Securities Regulation Fundamentals Certification

The Securities Regulation Fundamentals Certification is a free intermediate-level, 20-minute skill test from Science of Apps. It tests securities regulation fundamentals — what counts as a security under the Howey test, the Securities Act of 1933 registration and exemptions such as Regulation D and Rule 144, the Securities Exchange Act of 1934 and periodic reporting, Rule 10b-5 fraud, insider trading and 10b5-1 plans, Regulation FD, beneficial ownership reporting under 13D and 13G, proxy rules, broker-dealer and investment adviser regulation with FINRA, market structure, and EU comparisons with MiFID II and MiCA — written to SEC, Investor.gov, FINRA and ESMA sources for 2026 and 2027. Score 70% or more on its 20 questions to earn a verifiable Securities Regulation Fundamentals certificate (SOA-SRF). Every question is based on published standards and research — including The laws that govern the securities industry (Investor.gov, US SEC), How to read a 10-K (US SEC), SEC v. W.J. Howey Co., 328 U.S. 293 (1946) (Justia US Supreme Court) — and each answer is explained with its source.

Science of Apps offers a free Securities Regulation Fundamentals Certification, written for 2026 and 2027. It tests foundations and offerings, public company reporting and disclosure, fraud, insider trading and enforcement and market intermediaries and global comparisons with 20 original scenario questions in all, each naming its published source; you get an instant score and a verifiable certificate with a credential ID you can add to LinkedIn.

Read the four skill areas on this page, then take the 20-minute test online — no fee, course or sign-up. You see every answer explained when you finish. Score 70% or more and you get a Securities Regulation Fundamentals certificate straight away, on screen, as a PDF and by email, with a credential ID anyone can verify.

Yes. The questions are original scenarios written by Science of Apps, and each one is based on a public source you can read: The laws that govern the securities industry (Investor.gov, US SEC); How to read a 10-K (US SEC); SEC v. W.J. Howey Co., 328 U.S. 293 (1946) (Justia US Supreme Court); Going public (US Securities and Exchange Commission); Regulation D offerings (Rule 506(b) and 506(c)) (US Securities and Exchange Commission); Rule 144: Selling restricted and control securities (Investor.gov (US SEC)). The source is shown under each question and linked in the answer review. Science of Apps doesn't copy questions from other tests.

Four skill areas with five questions each, drawn from a bank of 10 per area so a retake brings new questions: Foundations and Offerings (What is a security, Registration under the 1933 Act and Exempt offerings); Public Company Reporting and Disclosure (Exchange Act reporting, Regulation FD and Beneficial ownership); Fraud, Insider Trading and Enforcement (Rule 10b-5, Insider trading and Enforcement and whistleblowers); Market Intermediaries and Global Comparisons (Broker-dealers and FINRA, Investment advisers and International regimes). Every question is an original scenario written to the 2026–2027 standard, with the published source named under it.

Securities or corporate lawyer, Compliance officer at a broker-dealer, adviser or issuer, Investor relations or finance professional, Law or finance student and Startup founder raising capital. It suits students at leading universities, career switchers and experienced professionals who want quick, verifiable proof of Securities Regulation Fundamentals knowledge in 2026 and 2027.

Law, IR and public-policy students at Yale, Georgetown, Sciences Po, LSE and SAIS want practice-ready skills without government or bar exams. Passing earns a founder-signed Science of Apps certificate with a credential ID and QR code that recruiters can verify.

From SEC v. W.J. Howey Co. (1946), an investment contract, and therefore a security, exists when there is an investment of money in a common enterprise with an expectation of profits derived from the efforts of others. It is central to analysing novel instruments such as crypto tokens.

The Securities Act of 1933 governs the offer and sale of securities, requiring registration unless an exemption applies. The Securities Exchange Act of 1934 created the SEC and regulates trading, exchanges, broker-dealers and ongoing reporting by public companies.

Yes. The test is online, in English and free everywhere — people take it from India, the US, the UK, Europe, Africa, Latin America and Asia-Pacific. Your certificate is dated with your own local date and can be verified from anywhere at scienceofapps.com/certification/verify/.

20 questions — 5 from each of 4 skill areas — with a 20-minute limit. You need 70% (14 of 20) to pass and 90% for distinction.

We rate it Intermediate: assumes hands-on experience in the role. It has 20 scenario questions — 5 from each of 4 skill areas — and a 20-minute limit. You need 70% (14 of 20) to pass and 90% for distinction.

Nothing. There is no fee to take a test, to receive the certificate, to have it emailed or to verify it, and no sign-up.

On our server, not in your browser. The answers never reach the page until you submit, so a certificate can only be earned by passing. Each certificate gets a unique credential ID stored by Science of Apps.

You see your score for each area and every question with the correct answer and why, with the published source behind it. You can retake after 30 minutes, and the retake draws questions you haven't seen yet.

No. Every certificate is dated, so it always shows when you passed. Retake a test any time for a newer date or a higher score.

Yes. After you pass, Add to LinkedIn opens the Licenses & certifications form with the certificate name, Science of Apps as the issuer, the issue date, your credential ID and the verification link filled in. You can also download it as a PDF or PNG, and it's emailed to you as a PDF.

Every certificate has a credential ID and a QR code. Scanning it, or entering the ID at scienceofapps.com/certification/verify/, shows the holder's name, the certification, the score and the issue date from our records.

No. They are Science of Apps' own assessments of applied skill. They aren't issued by a university or standards body, and they work best alongside a portfolio that shows the skills in real work.