Exempt Transactions and Securities Flashcards
6 cards from real Series 63 – Uniform Securities Agent State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Exempt Transactions and Securities flashcards as text
Under the USA, a transaction by a sheriff, marshal, or court-appointed receiver qualifies as what type of exemption?
Answer: A fiduciary transaction exemption
Transactions by court-appointed fiduciaries such as sheriffs, marshals, guardians, and receivers are exempt transactions under the USA.
Which of the following is true about the exemption for transactions with financial institutions under the USA?
Answer: It applies to transactions with any institutional investor defined under the USA
The institutional exemption under the USA applies to transactions with any institutional investor as defined, including banks, insurance companies, and registered broker-dealers.
Under the USA, an issuer must file a notice of which type of transaction with the Administrator within a specified time period?
Answer: Private placement transactions claiming a transaction exemption
Issuers relying on a transaction exemption for private placements may be required to file a notice with the Administrator within 15 days of the first sale.
Which of the following securities issued by a US government agency is exempt from registration under the USA?
Answer: Securities issued by the Federal Home Loan Bank
Securities issued by US government agencies such as the Federal Home Loan Bank are exempt from state registration under the USA.
Under the USA, the burden of proving that a transaction qualifies for an exemption falls on which party?
Answer: The person claiming the exemption
The person claiming an exemption from registration has the burden of proving that the exemption applies.
Which of the following describes a 'Regulation D Rule 506' offering in relation to state law?
Answer: It is a covered security exempt from state registration but subject to state notice filing
Regulation D Rule 506 offerings are covered securities that are exempt from state registration but issuers must file notice with each state and pay applicable fees.
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