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Covers the Securities Act of 1933 primary-offering disclosures, exempt securities and transactions under Regulation D, and the Securities Exchange Act of 1934 prohibitions on fraud and market manipulation. Includes the Investment Advisers Act of 1940 registration and filing rules, SEC Release IA-1092 reiterating the adviser definition, insider trading limits, compensation structures, and associated civil and criminal penalties.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/nasaa-series-65-66-dump-sheet-federal-laws-regs-ethics-accounts/389826/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/nasaa-series-65-66-dump-sheet-federal-laws-regs-ethics-accounts/389826.png","ImageObject",300,407,{"name":92,"@type":93},"Alex Sinclair","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-03","2026-09-25",true,{"@type":102,"interactionType":103,"userInteractionCount":44},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What disclosures does the Securities Act of 1933 require during a securities registration process?","Question",{"text":112,"@type":113},"Issuers must make disclosures by prospectus filed with the registration, followed by a 20-day cooling-off period. Indications of interest and tombstone ads are allowed, while sales, recommendations, and advertising are prohibited.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What major activities are prohibited under the Securities Exchange Act of 1934?",{"text":117,"@type":113},"All forms of fraud are illegal and prohibited. Market manipulation is also prohibited, including spreading false rumors, pump and dump schemes, painting the tape/matched orders, and marking the open or close orders.",{"name":119,"@type":110,"acceptedAnswer":120},"How may investment advisers be compensated, and what soft dollar compensation limits apply?",{"text":121,"@type":113},"Advisers may collect fixed, hourly, or AUM fees. Performance fees apply only for qualified clients, and commissions must be handled through an affiliated broker-dealer. Soft dollar compensation requires disclosure and allows items such as research, newsletters, investing software, and seminar access, while travel or hospitality expenses and office equipment are prohibited.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},389826,1790848163,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":44,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":8,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":81,"preview_page_count":4},1099523882182,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","NASAA SERIES 65 / 66 DUMP SHEET Federal laws, regs, ethics & accounts  \nSecurities Act of 1933  \n\n|  Primary market legislation\u003Cbr> Requires issuers to make disclosures by prospectus  Registration filed, then a 20-day cooling-off period:\u003Cbr>• Allowed: indications of interest, tombstone ads, red herring (preliminary prospectus)\u003Cbr>• Prohibited: sales, recommendations, advertising  Exempt securities:\u003Cbr>• Government securities\u003Cbr>• Bank, savings & loan securities\u003Cbr>• Non-profit, religious securities\u003Cbr>• Commercial paper (270 days or fewer)  Exempt transactions:\u003Cbr>• Regulation D private placement (35 or fewer non-accredited investors)\u003Cbr>• Accredited investors:\u003Cbr>• $1 million net worth (excluding residence)\u003Cbr>• $200k (single) / $300k (joint) income for 2+ years\u003Cbr>• Financial institutions\u003Cbr>• Non-financial organizations with $5 million+ in assets\u003Cbr>• Officers, directors, or partners of the issuer\u003Cbr>• Series 7, 65, or 82 holders |  |\n| --- | --- |\n\nSecurities Exchange Act of 1934  \n\n|  Secondary market legislation\u003Cbr> Regulates securities markets and their participants  Created the SEC\u003Cbr> All forms of fraud are illegal and prohibited  Market manipulation is prohibited:\u003Cbr>• Spreading false rumors • Pump and dump schemes\u003Cbr>• Painting the tape / matched • Marking the open or close orders |  |\n| --- | --- |\n\nInvestment Advisers Act of 1940  \n\n|  Defines and regulates federal covered advisers  Covered advisers register with the SEC\u003Cbr> Must make a notice filing with the state administrator  Unique rules (compared to the USA):\u003Cbr>• Excluded: advisers only giving advice on US government securities\u003Cbr>• Exempt: intrastate advisers (no advice on exchange-listed securities)\u003Cbr>• Exempt: advisers only serving insurance companies\u003Cbr>• Registration effective 45 days after filing |  |\n| --- | --- |\n\nSEC Release IA-1092  \n Reaffirmed the investment adviser definition (ABC rule)  Considers the following investment advisers:  \n• Financial planners • Pension consultants  \n• Athlete & celebrity advisers  \nFederal criminal penalties (5-10-5 rule)  \n Penalties if willfully violating the law (per violation):  \n• 5-year statute of limitations • $10,000 maximum fine  \n• 5-year maximum jail sentence  \nInsider Trading Act of 1988  \n\n|  Trading on material, non-public information is prohibited  $25 million maximum fine (firms)\u003Cbr> $5 million maximum fine, 20-year maximum jail sentence (individuals)\u003Cbr> Treble civil penalties (3× profit made or loss avoided) |  |\n| --- | --- |\n\nInvestment adviser compensation  \n\n|  May collect from any client: |  |\n| --- | --- |\n| • Fixed fees • Hourly fees • AUM fees  Performance fees only from qualified clients:\u003Cbr>• $1 .4 million invested with the adviser\u003Cbr>• $2 .7 million net worth\u003Cbr> Commissions only through an affiliated broker-dealer  Wrap fee programs:\u003Cbr>• Trading and management fees “wrapped” into one fee  Soft dollar compensation:\u003Cbr>• Disclose if compensated for sending trades to a broker-dealer\u003Cbr>• Allowed: research, newsletters, investing software, seminar access\u003Cbr>• Prohibited: travel or hospitality expenses, office equipment |  |\n\nBroker-dealer compensation  \n Agency (broker) transactions = commissions  \n Principal (dealer) transactions = markups/markdowns  Not included in the fee disclosure template:  \n• Commissions  \n• Markups/markdowns  \n• Advisory fees if dual registered as an IA  \n[achievable.me](achievable.me)","cbCaibyQZOSWmAG8","https://ap.wps.com/l/cbCaibyQZOSWmAG8","pdf",95954,"English","# Securities Act of 1933\n## Primary market legislation\n## Exempt securities and exempt transactions\n\n# Securities Exchange Act of 1934\n## Secondary market legislation\n## Fraud and market manipulation\n\n# Investment Advisers Act of 1940\n## Coverage and registration\n## Unique rules and effective date\n\n# SEC Release IA-1092 and related penalties\n## Reaffirmed definition (ABC rule)\n## Federal criminal penalties and insider trading\n\n# Investment adviser compensation\n## Permitted fees and performance fees\n## Commissions, wrap programs, and soft dollar rules\n\n# Broker-dealer compensation\n## Agency commissions and principal markups\n## Fee disclosure exclusions","[{\"question\":\"What disclosures does the Securities Act of 1933 require during a securities registration process?\",\"answer\":\"Issuers must make disclosures by prospectus filed with the registration, followed by a 20-day cooling-off period. Indications of interest and tombstone ads are allowed, while sales, recommendations, and advertising are prohibited.\"},{\"question\":\"What major activities are prohibited under the Securities Exchange Act of 1934?\",\"answer\":\"All forms of fraud are illegal and prohibited. Market manipulation is also prohibited, including spreading false rumors, pump and dump schemes, painting the tape/matched orders, and marking the open or close orders.\"},{\"question\":\"How may investment advisers be compensated, and what soft dollar compensation limits apply?\",\"answer\":\"Advisers may collect fixed, hourly, or AUM fees. Performance fees apply only for qualified clients, and commissions must be handled through an affiliated broker-dealer. Soft dollar compensation requires disclosure and allows items such as research, newsletters, investing software, and seminar access, while travel or hospitality expenses and office equipment are prohibited.\"}]","NASAA Series 65 / 66 Dump Sheet - Federal laws, regs, ethics & accounts | PDF",1790327840]