State Enforcement and Antifraud Authority: Rapid Fire

What this video covers

• The Uniform Securities Act (USA) of 1956 as amended by the North American Securities Administrators Association (NASAA), and why your exam tests this version rather than the 2002 version
• What counts as a state under the Act: 50 states, U.S. territories or possessions, the District of Columbia, and Puerto Rico, but never a foreign country
• The two jurisdiction prongs against a seller and why either one is sufficient to trigger state enforcement
• Why a single cross-border call can give two states jurisdiction over the exact same transaction
• The broader investment adviser standard and the three specific areas where it applies
• Why the antifraud provision covers every offer, sale, and purchase of any security with no exemptions whatsoever
• The media exclusion trap and why the two-thirds rule applies only to publications published in the state