U.S. Federal Securities Regulation

Flashcards covering the statutory framework, regulatory focus, SEC rule sets, and SRO rules related to U.S. Federal Securities Regulation.

Securities Act of 1933

Governs primary-market offers and sales of securities.

Securities Exchange Act of 1934

Regulates secondary markets and broker-dealers.

Investment Advisers Act of 1940

Covers investment advisers.

Investment Company Act of 1940

Pertains to pooled funds available to the public (e.g., mutual funds).

Broker-Dealers (BDs)

Entities regulated under U.S. Federal Securities Regulation.

Investment Advisers (RIAs / ERAs)

Entities regulated under U.S. Federal Securities Regulation.

Investment Companies

Mutual funds, ETFs, CEFs, and UITs regulated under U.S. Federal Securities Regulation.

Private Funds

Hedge funds, PE funds, and VC funds; exempt from the Investment Company definition.

Rule 15c3-1

Net Capital rule for Broker-Dealers under the '34 Act.

Rule 15c3-3

Customer Protection / Reserve rule for Broker-Dealers under the '34 Act.

Regulation SHO

Rule governing Short-sales for Broker-Dealers under the '34 Act.

Regulation ATS / SCI / M

Rules for Alternative trading systems, market manipulation for Broker-Dealers under the '34 Act.

Rule 10b-5

Anti-fraud rule that applies universally.

Regulation SP

Privacy regulation for Broker-Dealers under the '34 Act.

Regulation BI

Best Interest standard for retail customers of Broker-Dealers under the '34 Act.

Rules 17a-3 / 17a-4

Rules regarding Books & Records for Broker-Dealers under the '34 Act.

Rule 203-1

Registration requirements (Form ADV) for Investment Advisers under the Advisers Act.

Rule 204-2

Books & Records rule for Investment Advisers under the Advisers Act.

Rule 204A-1

Code of Ethics rule for Investment Advisers under the Advisers Act.

Rule 206(4)-1

Marketing Rule (new combined ads/testimonials) for Investment Advisers under the Advisers Act.

Rule 206(4)-2

Custody Rule for Investment Advisers under the Advisers Act.

Rule 206(4)-7

Compliance Program Rule for Investment Advisers under the Advisers Act.

Rule 204(b)-1

Form PF (for large private-fund advisers) under the Advisers Act.

Sections 3(c)(1) & 3(c)(7)

Private-fund carve-outs under the Company Act.

Rule 2a-7

Money-Market Fund restrictions under the Company Act.

Rule 22e-4

Liquidity Risk Management rule under the Company Act.

Rules 30e-3 / Form N-CSR, N-PORT, N-CEN

Reporting requirements for Investment Companies under the Company Act.

Rules 17a-7 & 17e-1

Affiliate transactions / trading rules for Investment Companies under the Company Act.

FINRA Rule 2210

Communications with Public (BD analogue to IA “Marketing Rule”)

FINRA Rule 3110

Supervision rules for Broker-Dealers.

FINRA Rule 5310

Best Execution rules for Broker-Dealers.

FINRA Rule 4511

Books & Records rules for Broker-Dealers.