2. Regulatory Fundamentals

In this section

• 2.1 Securities Act of 1933
  • Purpose and Scope of the Securities Act of 1933
    Explore the purpose and scope of the Securities Act of 1933, focusing on its role in regulating securities issuance, ensuring full disclosure, and preventing fraud in initial offerings. Understand the importance of registration with the SEC and the provision of material information to investors.
  • Securities Registration Process: A Comprehensive Guide
    Explore the detailed process of securities registration under the Securities Act of 1933, including filing requirements, the cooling-off period, and exemptions. This guide is essential for Series 6 exam preparation and understanding U.S. securities regulations.
  • Exempt Securities and Transactions
    Explore the intricacies of exempt securities and transactions under the Securities Act of 1933, focusing on government bonds, municipal securities, and private placements. Understand the criteria for exemptions and the implications for investors and issuers.
• 2.2 Securities Exchange Act of 1934
  • Regulation of Secondary Markets
    Explore how the Securities Exchange Act of 1934 governs trading in secondary markets, the role of the SEC, and ongoing disclosure obligations for reporting companies.
  • Broker-Dealer Registration Requirements and Compliance
    Explore the comprehensive guide to broker-dealer registration, including application processes, the role of SROs like FINRA, and compliance essentials under the Securities Exchange Act of 1934.
  • Anti-Fraud Provisions: Understanding Section 10(b) and Rule 10b-5
    Explore the anti-fraud provisions under the Securities Exchange Act of 1934, focusing on Section 10(b) and Rule 10b-5. Learn about insider trading laws, consequences of violations, and real-world applications.
• 2.3 Investment Company Act of 1940
  • Definition and Types of Investment Companies
    Explore the definition and types of investment companies under the Investment Company Act of 1940, including mutual funds, closed-end funds, and more.
  • Investment Company Registration and Regulation Requirements
    Comprehensive guide on the registration and regulation requirements under the Investment Company Act of 1940, focusing on the process, obligations, and fiduciary duties.
• 2.4 Investment Advisers Act of 1940
  • Investment Adviser Definition and Responsibilities
    In-depth guide on the definition, roles, and responsibilities of investment advisers under the Investment Advisers Act of 1940, essential for Series 6 Exam preparation.
  • Investment Adviser Registration and Exemptions: A Comprehensive Guide
    Explore the registration requirements and exemptions under the Investment Advisers Act of 1940, including the role of Form ADV and key exemptions like the private fund adviser exemption. Master the Series 6 Exam with detailed insights into regulatory fundamentals.
• 2.5 FINRA Rules and Regulations
  • FINRA Membership and Governance
    Explore the essential role of FINRA in regulating broker-dealers and registered representatives, the process for becoming a FINRA member firm, and the organizational structure governing its members.
  • FINRA Conduct Rules: Key Standards and Obligations
    Explore the essential FINRA Conduct Rules including Rule 2010 and Rule 2111, focusing on fair dealing, ethical standards, and professional conduct in the securities industry.
  • FINRA Communications with the Public: Essential Guidelines for Series 6 Exam Success
    Master the FINRA rules on communications with the public for the Series 6 Exam. Understand retail, correspondence, and institutional communication categories, content standards, and approval processes.
• 2.6 Other Regulatory Entities
  • Securities and Exchange Commission (SEC): Overview and Regulatory Role
    Explore the SEC's pivotal role in enforcing securities laws, regulating markets, and protecting investors. Learn how the SEC oversees exchanges, broker-dealers, and investment advisers to maintain fair and efficient markets.
  • NASAA (North American Securities Administrators Association)
    Explore the pivotal role of NASAA in securities regulation, investor protection, and enforcement actions at the state level, essential for Series 6 Exam mastery.
  • MSRB (Municipal Securities Rulemaking Board)
    Explore the role and functions of the Municipal Securities Rulemaking Board (MSRB) in regulating the municipal securities market, including its rule-making authority for broker-dealers and banks, and the significance of the EMMA system for market transparency.
• 2.7 Self-Regulatory Organizations (SROs)
  • Role and Functions of Self-Regulatory Organizations (SROs) in the Securities Industry
    Explore the critical role and functions of Self-Regulatory Organizations (SROs) like FINRA and MSRB in the securities industry. Understand how SROs enforce industry regulations and complement the SEC's oversight.
  • Compliance and Enforcement in Self-Regulatory Organizations
    Explore how Self-Regulatory Organizations (SROs) ensure compliance and enforce regulations within the securities industry, focusing on monitoring, enforcement mechanisms, and cooperation.