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Legal Guidelines

Horizontales
Person registered with the state only.
Offering document for stock
Which type of companies are excluded from the definition of "investment adviser" or exempted from registration?
Must be delivered within 48 hours of person entering into a contract.
What category of companies can be classified as Open-End and Closed-End, among others?
Under which Act is the term "person" defined broadly to encompass various legal entities?
Margin
Annual disclosure document
What type of investment companies issue a fixed number of shares traded on the stock market?
IA's must be registered with the Securities and Exchange Commission under which Act
What exemption allows advisors to operate without full registration when serving a limited number of retail clients in a state?
A broker is in what type of transaction?
What agency is responsible for regulating securities and federal securities laws?
Verticales
What type of person gives advice for a fee?
The Act of 1933 governs the primary market. What investment is always an issuer transaction?
What is the broad term used to define a wide range of entities and individuals involved in securities transactions?
The Act of 1934 created what government agency?
Which securities are US Government securities that advisors may exclusively provide advice on?
Small offerings
Allows administrator to accept documents on agents behalf.
Private Placement
A dealer is in what type of transaction?
What type of person earns a commission for transactions?
Always a primary market transaction
Person who is dual registered.
A broker charges what?
Always a secondary market transaction
What exemption applies when an adviser provides advice to residents of only one state?
State Law
Simplify securities regulation in the U.S. by empowering federal regulators and promoting market efficiency.