Q:

Transactions are exempt from registration where …


a. A sale, or offer of sale is made to ALL clients of a brokerage firm.


b. The securities are listed on a major exchange, like the Nasdaq or the NYSE.


c. The transaction involves a sale, or offer to sell, to an institutional investor, federal covered investment advisor or any other person exempted.


d. The transaction is between a broker and a dealer.








Correct answer: "c"
The thirteenth bullet point under the exempt transactions portion of the study guide states exempt transactions are:


o Sale or offer of sale to:


- An institutional investor.


- Federally covered investment advisor.


- Any other person exempted.

A:

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