Which of the following types of securities or securities transactions are exempt from the need to be registered under the Securities Act of 1933?
I.Commercial paper with a maturity of nine months or less.
II.Intrastate issues in which the securities are offered and sold only within one state.
III.Securities exchanged by an issuer exclusively with its existing shareholders with no commission charged.
A) I and II
B) II
C) I, II, and III
D) III

Question

Quizplus · Accepted Answer

I. Commercial paper with a maturity of nine months or less is exempt under Rule 144A.
II. Intrastate issues are exempt under Rule 147.
III. Private offerings to existing shareholders are exempt under Rule 145.

Which of the Following Types of Securities or Securities Transactions