Filing Sales Literature with the Administrator
Chapters in this video
- 0:00 The Administrator's authority to demand your mail
- 1:30 What counts as sales literature: the massive umbrella
- 2:25 The form letter trap: boring still counts
- 3:05 Discretionary filing: "may" not "must"
- 3:32 Flexible timing: pre-use, concurrent, or post-use
- 4:18 When Stan has no power: federal covered securities
- 5:08 The three exemptions: exempt securities, exempt transactions, federal covered
- 6:03 Rapid-fire exam recap
What this video covers
- The Administrator's discretionary power to require filing by rule or order, and why "may" matters more than "must"
- What qualifies as sales literature under the Uniform Securities Act (USA): prospectuses, pamphlets, circulars, form letters, advertisements, and other communications
- Why even a simple, copy-pasted form letter counts as sales literature if intended for prospective investors
- The three timing options for filing: pre-use, concurrently with use, and post-use
- Which securities are excluded from state filing requirements: federal covered securities, exempt securities, and exempt transactions
- Why securities listed on national exchanges and investment company securities (mutual funds) are immune from state filing demands
- How the Administrator's classification authority allows different filing formulas for different securities
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