Question of the Week

Federal covered securities are subject to which of the following requirements?

I. State registration
II. State anti-fraud statutes
III. SEC registration
IV. SEC anti-fraud statutes

a) I & II
b) II, III & IV
c) I, II, III & IV
d) III & IV

Answer:

The correct answer is b.

Federal covered securities are subject to only federal registration with the SEC and do not have to register with the state. However, they must comply with both state and federal anti-fraud statutes.

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