Jurisdictional Scope

What this video covers

• What counts as a state under the Uniform Securities Act (USA), including territories, possessions, and Puerto Rico, and why foreign countries are excluded
• How the two-prong sell-side test reaches persons who sell or offer to sell through an offer made in the state or an offer to buy made and accepted there
• How the two-prong buy-side test inverts the prongs and narrows coverage to antifraud, person registration, and unlawful representations only
• Why physical presence is never required and how a single phone call or mailed letter can make an offer in multiple states simultaneously
• The three media exclusions (out-of-state publication, in-state with more than two-thirds circulation outside, and out-of-state broadcast) and why the two-thirds rule only applies in the publication's home state
• Why a follow-up phone call after an excluded media ad is a brand new unexcluded offer made directly in the investor's state
• The any instrumental act standard for investment adviser representatives (IARs) and why preparatory activities alone trigger jurisdiction