Registration Requirement
Chapters in this video
- 0:00 The Unbreakable Rules and the cast of characters
- 1:48 Foundational rule: three legal buckets
- 3:05 Offer vs sale: the danger zone net
- 4:04 Three paths to registration: filing, coordination, qualification
- 6:07 Coordination vs qualification: the federal SEC distinction
- 7:28 Rapid-fire Series 63 recap
What this video covers
- Why the Uniform Securities Act (USA) makes it unlawful to offer or sell any security in a state without registration, an exemption, or federal covered status
- How the USA defines "offer" and "sale" broadly, and why a solicitation to buy triggers registration just as a completed sale does
- The three conditions that make an offer or sale legal: state registration, exemption, or federal covered security with notice filing
- How registration by filing (notification) works for established issuers and ties to federal Securities and Exchange Commission (SEC) effectiveness
- How registration by coordination synchronizes state and federal SEC registrations to become effective concurrently
- Why registration by qualification is the only method with no concurrent federal SEC requirement, and why it only becomes effective when the Administrator orders it
- Why the registrant chooses among eligible methods, but all three are subject to identical stop-order standards
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