Series 63 practice questionmediumoverlapping federal and state exemptions
All of the following securities would be exempt from registration in a state under the USA EXCEPT:
- AA U.S. Treasury note
- BA bond issued by a Canadian province
- CA corporate debenture listed on NASDAQ
- DA debenture issued by a bank holding company that is not itself a bank and is not exchange-listed✓ Correct answer
Explanation
Why D — A debenture issued by a bank holding company that is not itself a bank and is not exchange-listed
U.S. Treasury obligations, Canadian provincial obligations, and NASDAQ-listed securities are exempt or federal covered. A bank holding company is a separate issuer and does not receive the bank-security exemption merely because it owns a bank.
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