Securities RegistrationPregunta 47 de 100
Which of the following is an exempt transaction under the Uniform Securities Act?
a.A registered agent recommending a growth stock to a retail client
b.A sale of securities by a court-appointed executor settling a decedent's estate
c.An issuer's advertised public offering of common stock
d.A mutual fund's continuous offering to the general public
Explicación
Transactions executed by fiduciaries such as executors, administrators, sheriffs, marshals, receivers, trustees in bankruptcy, guardians, and conservators are enumerated exempt transactions because they arise from a legal duty rather than a sales effort. A recommended retail trade is ordinary solicited business. Advertised public offerings and continuous mutual fund offerings are the opposite of isolated or private transactions, though fund shares may escape state registration as federal covered securities, which is a different exemption entirely.
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- Under the private placement exemption in the Uniform Securities Act, an issuer may make offers to no more than a limited number of non-institutional persons in any twelve-month period. Which additional condition applies?
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