security -Correct Answer owning a piece of a business that others are managing; any note, stock, treasury stock, bond, debenture, evidence of indebtedness, etc
securities and exchange commission (SEC) -Correct Answer agency at the federal level that is responsible for administering the federal s...
LEGL 2700 EPSTEIN PRE-FINAL UNIT
2024-2025
security -Correct Answer ✔owning a piece of a business that others are managing; any
note, stock, treasury stock, bond, debenture, evidence of indebtedness, etc
securities and exchange commission (SEC) -Correct Answer ✔agency at the federal
level that is responsible for administering the federal securities laws; consists of five
commissioners; possess quasi-legislative and quasi-judicial powers
blue sky laws -Correct Answer ✔state level laws that regulate the offer and sale of
securities
securities act of 1933 -Correct Answer ✔the first major federal law regulating the
securities industry; it requires the disclosure of info to the potential investors; info must
be true and not misleading
issuer -Correct Answer ✔individual or business organization offering a security for sale
to the public
underwriter -Correct Answer ✔anyone who participates in the original distribution of
securities; sells securities for issuer or guarantees the sale
seller -Correct Answer ✔anyone who contracts with a purchaser causing the purchase
to occur
registration statement -Correct Answer ✔detailed disclosure of financial info about the
issuer and controlling individuals
prefiling period -Correct Answer ✔period during which it is legal to engage in preliminary
negotiations and agreements with underwriters; illegal to sell the securities
waiting period -Correct Answer ✔period that is generally 20 days long to allow the SEC
to review; still illegal to sell the securities; not illegal to solicit offers, just can't accept
them yet and form contact
posteffective period -Correct Answer ✔period during which it is now legal for sales to
commence
prospectus -Correct Answer ✔contains financial info related to issuer and controlling
persons; provided to interested investor; just conform to the statutory requirements
(does not mean it is a good investment!)
LEGL 2700 EPSTEIN PRE-FINAL UNIT
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