Securities RegistrationQuestion 41 of 100
Which statement about United States Treasury bonds under the Uniform Securities Act is correct?
a.They are exempt only when sold to institutional investors
b.They are exempt securities, so the exemption follows the instrument in every transaction
c.They are exempt transactions rather than exempt securities
d.They must be registered by coordination in each state
Explanation
Federal government obligations are listed as exempt securities, meaning the exemption attaches to the instrument itself and holds regardless of who buys or how the sale is arranged. An exempt transaction, by contrast, depends entirely on the circumstances of the particular sale. Because the security is exempt, no method of state registration is needed.
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