Series 63 practice questionmediumExempt Securities — Canadian Securities Exemption
Under the Uniform Securities Act, which of the following Canadian securities may qualify for an exemption from state registration?
- AOnly securities issued by the Government of Canada
- BSecurities issued by a Canadian province, but not those issued by a Canadian corporation✓ Correct answer
- CSecurities of Canadian issuers that meet specified criteria, including being listed on designated Canadian exchanges
- DAll Canadian securities without exception
Explanation
Why B — Securities issued by a Canadian province, but not those issued by a Canadian corporation
The USA exempts securities issued or guaranteed by Canada, a Canadian province, or a political subdivision of a Canadian province. An ordinary Canadian corporation does not receive that issuer-based exemption merely because its shares trade on a Canadian exchange.
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