Which of the Following Securities Offerings Is Not Exempt from Registration

question 64

Multiple Choice

Which of the following securities offerings is not exempt from registration prior to their sale?

• A) Securities issued to a company's board of directors.
• B) Securities issued by governments.
• C) Securities issued by banks.
• D) Securities issued by savings and loan associations.
• E) Offerings of no more than $1 million made to any number of investors within a 12-month period.

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Definitions:

Apparent Authority

The situation in which an agent's actions lead a third party to reasonably believe that the agent has the authority to act on behalf of the principal.

Wholesale Jeweler

A wholesale jeweler is a business entity that sells jewelry in large quantities, usually to retailers rather than directly to the public.

Retail Jewelry Store

A business establishment that specializes in selling jewelry and related accessories directly to consumers.

Personally Bound

Being legally obligated on an individual basis, usually in terms of contractual or financial responsibilities.