Series 54: 1.1.2. Securities Exempt From Registration

1.1.2.  Securities Exempt from Registration

Section 3(a)(2) of the 1933 Act exempts certain securities from the registration process. The primary exempted securities include:

• Securities issued by the federal government (U.S. Treasury bills, notes, and bonds)

• Municipal securities (securities issued by states, cities, and counties), including municipal fun