Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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The C&S Railroad is in the process of issuing new bonds. Before these bonds can be offered for sale,
  1. they must be registered with the SEC since railroads are involved in interstate commerce.
  2. they must be registered in every state in which the bonds will be sold to investors.
  3. they must be registered with the SEC and in each state through which the railroad passes.
  4. None of the above statements is true.
Explanation
Answer: D - None of the statements is true because securities issued by highly regulated industries, such as the railroad industry are exempt from registration with both the SEC and the states.
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