Filing of Sales and Advertising Literature
Chapters in this video
- 0:00 The Administrator's broad filing power over marketing materials
- 1:50 The three exceptions: exempt securities, exempt transactions, federal covered securities
- 2:38 Pre-use, concurrent, and post-use filing timing flexibility
- 3:09 The ultimate exam trap: filing never equals approval
- 4:22 Rapid-fire exam recap
What this video covers
- Why the state Administrator has broad authority to require filing of prospectuses, pamphlets, circulars, form letters, advertisements, and other sales literature or advertising communications
- The three exceptions where filing authority disappears entirely: exempt securities, exempt transactions, and federal covered securities
- The three timing models for filing (pre-use, concurrent, and post-use) and why the Administrator has flexibility to tailor them through general rulemaking authority
- Why exempt from registration means exempt from advertising filing, and how exam writers test this exemption crossover
- The consistent principle that filing is a compliance obligation, not a seal of approval, endorsement, or recommendation from the Administrator
- How the registration-is-not-approval principle extends directly to marketing materials, and why silence after review never equals endorsement
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. When you're ready to drill the topic, the full Series 63 course adds adaptive practice questions and spaced-repetition flashcards.