During a registration workshop, the instructor adds this setup first. Assume all filings and notices are evaluated under the USA. Securities issued, insured, or guaranteed by which of the following entities are exempt from state registration under the USA?

Why B — The government of Canada

Under USA Section 401, securities issued, insured, or guaranteed by the government of Canada or any Canadian province are exempt from state registration. This Canadian government securities exemption is a distinctive feature of the Uniform Securities Act and reflects close economic ties between the U.S. and Canada. The governing USA principle is unchanged even though the framing is different.