Series 7 Exam Question 340: Answer and Explanation

Question: 340

Under the Securities Act of 1933, which of the following securities are exempt from registration and disclosure provisions?

  • A. Railroad equipment trust certificate
  • B. Municipal bonds
  • C. Commercial paper maturing in 270 days or less
  • D. All of the above

Correct Answer: D

Explanation:

D. All the securities listed are exempt securities and are, therefore, exempt from the registration and disclosure provisions under the Securities Act of 1933.

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