Exempt Securities and Exempt Transactions: Rapid Fire

What this video covers

• The three lawful paths to sell a security in a state: registered, exempt, or federal covered; and why there is never a secret fourth option
• The distinction between an exempt security (the exemption travels with the security forever) and an exempt transaction (the exemption applies only to the specific sale)
• Which securities get the permanent VIP pass: government bonds, bank and credit union securities, insurance company stock and bonds (but not variable products), nonprofits, high-grade commercial paper, and public utilities
• Federal covered securities under NSMIA: exchange-listed securities, investment company shares, qualified purchaser sales, and Regulation D private placements; plus the notice filing requirement within 15 days
• The unsolicited order exemption: why the customer must initiate, the broker-dealer must be registered, and the issuer cannot use it
• Why the private placement limit counts offerees, not purchasers, and why institutional buyers are excluded from the 10-person cap
• The absolute rule that no exemption, security, transaction, or federal covered, ever shields anyone from antifraud enforcement