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FINRA - Series 63 Uniform Securities Agent Law Exam [Registration of Securities] A+GRADED 2024
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FINRA - Series 63 Uniform Securities Agent Law Exam [Registration of Securities] A+GRADED 2024
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FINRA - Series 63 UniformSecurities Agent Law Exam
[Registration of Securities]
A+GRADED 2024
For a new issue of securities to be offered to the public - //the
securities must generally be registered with the states in which
they will be sold, unless they are exempt from registration or
qualify as a Federal Covered Security.
An exemption from registration in a state means that - //the issuer
does not have to file a registration statement or advertising
material in the state.
An exemption from state registration can be - //for the securities
themselves or for the transaction.
[US. Government Securities] or [Underwriter transactions]
A Federal Covered Security is one - //that is registered with the
SEC only not with the states.
In practice most new issues qualify as - //Federal Covered
Securities.
Registration Requirements for Securities - //It is unlawful for any
person to offer for sale any security *in a state* unless
the security is registered under the act
, or
the security is exempt from registration
or
the security is a Federal Covered Security
*Note* No registration with FINRA or other Self-Regulatory
Organizations such as NASAA or the MSRB is listed as a
requirement under the Uniform Securities Act. True or False -
//True
Satisfying State Registration for a Security - //Registration with a
state means that the securities can be *"lawfully sold"* in that
state after the registration becomes effective.
Registration requirements at the state level may be satisfied by
*one* of the following methods: - //[1] Filing [notice filing] this is a
form of registration used by Federal Covered Securities or by an
established company which has registered with the SEC.
[2] Coordination this is a form of filing used for new issues whose
registration is pending with the SEC. Any security for which a
registration statement has been filed with the SEC may be
registered by coordination.
[3] Qualification this is a form of registration use when the new
issue of securities is not going to be filed with the SEC but in the
state of issuance *only*. Any security may be issued by
qualification.
Filing [Notice Filing] - The following conditions must be satisfied:
- //[a] must be actually engaged in the business operations of the
U.S. for a period of at least 36 consecutive months.
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