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Securities

The Capital Asset Pricing Model

This lesson teaches the Capital Asset Pricing Model. It begins by discussing risk and its control by diversification, and how betas measure the risk of diversified portfolios.

The lesson is designed to guide the student through the CAPM in detail as part of a Corporate Finance or Mergers & Acquisitions course. In courses that do not cover the CAPM in detail, such as Business Association courses or Securities Regulation, this lesson can be used as further study or for skimming.

Free Writing Prospectuses Under Rule 433

This is an introduction to Securities Act Rules 164 and 433 and the requirements for free-writing prospectuses under Rule 433. Before taking this lesson, students should have a basic understanding of the registration requirement of the Securities Act of 1933, especially the restrictions in section 5 of that Act. The lesson provides links to the relevant statutory and regulatory provisions, but you might find it helpful to have your own copy of the Securities Act and Securities Act Rules 164 and 433.

An Introduction to the Federal Crowdfunding Exemption: Part 1

This lesson is the first part of a two-part introduction to the federal crowdfunding exemption from the registration requirement of the Securities Act of 1933. Before taking this lesson, students should have a basic understanding of the Securities Act of 1933 and its registration requirement.

The lesson provides links to the relevant regulatory provisions, but you might find it helpful to have your own copy of Regulation Crowdfund as you take the lesson. That regulation appears at 17 C.F.R. § 227.10 et seq. and is included in every statutory supplement published for securities regulation courses.

However, the crowdfunding exemption is long and complicated. This lesson does not attempt to cover every detail of the rules.

Learning Outcomes
On completion of the lesson (and the second related lesson), the student will be able to:
1. Apply the basic requirements of the exemption to determine if it is available to a particular offering.
2. Explain how crowdfunding offerings work.
3. Apply the offering amount limitation.
4. Explain which issuers are eligible to use the exemption.
5. Discuss and apply the restrictions applicable to crowdfunding investors.
6. Restate the limitations on crowdfunding intermediaries and how they must conduct offerings pursuant to the exemption.
7. Describe the disclosure requirements of the exemption.
8. Apply the resale restrictions applicable to crowdfunded securities.
9. Understand the protection available for insignificant deviations from the exemption's requirements.

An Introduction to the Federal Crowdfunding Exemption: Part 2

This lesson is the second part of a two-part introduction to the federal crowdfunding exemption from the registration requirement of the Securities Act of 1933. You should not take this lesson until after you have completed Part 1.

Before taking this lesson, students should have a basic understanding of the Securities Act of 1933 and its registration requirement.

The lesson provides links to the relevant regulatory provisions, but you might find it helpful to have your own copy of Regulation Crowdfund as you take the lesson. That regulation appears at 17 C.F.R. § 227.10 et seq. and is included in every statutory supplement published for securities regulation courses.

However, the crowdfunding exemption is long and complicated. This lesson does not attempt to cover every detail of the rules.

Resales of Securities Under Rule 144

This lesson is an introduction to the Rule 144 safe harbor exemption for resales of securities. It discusses the basic conditions under which both affiliates and non-affiliates may resell securities without Securities Act registration. Before working through this lesson, students should have a basic understanding of the registration requirement of the Securities Act of 1933 and the restrictions in section 5 of that Act. The lesson provides links to the relevant regulatory provisions, but you might find it helpful to have your own copy of Rule 144.

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