Securities Issuances Regulated by State Law

The video tutorial discusses the interplay between federal and state registration laws, focusing on the National Securities Market Improvement Act (NSMIA) and its impact on securities regulation. It outlines specific exemptions from state regulation, such as publicly traded companies and registered investment companies. Additionally, it covers voluntary state exemptions for certain transactions, including those limited by geography or number of purchasers.

What is the main focus of compliance discussed in the first section?

• Local business regulations

• International trade laws

• Federal and state registration laws

• Federal tax laws

Which act governs the regulation of certain securities transactions?

• Sarbanes-Oxley Act

• Investment Company Act

• National Securities Market Improvement Act

• Securities Exchange Act

Which of the following is NOT exempt from state regulation under the National Securities Market Improvement Act?

• Private local businesses

• Rule 506 issuances

• Registered investment companies

• Publicly traded companies

What is one reason a state might voluntarily exempt a transaction from regulation?

• The transaction is based in a limited geographic area

• The transaction involves a new type of cryptocurrency

• The transaction is conducted entirely online

• The transaction involves a large number of international investors

Which type of offering might qualify for voluntary state exemption?

• Private offerings to predefined investors

• Offerings involving government bonds

• Offerings on international exchanges

• Public offerings