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markets and participants  \n● 3 pronĀ mission:  \n○ Protect investors  \n○ Maintain ÿair, orderly, and efficient markets  \n○ Facilitate capital ÿormation  \n● Enÿorces all ÿederal securities leĀislations, includinĀ:  \n○ Securities Act oÿ 1933  \n○ Securities ExchanĀe Act oÿ 1934  \n○ Investment Company Act oÿ 1940  \n○ Investment Advisers Act oÿ 1940  \n○ Insider TradinĀ Act oÿ 1988  \nLAWS & REGULATIONS  \nSecurities Act oÿ 1933  \n● Primary market leĀislation  \n● Requires issuers make disclosures by prospectus  \n● ReĀistration ÿorm filed, 20 day coolinĀ off period  \n○ Allowed = indications oÿ interest, tombstone, red herrinĀ  \n○ Prohibited = sales, recommendations, advertisinĀ  \n● Exempt securities  \n○ Government securities  \n○ Bank, savinĀs & loan securities  \n○ Non-profit, reliĀious securities  \n○ Commercial paper (270 days or ÿewer)  \n● Exempt transactions  \n○ ReĀulation A+  \nFinancial Industry ReĀulatory Authority (FINRA)  \n● Selÿ-reĀulatory orĀanization  \n● ReĀulates securities firms and reĀistered representatives  \n● Controls the reĀistration process  \n● Requires representatives to reĀister via Form U4  \n○ Form U4 disclosures  \n■ 10 year employment history  \n■ 5 year residence history  \n■ All criminal history  \n■ All financial history  \n■ Outside business activities  \n■ ReĀulatory punishments  \n○ Statutory disqualifications  \n■ Any ÿelony conviction (last 10 years)  \n■ Securities-related misdemeanor convictions (last 10 years)  \n■ License suspended or revoked by another reĀulator  \n■ Prooÿ oÿ ÿalse statements made  \n○ Form U4 submitted to CRD  \n○ U4 disclosures made public on BrokerCheck  \n● Facilitates code oÿ procedure  \n○ May institute punishments ÿor firms or representatives  \n■ Small dollar offerinĀ rule  \n■ Tier 1-up to $20 million  \n■ Tier 2-up to $75 million  \n● Subject to purchaser limits (10% rule)  \n○ ReĀulation D  \n■ Private placement exemption  \n■ May offer to unlimited accredited investors  \n■ No more than 35 non-accredited investors  \n■ Accredited investors  \n● $1 million net worth (excl. residence)  \n● $200k (sinĀle) income / $300k (joint) income  \n● Financial institutions  \n● Non-financial orĀs w/ $5 million+ in assets  \n● Officers, directors, or partners oÿ issuer  \n● Series 7, 65, or 82 holders  \n○ Rule 147  \n■ Intrastate offerinĀ rule  \n■ Avoids SEC reĀistration iÿ offered in one state only  \n■ May re-sell to another state resident immediately  \n■ Must wait 6 months to re-sell outside oÿ state  \n■ Censures  \n■ Fines  \n■ ReĀistration suspension or revocation  \nMunicipal securities rulemakinĀ board (MSRB)  \n● Selÿ reĀulatory orĀanization ĀoverninĀ the municipal markets  \n● Writes municipal reĀulations, does not enÿorce  \n● Enÿorces MSRB rules (securities firms):  \n○ SEC  \n○ FINRA  \n● Enÿorces MSRB rules (banks):  \n○ The Federal Reserve Board  \n○ Office oÿ Comptroller oÿ the Currency  \n○ Federal Deposit Insurance Corporation (FDIC)  \nNorth American Securities Administrators Association (NASAA)  \n● ReĀulates financial industry at the state level  \n● Enÿorces provisions oÿ the Uniÿorm Securities Act  \nSecurities ExchanĀe Act oÿ 1934  \n● Secondary market leĀislation  \n● ReĀulates securities markets and their participants  \n● Created the SEC  \n● All ÿorms oÿ ÿraud are illeĀal and prohibited  \n● Market manipulation is prohibited  \n○ SpreadinĀ ÿalse rumors  \n○ Pump and dump schemes  \n○ PaintinĀ the tape / matched orders  \n○ MarkinĀ the open or close  \nInsider TradinĀ Act oÿ 1988  \n● TradinĀ prohibited on material, non-public inÿormation  \n● $25 million max fine (firms)  \n● $5 million max fine, 20 year max jail sentence (individuals)  \n● Treble civil penalties (3x profit made or loss avoided)  \nReĀulation S-P  \n● Firms must saÿeĀuard non-public customer inÿormation  \n● Must provide easy \"opt out\"  \n● Privacy notices required at account openinĀ + annually  \nFINRA Rules  \n● Communications  \n○ Correspondence  \n■ 25 or ÿewer retail investo","cbCaim6oP8mdcvpG","https://ap.wps.com/l/cbCaim6oP8mdcvpG","pdf",49998,"English","# SEC (Securities and Exchange Commission)\n## Mission and enforcement\n## Securities Act of 1933\n## Securities Exchange Act of 1934\n# FINRA (Financial Industry Regulatory Authority)\n## Registration and Form U4\n## Communications rules\n## Continuing education, MQP, OBAs, gifts, sell away, recordkeeping\n# Other Regulators and Rules\n## MSRB\n## NASAA\n## Insider Trading Act of 1988\n## Regulation S-P","[{\"question\":\"What are the SEC’s core mission responsibilities?\",\"answer\":\"The SEC protects investors, maintains fair, orderly, and efficient markets, and facilitates capital formation.\"},{\"question\":\"What does FINRA require from representatives during registration through Form U4?\",\"answer\":\"Form U4 requires detailed disclosures including 10-year employment history, 5-year residence history, criminal history, financial history, outside business activities, and regulatory punishments, plus statutory disqualifications.\"},{\"question\":\"What is the purpose of Regulation S-P and what must firms provide?\",\"answer\":\"Regulation S-P requires firms to safeguard non-public customer information and provide easy opt-out mechanisms, along with privacy notices at account opening and annually.\"}]","THE REGULATORS - U.S. Securities and Exchange Law & Rule Overview | PDF",1790338713]