27 Registration is not approval: process vs. merits
- 6:55 Rapid-fire exam recap
What this video covers
- The Administrator's discretionary power: why the word "may" means filing is not automatic
- The six types of sales literature the Administrator can demand to see, from prospectuses to "any other sales literature"
- The four timing options: pre-use, concurrent with use, post-use, and affirmative pre-use approval
- The three exemptions that block the filing requirement: exempt securities, exempt transactions, and federal covered securities
- Why an exempt transaction alone protects sales literature even when the underlying security is not exempt
- The complete independence of state Administrator filing rules from Financial Industry Regulatory Authority (FINRA) filing rules
- Why filing, review, and even affirmative pre-use approval are never, under any circumstances, an endorsement of the investment's merits
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