State Registration and Post-Registration Requirements: Rapid Fire
Chapters in this video
- 0:00 The registration requirement: offers alone trigger it
- 1:01 Three paths to registration: filing, coordination, qualification
- 4:27 Stop orders and summary suspension: the 15-day hearing rule
- 5:34 Federal covered securities: NSMIA preemption and its limits
- 6:57 Critical numbers: effective period, reporting caps, and 30-day windows
- 8:22 Federal offering timeline: pre-filing, cooling-off, post-effective
- 9:13 Rapid-fire exam recap
What this video covers
- Why an offer alone triggers the state registration requirement, and why solicitation before effectiveness is unlawful even when no sale closes
- How filing works for seasoned issuers and the separate route for open-end funds and unit investment trusts (UITs), including why escrow never applies to filing
- Why coordination effectiveness is automatic when the federal registration becomes effective, and what documents must already be on file
- When qualification is the only available method, and why the Administrator controls every aspect of its effective date
- The two-part test for stop orders (public interest plus statutory ground), the difference between a stop order and a penalty, and the 15-day hearing deadline after written request
- Which securities are federal covered, why National Securities Markets Improvement Act (NSMIA) preempts registration but not anti-fraud authority, and when stop orders remain totally unavailable
- The federal offering timeline from pre-filing through cooling-off to post-effective, and why tombstone ads never replace final prospectus delivery
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