Exempt Securities Registration (Securities Registration)
Under the Uniform Securities Act, which of the following is a non-exempt security? A. A warrant issued by a NYSE traded company B. A stock issued by an industrial corporation C. A bond issued by the Canadian Government D. A bond issued by a province of the Canadian Government
B
An investment adviser headquartered in State A with $150 million of assets under management recommends the purchase of a NASDAQ-listed issue to her customers. Which statements are TRUE? I The adviser is a federal covered adviser and is not required to be registered in the State A II The adviser is not a federal covered adviser and must be registered in State A III The security being recommended is an exempt security and is not required to be registered in State A IV The security being recommended is a non-exempt security and must be registered in State A A. I and III B. I and IV C. II and III D. II and IV
A
ABC Corporation has its common stock listed on the New York Stock Exchange. Which of the following ABC issues is (are) EXEMPT from State registration? I ABC preferred stock II ABC Convertible debentures III Warrants to buy ABC common stock IV Limited partnership units where ABC is the general partner in the venture A. II only B. I and III C. I, II, III D. I, II, III, IV
C
All of the following securities are exempt from registration under the Uniform Securities Act EXCEPT: A. Railroad common stock B. Municipal bonds C. Canadian common stocks D. Foreign government bonds
C
Under the Uniform Securities Act, which of the following securities is non-exempt? A. Equipment trust certificates issued by a railroad subject to ICC regulation B. Common stock issued by savings and loans C. Warrants issued by industrial corporations D. Unlisted debentures of a company whose common stock is listed on the American Stock Exchange (NYSE American)
C
True or False: Like foreign bonds, foreign common stock (ie UK common stock) are exempt
False
What're the exempt issues under state law?
Government issues Government agencies Municipalities Foreign governments Issuers already regulated under other laws Corporate commercial paper Blue Chip NASDAQ listed companies Not for profit issues
What're the exemptions from securities registration?
government and municipal issuers, since their securities are "safe" issuers already regulated under other laws (e.g. banks, savings and loans, insurance companies) large established companies (since they will be complying with Federal laws already) non-profit institutions
When a security is exempt, it cannot be required to be registered in the state
yes
Bonds issued by a church located in Sullivan County, in the State of Indiana, are being offered to congregants of affiliated churches in the State of Illinois. Which statement is TRUE? A. The bonds are only exempt securities if the offer is made to church congregants in Illinois and not to the general public B. The bonds are only exempt securities when being offered to residents of the State of Illinois C. The bonds are only exempt securities in either Indiana or Illinois, as long as a notice filing specifying the material terms of the offer is made in the State D. The bonds are non-exempt securities that must be registered in each State where offered
C
All of the following are exempt securities under the Uniform Securities Act EXCEPT: A. stock issued by a railroad subject to Interstate Commerce Commission regulation B. bonds issued by a Federal Credit Union C. bonds issued by the Canadian Government D. stock issued by a corporation in an amount not exceeding $1,000,000
D
Which of the following securities are EXEMPT under the Uniform Securities Act? I Industrial Loan Association Issues II Insurance Company Issues III Federal Credit Union Issues IV Bank and Savings and Loan Issues A. I and II only B. III and IV only C. I, III, and IV D. I, II, III, IV
D
Which of the following securities is NOT exempt from the registration requirements of the Uniform Securities Act? A. U.S. Government Bonds B. Debentures of a New York Stock Exchange listed company C. Stock issued by a charitable corporation D. Limited Partnership Interests
D
Which of the following securities is/are EXEMPT under the Uniform Securities Act? I Savings and loan association stock II Municipal industrial revenue bonds III Bonds issued by a company listed on the Midwest (Chicago) Stock Exchange A. I and II B. I and III C. II only D. I, II, III
D
Which of the following securities is/are exempt under the Uniform Securities Act? I Municipal bonds II Listed stocks III Bonds of a company listed on the New York Stock Exchange A. I only B. I and III only C. II and III only D. I, II, III
D
