Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

Start a Study Session Sign up for Question of the Day
To say a security is “exempt,” means that
I. it is exempt from the state’s anti-fraud laws.
II. it is exempt from state registration requirements.
III. any transaction involving it is considered to be an exempt transaction.
  1. I, II, and III
  2. I and II only
  3. II and III only
  4. II only
Explanation
Answer: D - To say a security is “exempt” means only that the security is exempt from state registration requirements. It is not exempt from the state’s anti-fraud laws and may or may not be part of an exempt transaction. That is defined by the transaction.
Was this helpful? Upvote!
Login to contribute your own answer or details
Start a Study Session Sign up for Question of the Day

Top questions

Related questions

Most popular on PracticeQuiz