Learn the Series 63 rules for securities definitions, the Howey test, state registration, exemptions, and issuer-offering basics.
This chapter covers the instrument side of state securities law. NASAA expects candidates to know what qualifies as a security, how state registration and exemptions work, and how issuer and offering rules affect what may legally be sold or offered in a state.
Read this chapter in classification order. First determine whether the instrument is a security, then decide whether registration, exemption, or notice-filing logic applies.