State Enforcement and Antifraud Authority

What this video covers

• Why the antifraud provisions apply universally with exactly zero exemptions, even to exempt securities, exempt transactions, and federal covered securities
• The three prongs of the Uniform Securities Act (USA) general antifraud provision, and why prong 3 (operates as a fraud or deceit) requires no proof of intent
• The scope and trigger differences between the general antifraud provision (any person; offer, sale, or purchase) and the advisory antifraud provision (persons receiving consideration for advice; rendition of advice or solicitation)
• The strict chronological workflow for principal trading: written disclosure, then per-transaction client consent, then completion of the trade
• Why failure to register is a separate violation bucket that is never charged under the antifraud provision
• Which exemptions the Administrator can revoke (exchange listed securities, nonprofits, employee benefit plans, exempt transactions) and which are permanently protected (United States government securities, bank securities)