Which of the following best describes the private placement exemption under the USA?

1. AThe exemption is available only if no sales are made to more than 10 non-institutional clients in 12 months
2. BThe exemption is available if the offer is made to no more than 10 non-institutional clients in 12 months regardless of the number of resulting sales✓ Correct answer
3. CThe exemption is available only if all offers are accepted
4. DThe exemption is available only if no sales are made to institutional investors

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