Series 7 Exam Question 57: Answer and Explanation

Question: 57

Which of the following is exempt from the registration requirements under the Investment Company Act of 1940?

  • A. Mutual funds
  • B. Closed-end funds
  • C. Variable annuities
  • D. Fixed annuities

Correct Answer: D

Explanation:

D. Since the payouts are guaranteed by the issuer, fixed annuities are not considered investment companies and are exempt from the registration requirements under the Investment Company Act of 1940.

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