Exempt security
- no registration needed to sell it
Exempt transaction
- can do transaction without registration w/ Administer, don't need to file advertising material
Guaranteed:
- principal, interest, dividends will be paid. NOT capital gains
Offer/Offer to sell
- attempt to sell or offer to buy security for money
Sale
- contract to sell or dispose of a security for value
- offer is attempt
- sale, successful offer
Fraud
- intentional effort to deceive someone for profit
Self Regulatory Organization
- most powerful: FINRA
- MSRB, Muncipal Securities Rulemaking Board
- Chicago Board Options Exchange (CBOE)
- Investment Industry Regulatory Organization (IIRO)
Solicitor
- person who refers clients to an adviser for money
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