Series 63 practice questionmediumoverlap - notice filings for federal covered securities
A junior banker is assisting with a NYSE-listed REIT offering in State W. Which best describes State W's authority?
- AState W may require full registration of the security.
- BState W may require a notice filing and fees but not registration.
- CState W may not require any filings or fees.✓ Correct answer
- DState W may require the issuer to follow state-level disclosure rules.
Explanation
Why C — State W may not require any filings or fees.
NYSE-listed securities are federal covered under Securities Act Section 18(b)(1). A state may not require their registration, merit review, notice filing, or fee solely for the offering, although the state retains antifraud authority.
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