Securities Registration Process

What this video covers

• Why federal registration under the Securities Act of 1933 is about disclosure, not Securities and Exchange Commission (SEC) approval or endorsement of investment quality
• The exact pre-filing, waiting period, and post-effectiveness rules: no offers before filing, no sales closing before effectiveness, and prospectus delivery required
• How registration by coordination works with federal registration, including the 10-day filing period and 2-business-day price or underwriter information timing requirements
• Why registration by qualification is state only, when it applies to intrastate offerings, and that the state administrator alone sets the effective date
• What registration by filing or notification requires for seasoned issuers, and why it becomes effective automatically concurrent with federal effectiveness
• Why notice filing is not a state registration method at all, but rather a fee and document submission for federal covered securities where states cannot add substantive requirements
• The administrator's power to require escrow of securities or impoundment of proceeds under both coordination and qualification, not just qualification alone