Series 6: 1.2.1.5. Exemptions To The Registration Requirements Of 1933 Act

1.2.1.5. Exemptions to the Registration Requirements of 1933 Act

While most securities sold in the U.S. must register with the SEC, the Securities Act of 1933 exempts certain kinds of securities from registration. Examples of exempt securities include:

• U.S. Treasuries

• Municipal securities

• Securities issued or guaranteed by a federal agency (CMOs and MBSs)

• Securities issued by a nonprofit (including church bonds)

• Commercial paper (matures under nine months)

• Banker’s acceptances (matures under nine months)

• Bank securities (not including bank holding companies)

• Eurobonds

Securities that are not exempt include:

• Stocks

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