Series 65: Federal Covered Securities And Their Sale At The State Level

Federal Covered Securities and Their Sale at the State Level

Under NSMIA, a class of securities called federal covered securities only need to be registered at the federal level and do not have to be registered at the state level. This is meant to help avoid redundant filings for issuers and unneeded oversight for regulators.

Federal covered securities include the following:

• • Securities listed on the New York Stock Exchange, the NASDAQ, the American Stock Exchange, or another national exchange
• • Debt securities or preferred stock of any of the companies that have stocks listed on the exchanges above
• • Securities issued by an investment company that qualifies under the Invest