[Series 66] 40, Federal Covered Securities and State Authority
From Open Exam Prep · 04:23
Show by Ran Chen, EA, CFP®
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How NSMIA establishes federal preemption of state securities registration. - The key categories of federal covered securities under federal law. - How state notice filing and fee rules apply to covered offerings. - Why state administrators lack authority to perform merit reviews on covered securities. - How state anti-fraud enforcement authority is preserved for all securities transactions. This independent study resource helps candidates master Uniform Securities Act and federal regulatory concepts. For practice questions and study tools, visit https://open-exam-prep.com/practice/series66 and watch video tutorials at https://www.youtube.com/@Open-exam-prep . Sources checked: September 14, 2026 https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/ https://www.sec.gov/education/capitalraising/building-block/national-securities-markets-improvement-act-1996
More episodes of Open Exam Prep
More episodes
- [Series 66] 47, Advisory Contracts Fees and Assignment
- [Series 66] 46, Discretionary Authority and Trading Permissions
- [Series 66] 45, Custody and Safeguarding Client Assets
- [Series 66] 44, Registration Renewals Amendments and Records
- [Series 66] 43, Civil Liability and Criminal Penalties
- [Series 66] 42, Administrator Powers and Investigations
- [Series 66] 41, Registration Coordination and Qualification
- [Series 66] 39, Exempt Securities vs Exempt Transactions
- [Series 66] 38, Agent Registration and Exclusions
- [Series 66] 37, Broker-Dealer Definitions and Registration
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