Series 63 – Uniform Securities Agent State Law Exam Exempt Transactions and Securities 1

Question 1

Which of the following is an example of an exempt transaction under the USA?

Accepted Answer

An isolated non-issuer transaction by a registered broker-dealer

Answer

A public offering of new securities to retail investors

Answer

A secondary market offering through a broker-dealer

Answer

A solicited sale of unregistered securities to the general public

Question 2

Under the USA, a private placement sold to no more than how many non-institutional purchasers in a 12-month period qualifies as an exempt transaction?

Accepted Answer

10

Answer

5

Answer

15

Answer

25

Question 3

Which of the following securities is exempt from registration under the USA?

Accepted Answer

Securities issued by a foreign government with which the US maintains diplomatic relations

Answer

Securities of a new technology startup

Answer

Securities of a domestic corporation with fewer than 100 shareholders

Answer

Securities sold only through one broker-dealer

Question 4

A sale of securities to a bank or insurance company is an example of what type of exemption under the USA?

Accepted Answer

Transaction exemption

Answer

Security exemption

Answer

Registration by coordination

Answer

Federal covered exemption

Question 5

Under the USA, which of the following is NOT an exempt transaction?

Accepted Answer

A solicited sale of unregistered securities to 50 retail investors

Answer

A transaction by an executor of an estate

Answer

A transaction by a court-appointed trustee in bankruptcy

Answer

A transaction between an issuer and an underwriter

Question 6

Which of the following best describes the 'preemptive rights' transaction exemption under the USA?

Accepted Answer

Sales to current shareholders through a rights offering require no registration

Answer

All sales to corporate insiders are exempt from registration

Answer

Sales of options on listed securities are exempt

Answer

Any transaction by a corporation's board of directors is exempt

Series 63 – Uniform Securities Agent State Law Exam Exempt Transactions and Securities 1

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