[Series 66] 40, Federal Covered Securities and State Authority

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