Which of the following best distinguishes an exempt security from an exempt transaction under the Uniform Securities Act?

1. AExempt securities are never required to be registered; exempt transactions may involve non-exempt securities✓ Correct answer
2. BExempt transactions are always exempt from antifraud provisions; exempt securities are not
3. COnly exempt transactions must be registered with the state
4. DExempt securities are not subject to SEC regulation

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