Federal Covered Securities
Chapters in this video
- 0:00 Municipal bond trap: the Ohio issuer exception
- 1:50 NSMIA and the registration vs. anti-fraud split
- 3:17 Exchange-listed VIP: no filing, no fee, no stop order
- 4:38 Notice filing defined: report, fee, zero merit review
- 6:21 Consent to service of process and the 15-day deadline
- 7:23 Qualified purchasers and the non-accredited trap
- 8:20 Federally exempt but NOT federal covered
- 9:02 Rapid-fire exam recap: Stan's logic gate
What this video covers
- Why NSMIA preempted state registration but left state anti-fraud authority completely intact, and how test writers bait you into confusing the two
- The five categories of federal covered securities, with exchange-listed securities as the only category fully exempt from notice filing, fees, and stop orders
- What a notice filing actually is: a reporting and fee requirement only, with zero merit review by the state Administrator
- The three components of an investment company notice filing: federal documents, applicable fees, and consent to service of process
- Why the 15-day deadline for uncapped Regulation D private placement notice filings runs from the first sale in the state, not before or after the offering
- How the qualified purchaser category is defined by the buyer's wealth status, not by the security type or offering structure
- Which federally exempt securities are NOT federal covered: nonprofit issuers, fairness hearing reorganizations, and intrastate offerings
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