Contrary to popular belief, it turns out what you don't know can, in fact, hurt you. That's why the 63 exam wants you to know your head from a hole in the ground when it comes to the definition of a "security."
If an investment meets that definition, then it must be registered with the state, and the state securities Administrators can, and will, wield their great wands of power over them. If they don't meet the definition (and yes, indeedy, there are such animals, some of which you might...
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