Chapter 1. Introduction
I. History (s 1:1)
II. A General Overview of Securities Regulation (ss 1:2 to 1:14)
III. Historical and Theoretical Development of "Security" Definition
(ss 1:15 to 1:40)
IV. Differences Between Federal and State Acts (s 1:41)
V. Regulatory Philosophies (ss 1:42 to 1:66)
VI. Differences in Focus (s 1:67)
VII. General Organization of the Securities Acts (ss 1:68 to 1:75)
VIII. Conclusion (s 1:76)
Chapter 2. What Is a Security?
I. Overview (s 2:1)
II. Any Note (ss 2:2 to 2:19)
III. Evidence of Indebtedness (ss 2:20 to 2:31)
IV. Stock (ss 2:32 to 2:39)
V. Investment Contracts (ss 2:40 to 2:86)
VI. Certificates of Interest or Participation in Any Profit-Sharing Agreement
(s 2:87)
VII. Instruments Commonly Known as Securities (s 2:88)
VIII. Miscellaneous Securities (ss 2:89 to 2:91)
Chapter 3. A Practical Approach to Securities
I. Introduction (s 3:1)
II. Investment Contracts--Viatical Settlements (ss 3:2 to 3:16.20)
III. Investment Contracts--Lloyd's of London Memberships (ss 3:17 to 3:36)
IV. General Partnerships and Limited Liability Partnership Interests (s 3:37)
V. Joint Ventures Interests (s 3:38)
VI. Limited Partnership Interests (s 3:39)
VII. Limited Liability Company Interests (ss 3:40 to 3:49)
Chapter 4. Conflict of Laws Or, When Does a Transaction Take Place in This
State?
I. Overview (s 4:1)
II. Choice of Jurisdictional Basis for the Act (ss 4:2 to 4:6)
III. General Outline of Section 414 (s 4:7)
IV. Sellers (ss 4:8 to 4:40)
V. Sellers II: Offers to Buy Made in State (ss 4:41 to 4:43)
VI. Choice of Laws Clauses (ss 4:44 to 4:57)
Chapter 5. Federal Pre-Emption
I. Introduction (s 5:1)
II. Extent of Pre-Emption (ss 5:2 to 5:13)
III. What Is Not Pre-Empted in Connection with "Covered Securities" (ss
5:14 to 5:17)
IV. "Covered Securities" (ss 5:18 to 5:26)
Chapter 6. Securities Exemptions
I. Introduction (ss 6:1, 6:2)
II. Extent of Exemptions (ss 6:3 to 6:6)
III. Burden of Proof (s 6:7)
IV. Government Securities Exemption (ss 6:8 to 6:12)
V. Foreign Government Exemption (s 6:13)
VI. Overview of Financial Institution Exemptions (s 6:14)
VII. Bank Exemption (ss 6:15 to 6:20)
VIII. Savings and Loan and Building and Loan Exemption (ss 6:21 to 6:24)
IX. Credit Union Exemption (ss 6:25 to 6:28)
X. Nonprofit Charitable Securities Exemption (ss 6:29 to 6:45)
XI. Commercial Paper Exemption (ss 6:46 to 6:53)
Chapter 7. Transactional Exemptions
I. In General (s 7:1)
II. Manual Exemption (ss 7:2 to 7:9)
III. Unsolicited Offer Exemption (ss 7:10 to 7:12)
IV. Institutional Investor Exemption (ss 7:13 to 7:19)
V. Small Offering Exemption (ss 7:20 to 7:31)
VI. Federal-State Coordinated Limited Offering Exemption (ss 7:32 to 7:107)
Chapter 8. Broker-Dealers and Investment Advisers
I. Overview (ss 8:1 to 8:18)
II. Agents (ss 8:19 to 8:56)
III. Broker-Dealers (ss 8:57 to 8:70)
IV. Investment Adviser (ss 8:71 to 8:82)
Chapter 9. Civil Liability
I. Introduction (ss 9:1 to 9:34)
II. Offer or Sale by Defendant (ss 9:35 to 9:37)
III. Security (s 9:38)
IV. In This State (s 9:39)
V. "Purchaser" (s 9:40)
VI. Statutory Violation (ss 9:41 to 9:50)
VII. Seller (ss 9:51 to 9:69)
VIII. Statutory Secondary Civil Liability (ss 9:70 to 9:101)
IX. Common Law Liability (ss 9:102 to 9:125)
X. Common Law Defenses (ss 9:126 to 9:151)
Chapter 10. Criminal Liability
I. Introduction (s 10:1)
II. Nonregistration of Securities (ss 10:2 to 10:20)
III. Nonregistration as Securities Professional (ss 10:21 to 10:32)
IV. Securities Fraud (ss 10:33 to 10:72)
V. Extended Criminal Liability for Violation of Securities Act (ss 10:73 to
10:77)
VI. Criminal Conspiracy Theory (ss 10:78 to 10:89)
Chapter 11. Administrative and Civil Enforcement
I. In General (s 11:1)
II. Administrative Enforcement (ss 11:2 to 11:11)
III. Investigations and Investigative Hearings (ss 11:12 to 11:54)
IV. Cease and Desist Orders (ss 11:55 to 11:59)
V. Civil Injunctions (ss 11:60 to 11:63)
VI. Appointment of a Receiver (s 11:64)
VII. Ancillary Relief (ss 11:65 to 11:73)
VIII. Attorney Fees (s 11:74)
Appendices
Appendix A. Current Regulation D: Rules Governing the Limited Offer and Sale
of Securities Without Registration Under the Securities Act of 1933
Appendix A1. Regulation D--Rules Governing the Limited Offer and Sale of Securities
Without Registraton Under the Securities Act of 1933 (As Originally Adopted)
Appendix B. No-action Letters From SEC Construing Regulation D
Appendix C. Uniform Limited Offering Exemption (Adopted September 21, 1983,
with Amendments Adopted April 29, 1989)
Appendix C1. Uniform Limited Offering Exemption Statute
Appendix D. Uniform Securities Act (1956)
Appendix D1. Uniform Securities Act (1985)
Appendix D2. Uniform Securities Act (2002)
Appendix E. Small Corporate Offering Registration Forms (Forms U-1, U-2, U-2A,
U-4, U-5, BD, BDW, ADV, ADV-S, ADV-W, U-SB, U-7)
Appendix F. Summary of Blue Sky Exemptions Corresponding to Regulation D
Appendix G. National Securities Markets Improvement Act of 1996
Appendix H. NASAA Guidelines Regarding Viatical Settlements
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