What Is Exempt Security?
A security that is not required to be registered at the state level because of its inherent characteristics, such as U.S. government bonds, municipal bonds, and certain bank-issued securities. Exemption from registration does not exempt the security from state anti-fraud provisions.
Exempt Security across 3 exams
Exempt Security appears on the following exams. Each defines it in the context candidates are tested on:
- Series 65
- A security that is not required to be registered at the state level because of its inherent characteristics, such as U.S. government bonds, municipal bonds, and certain bank-issued securities. Exemption from registration does not exempt the security from state anti-fraud provisions.
- Series 63
- A security that does not have to be registered with the state because of its nature or issuer, such as government or municipal securities, though the antifraud provisions still apply to it.
- Series 66
- A security that is not required to be registered at the state level because of its inherent characteristics, such as U.S. government bonds or municipal bonds. Exemption from registration does not exempt the security from state anti-fraud provisions.