On a timed state-securities quiz, the scenario below appears. The exam wants the best state-securities answer, not a practical business answer. An individual who represents an issuer in a transaction involving which of the following securities would NOT need to register as an agent?

Why D — U.S. Treasury bonds

Under USA Section 402(b), individuals representing issuers in transactions involving exempt securities, such as U.S. government securities, are not required to register as agents. U.S. Treasury bonds are exempt securities under USA Section 402(a), so the representative would not need agent registration for those transactions. The governing USA principle is unchanged even though the framing is different.