63 state registration for securities
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what does exempt mean
not subject to registration
name the non securities
- r etirement ira keogh
- I nsurance or endowment annuity where ins. promise to pay fixed amount or periodic or lump sum paymet
- c ollectalbes
- c ommodities
- c ondo for personal residence
- c urrency
proceeds of the sale go to the issuer . all newly issued securities are issuer transactions. the proceeds of the sale go to the company itself.
non issuer transaction
proceeds do not go directely to the issuer . example sold on the NYSE or nasdaq. proceeds go to the investor.
- National Securites Markets Improvement Act.
- established the sec as the regulator of nationally based secutities acivities leavin the states with aurhtority over state based secutrities . and leavin the federal covered securities to the feds
Federal covered security
- has a federally imposed exemption from the state.
- These cannot be regulation by the states.
categories of the Federal Covered securities.
- 1. listed securites: authorized for listing on the nyse and sec registered exchanges. nasdaq
- blue chip
- 2. Investment company act 1940
- unit investment trust
- face amount ceritcate
- closed and open end management companies
- 3.exempt securites under reg d . muni of government ( not state muni)
3 methods of securites ussueers to register
- 1. notification or filing
- 2. Coordination
- 3. qualificaton
notification or filing
securities thate are nonlisted not exempt . this filing takes place at the state level.
registration by coordination
- means coordinating a federal registration with a state registration.
- issuers must follow additional consent to service
registration by quallification
If they can not be registered in any other way. securities sold in only one state.
exemptions from registration
- THE USA exempts both securities and transactions from registration.
- an exempt security retains exemption on initially and subsequent trading.... BUT exemption bust be established before each transaction.
- US and canadian government and muni securities.
- foreigh govt securities
- depository institutions
- Insurance company securites
- public utility securities
- federal covered secutirties
- secutiries by non profit and cooperatives
- securites of employee benefit plans
- commercial paper and bankers acceptances most common
- isolated nonissuer transactions. One time like selling your home one time by owner.
- Unsolicitied brokerage transaction
- underwriter transactions ( between issuer and underwriter)
- Bankruptcy guardian or conservtor transactions
- institutional investor
- limited offering
- preorganization cerificates
- existing security holders
- specified nonissuer transaction
REG D NET WORTH 1MIL AND 200 THOUSAND FOR THE PAST 2 YEARS
investor that manage large amts of money for others ....mutual funds insurance company banks or pension funds
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