Series 63 practice questioneasyExempt Securities - Exchange-Listed Securities (NSMIA)
A security listed on the New York Stock Exchange is considered which of the following under the Uniform Securities Act?
- AA federal covered security and exempt from state registration✓ Correct answer
- BA non-exempt security requiring state registration
- CAn exempt transaction but not an exempt security
- DAn exempt security requiring state administrator notice
Explanation
Why A — A federal covered security and exempt from state registration
Securities listed on national exchanges are 'federal covered securities' as defined under NSMIA and are exempt from state registration (USA Section 402(a)(13)).
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