Securities and Issuer Regulation: Rapid Fire

What this video covers

• The four-prong Howey test for investment contracts, and why missing even one prong means no security status under that definition
• Why variable annuities ARE securities and fixed annuities, whole life, bank certificates of deposit, and ordinary commodities futures are NOT
• The exact moment an offer becomes a sale, and why a gift of assessable stock counts as both offer and sale with no bundling required
• The critical difference between exempt securities (durable, the S stuff) and exempt transactions (one-time, the trade), plus why neither escapes antifraud law
• The three accredited-investor dollar thresholds and the primary-residence exclusion rule, including underwater mortgage treatment as a liability
• The MUF memory aid for the three investment-company types: management companies (open-end and closed-end), unit investment trusts, and face-amount certificate companies
• Why minors and incapacitated persons are still defined as persons under the act, and why their status triggers cancellation of registration rather than exclusion from coverage