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