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Q11 Single choice

Which of the following describes an "exempt security," as defined by the Uniform Securities Act (USA)?

A
An exempt security is any security that is being sold by an institutional investor, such as a bank, to another institutional investor, such as another bank or an insurance company.
B
An exempt security is one that need not be registered in the state in which it is sold.
C
An exempt security is any security being sold as a private placement.
D
An exempt security is any security that is being sold in an isolated non-issuer transaction.

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