Final answer:
State securities administrators do not have jurisdiction over securities transactions executed on an exchange, as this falls under the regulatory purview of bodies like the Securities and Exchange Commission (SEC).
Step-by-step explanation:
State securities administrators have jurisdiction over securities transactions that are directed into their state, originate within their state, or are accepted in their state, but not executed on an exchange.
This is because stock exchanges are well-regulated environments where the trading of securities is supervised and controlled by various regulatory bodies including the Securities and Exchange Commission (SEC). The SEC regulates and supervises the sale of securities and the professionals who sell them, ensuring transparency and fairness in the markets.
On May 27th, the Federal Securities Act established the requirement of legal standards for the disclosure of information concerning publicly traded securities like stocks and bonds, leading to the establishment of the SEC, which regulates the investment industry.
Among other responsibilities, the SEC oversees the securities exchanges, ensuring that companies meet certain standards to trade their stocks and pay the necessary fees for this service.