Securities Regulation (JD Academic Unit)

Study content for Securities Regulation (JD Academic Unit): notes, practice MCQs and flashcards across 12 syllabus topics. This is AI-generated draft content — citations have not yet been independently verified.

Syllabus

• Definition of a SecurityTopic

  Howey Test and investment contract analysis · Notes, bonds, and other instruments · Reves test for notes

• Securities Act of 1933 — Public Offerings & RegistrationTopic

  Section 5 registration process and gun-jumping rules · Shelf registration (Rule 415) and WKSI status · IPO mechanics and underwriting

• Exemptions from RegistrationTopic

  Section 4(a)(2) private placement exemption · Regulation D (Rules 504, 506(b), 506(c)) · Regulation CF (crowdfunding)

• Securities Exchange Act of 1934 — Periodic DisclosureTopic

  Section 12 registration of securities; Exchange Act reporting · Periodic reports (10-K, 10-Q, 8-K) and Regulation FD · Proxy rules and Section 14 (Schedule 14A)

• Antifraud — Rule 10b-5 and Section 10(b)Topic

  Elements: misrepresentation, materiality, scienter, reliance, causation, damages · Basic v. Levinson — fraud-on-the-market and materiality · Private right of action; PSLRA pleading standards

• Insider TradingTopic

  Classical theory (Cady Roberts; Chiarella; Dirks) · Misappropriation theory (O'Hagan) · Tippee liability and personal benefit test

• Market Regulation — Exchanges, Broker-DealersTopic

  SROs: NYSE, NASDAQ, FINRA oversight · Broker-dealer registration duties and suitability · Market manipulation prohibitions

• Investment Companies and AdvisersTopic

  Investment Company Act of 1940 — mutual funds, closed-end funds · Investment Advisers Act of 1940 — fiduciary duty, registration · Private fund adviser exemptions

• M&A Securities ConsiderationsTopic

  Section 14(d) tender offer rules · Freeze-out mergers and appraisal · Deal-jump considerations for acquirers

• International / Extraterritorial ApplicationTopic

  Morrison v. National Australia Bank (domestic vs. foreign transactions) · Regulation S offshore safe harbor

• SEC Enforcement and RemediesTopic

  Administrative proceedings, cease-and-desist, disgorgement · Dodd-Frank whistleblower program · Criminal referrals and DOJ prosecution

• Emerging Topics (Crypto / Digital Assets)Topic

  SEC position on crypto tokens as securities (Howey applied) · Gensler-era enforcement legacy and 2025 policy shifts

• SEC v. W.J. Howey Co.

  What is the Howey test for defining an investment contract?

  328 U.S. 293 (1946)
• Reves v. Ernst & Young

  Under Reves, what is the family resemblance test for notes?

  494 U.S. 56 (1990)
• SEC v. Cavanagh (Section 5 violation)

  What does Section 5 of the Securities Act prohibit?

  445 U.S. 389 (1980)