Series 63 practice questioneasyLimited transaction exemption
Which of the following is NOT a type of transaction exempt from agent registration requirements under the USA?
- AIsolated non-issuer transactions
- BTransactions with institutional investors
- CTransactions with retail investors in another state✓ Correct answer
- DTransactions between issuers and underwriters
Explanation
Why C — Transactions with retail investors in another state
Transactions with retail investors, even in another state, are not exempt. Isolated non-issuer (A), institutional (B), and issuer-underwriter (D) transactions are all exempt under Section 402(b).
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