Jurisdictional Scope

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Chapters in this video

  1. 0:00 The two-prong offer-or-acceptance test
  2. 1:35 Mailbox rule for acceptance in a state
  3. 2:37 Media exclusions and the two-thirds rule
  4. 3:12 When the media exclusion does NOT protect follow-up contact
  5. 5:15 Investment adviser "any act" broader standard
  6. 6:10 Rapid-fire exam recap

What this video covers

  • The two-prong test: an offer to sell is made in the state, OR an offer to buy is made and accepted in the state
  • Why concurrent jurisdiction exists when a call originates in one state and is received in another
  • The mailbox rule for acceptance: when acceptance is communicated to the offeror in the state, provided no prior acceptance was communicated outside the state
  • How the two-thirds circulation rule lets an in-state publication escape jurisdiction
  • Why media exclusions protect the newspaper or broadcast but NOT a follow-up targeted solicitation by phone or mail
  • The "any act instrumental" standard for investment advisers and investment adviser representatives (IARs), and why it is far broader than the offer/acceptance test for broker-dealers

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