FINRA Series 6

Category - Series 6

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Which of the following is not considered to be a “security” as defined by the Securities Exchange Act of 1934?

an interest in an oil drilling lease
a collateral trust certificate with an initial maturity of 5 years
a straddle that expires in 3 months
a bankers’ acceptance, issued with a maturity of 4 months

Explanation

Answer: D - A bankers’ acceptance is specifically excluded from the definition of a security under the Securities Exchange Act of 1934 as long as its maturity at issue does not exceed 9 months. All the other choices are specifically named under the Act’s definition of a security.

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FINRA Series 6

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FINRA Series 6

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