Securities RegistrationPregunta 54 de 100
An investor is offered shares of a bank holding company that owns a single commercial bank. Regarding state registration, these shares are:
a.Exempt securities, because the underlying subsidiary is a bank
b.Not automatically exempt, because the exemption covers securities issued by a bank itself, not by a separate holding company
c.Exempt transactions in every case
d.Federal covered securities regardless of where they trade
Explicación
The exemption is drafted around securities issued or guaranteed by a bank, savings institution, or trust company; a holding company is a separate corporate issuer and does not inherit its subsidiary's status. Such shares may still qualify as federal covered securities if they are listed on a national exchange, but that depends on listing, not on the banking business. Nothing about the sale makes it an exempt transaction by default.
Referencia Legal: Uniform Securities ActPractica las 100 preguntas gratis — sin registro.
Preguntas relacionadas de este tema
- A seller relies on a valid exempt transaction and therefore does not register the securities. Which statement is correct?
- Which statement about a state securities registration statement is correct?
- A small issuer registers a stock offering by qualification. The Administrator is concerned that the business plan cannot be carried out unless a substantial portion of the offering is sold. The Administrator may:
- After a securities registration statement becomes effective in a state, the Administrator may require the person who filed it to:
- A corporation issues short-term notes to raise working capital. For the notes to fall within the commercial paper exemption, they must generally:
- Organizers of a proposed corporation solicit subscriptions from a handful of prospective shareholders before the company exists. For this preorganization certificate exemption to apply:
Última revisión: · proceso editorial
Equipo Editorial de PrepPass · Verificado con NASAA Series 63 — Uniform Securities Agent State Law Exam · Cómo revisamos