🏦LTB
← Series 63: Regulation of Securities & Issuers
Series 63 practice questioneasyFederal/State Coordination — State Antifraud Authority

Under NSMIA, states retain the authority to:

  1. ARequire full registration of all federal covered securities
  2. BOverride SEC registration decisions for any security
  3. CSet the offering price for federal covered securities
  4. DEnforce antifraud provisions against any security, including federal covered securities✓ Correct answer
Explanation

Why D — Enforce antifraud provisions against any security, including federal covered securities

Under NSMIA and USA Section 101, states retain full antifraud authority over all securities, including federal covered securities. While states cannot require registration of federal covered securities, they can still investigate and bring enforcement actions for fraud. No security or transaction is ever exempt from state antifraud provisions.

Turn it into reps

Reading one answer is not the same as being ready

Lucky the Banker is a free practice app with 646+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.

Practice Series 63 freeSeries 63 exam guide
Related Regulation of Securities & Issuers questions