The Three Communication Categories
Chapters in this video
- 0:00 The Three Communication Categories and who counts as retail
- 0:59 The magic number 25 and rolling 30 calendar-day window
- 2:32 The institutional VIP list and $50 million asset test
- 3:15 The 100-participant retirement plan trap and individual status
- 4:11 Leak scenarios and the intent test at distribution
- 5:00 Rapid-fire exam recap with four-step drill
What this video covers
- Why the 25-retail-recipient threshold is the difference between correspondence and a retail communication, and how the 26th recipient flips the category
- How the rolling 30 calendar-day window works, and why an email can change category without a single word of text changing
- The closed list of institutional investors, including the $50 million total-assets test for natural persons and the income-test trap
- Why a 403(b) or 457 retirement plan is institutional only at 100 aggregate participants, and why individual plan participants remain retail
- What the intent test means for leaks: a firm is judged by what it had reason to believe at distribution, not by what happened afterwards
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 82 course also includes adaptive practice questions and spaced-repetition flashcards, available in Free Beta.